Posted at 23 April 2025 / Categories Market Roundups
Market Roundup
• Canada IPPI (YoY) (Mar) 4.7%,5.1% previous
•Canada IPPI (MoM) (Mar) 0.5%,0.3% forecast, 0.6%previous
•Canada RMPI (YoY) (Mar) 3.9%,9.2%previous
•Canada RMPI (MoM) (Mar) -1.0%,0.0%forecast, 0.3%previous
•French 12-Month BTF Auction 1.893%, 2.013% previous
•French 3-Month BTF Auction 2.121% ,2.192% previous
•French 6-Month BTF Auction 2.027%,2.101% previous
•US Richmond Manufacturing Index (Apr) -13, -6 forecast,-4 previous
•US Richmond Manufacturing Shipments (Apr) -17 ,-7 previous
•US Richmond Services Index (Apr) -7 ,-4 previous
Looking Ahead Economic Data(GMT)
•00: 30 Japan au Jibun Bank Manufacturing PMI (Apr) 48.7 forecast,48.4 previous
• 00: 30 Japan au Jibun Bank Services PMI (Apr) 50.0 previous
•08:30 New Zealand Credit Card Spending (YoY) (Mar) 0.9% previous
Looking Ahead Events And other Releases(GMT)
•No Events Ahead
Currency Forecast
EUR/USD: The euro eased on Tuesday as the dollar recovered after U.S. Treasury Secretary Scott Bessent said in a closed-door meeting that he believes there will be a de-escalation in U.S.-China trade tensions. Investor confidence has been shaken by U.S. President Donald Trump's multi-front tariff battles, which investors worry could create severe disruption in world trade and hurt the economy. Investors continued to assess Trump's criticism of the Federal Reserve Chair Jerome Powell. Trump this week criticized Powell for not cutting interest rates, which raised concerns about the president's influence over the central bank and added to concerns about U.S. economic stability. Immediate resistance can be seen at 1.1567(23.6%fib), an upside break can trigger rise towards 1.1627(Higher BB).On the downside, immediate support is seen at 1.1359(38.2%fib), a break below could take the pair towards 1.1178(50%fib).
GBP/USD: Sterling dipped against the dollar on Tuesday as investors digested Bank of England policymaker's remarks on U.S. tariffs. BoE's Megan Greene said UK inflation may fall due to Trump’s tariffs, as Britain’s choice not to impose reciprocal tariffs could attract cheaper goods from Asia and Europe.Her comments come as global policymakers balance inflation worries with economic growth prospects.The BoE's next monetary policy meeting is on May 8. Financial markets on Tuesday priced in a 100% chance of a rate cut. Sterling was down 0.35% at $1.3284 after surging as high as $1.3421 for the first time since September to start the week. Immediate resistance can be seen at 1.3417(23.6%fib), an upside break can trigger rise towards 1.3505(Higher BB).On the downside, immediate support is seen at 1.3259(April 21st low ), a break below could take the pair towards 1.3223(38.2%fib).
USD/CAD: The Canadian dollar weakned against its U.S. counterpart on Tuesday as investors weighed prospects of trade tensions de-escalating between the United States and China. U.S. dollar jumped against a basket of major currencies after a report that U.S. Treasury Secretary Scott Bessent had said a tariff standoff with China was unsustainable, and that he expects the situation to de-escalate. Canada has largely avoided U.S. tariffs on goods that are compliant with a continental trade pact but its exports, including oil, face additional headwinds from an expected global economic downturn. The price of oil settled up nearly 2% at $64.31 a barrel, while the loonie was trading 0.2% higher at 1.3816 per U.S. dollar Immediate resistance can be seen at 1.3885 (38.2%fib), an upside break can trigger rise towards 1.4000 (Psychological level).On the downside, immediate support is seen at 1.3766(23.6%fib), a break below could take the pair towards 1.3662 (Lower BB)
USD/JPY: The dollar bounced back from a seven-month low on Tuesday after U.S. Treasury Secretary Scott Bessent signaled a potential easing in U.S.-China trade tensions, lifting investor sentiment and strengthening the greenback. U.S. Treasury Secretary Scott Bessent said Tuesday he expects a de-escalation in U.S.-China trade tensions, though negotiations have yet to begin and are likely to be slow-moving, according to a source at a closed-door JP Morgan conference. Bessent reportedly called the current trade state a “two-way embargo” and stressed that neither side views it as sustainable. He also clarified that the Trump administration does not aim to fully decouple the two major economies. The dollar was up 0.42% at 141.470 yen , after earlier falling below the psychological 140 level for the first time since mid-September. Immediate resistance can be seen at 143.41(50%fib) an upside break can trigger rise towards 144.00(Psychological level). On the downside, immediate support is seen at 141.63(38.2%fib) a break below could take the pair towards 139.61(23.6. %fib).
Equities Recap
European stocks closed modestly higher on Tuesday, supported by gains in financials and a post-earnings boost from L'Oréal. However, overall sentiment stayed cautious after U.S. President Trump’s renewed criticism of Fed Chair Jerome Powell stirred market unease.
UK's benchmark FTSE 100 closed up by 0. 64 percent, Germany's Dax ended up by 0. 41 percent, France’s CAC finished the day up by 0. 46 percent.
Wall Street bounced back on Tuesday, lifted by a wave of upbeat quarterly earnings and signs of a potential thaw in U.S.-China trade tensions, encouraging sidelined investors to re-enter the market.
Dow Jones closed up by 2. 66 % percent, S&P 500 closed up by 2.50% percent, Nasdaq settled down by 2. 71% percent.
Commodities Recap
Gold retreated more than 1% on Tuesday after briefly touching a record high of $3,500 as remarks from U.S. Treasury Secretary Scott Bessent suggested a possible easing in U.S.-China trade tensions.
Spot gold fell 1.5% to $3,372.68 an ounce by 3:46 p.m. EDT (1946 GMT), after rising as much as 2.2% to $3,500.05 earlier in the session. Meanwhile, U.S. gold futures settled 0.2% lower at $3,419.40.
Oil prices surged by more than $1 per barrel on Tuesday, fueled by new U.S. sanctions against Iran and a rebound in equity markets, helping to recover losses from the previous day's sharp selloff.
Brent crude futures rose $1.18, or 1.8%, to settle at $67.44 per barrel. The U.S. West Texas Intermediate crude contract for May , which expired on Tuesday's settlement, gained $1.23, or 2%, to close at $64.32.