Posted at 23 April 2025 / Categories Market Roundups
Market Roundup
•Australia Judo Bank Manufacturing PMI (Apr) 51.7, 52.1 previous
•Australia Judo Bank Services PMI (Apr) 51.4,51.6 previous
•Japan au Jibun Bank Manufacturing PMI (Apr) 48.5, 48.7 forecast,48.4 previous
•Japan au Jibun Bank Services PMI (Apr) 52.2, 50.0 previous
• New Zealand Card Spending (YoY) (Mar) 0.8%, 0.8% previous
•Japan Tertiary Industry Activity Index (Feb) -0.90, -8.60 previous
Looking Ahead Economic Data(GMT)
•07:30 HCOB Germany Composite PMI (Apr) 50.4 forecast, 51.3 previous
•07:30 HCOB Germany Manufacturing PMI (Apr) 47.5 forecast, 48.3 previous
•07:30 HCOB Germany Services PMI (Apr) 50.3 forecast, 50.9 previous
• 08:00 HCOB Eurozone Manufacturing PMI (Apr) 47.4 forecast, 48.6 previous
• 08:00 HCOB Eurozone HCOB Eurozone Composite PMI (Apr) 50.3 forecast, 50.9 previous
• 08:00 HCOB Eurozone HCOB Eurozone Services PMI (Apr) 50.4 forecast , 51.0 previous
• 08:30 UK S&P Global Composite PMI (Apr) 50.4 forecast , 51.5 previous
• 08:30 UK S&P Global Manufacturing PMI (Apr) 44.0 forecast , 44.9 previous
• 08:30 UK S&P Global Services PMI (Apr) 51.5 forecast , 52.5 previous
•09:00 EU Construction Output (MoM) (Feb) 0.19% previous
•09:00 EU Trade Balance (Feb) 1.0B previous
Looking Ahead Events And Other Releases(GMT)
•10:30 UK BoE MPC Member Pill Speaks
•11:00 UK BoE Quarterly Bulletin
Currency Forecast
EUR/USD: The euro eased on Wednesday as investors turn cautious ahead of the release of German and Eurozone preliminary PMI figures, which are expected to offer fresh insights into the region’s economic health. Market sentiment remains fragile as traders await signs of stability or further weakness in the Eurozone’s manufacturing and services sectors. A disappointing PMI readout could fuel concerns about slowing growth, further dampening demand for the common currency. Meanwhile, U.S. Treasury Secretary Scott Bessent adopted a more conciliatory stance toward China, signaling potential progress in trade relations, even as formal negotiations have yet to begin. President Trump eased market concerns by walking back earlier threats to dismiss Fed Chair Jerome Powell, a move that had previously unsettled investors. Immediate resistance can be seen at 1.1388(38.2%fib), an upside break can trigger rise towards 1.1520(23.6%fib).On the downside, immediate support is seen at 1.1382(50%fib), a break below could take the pair towards 1.1141(61.8%fib).
GBP/USD: The British pound dipped against the U.S. dollar on Wednesday as traders were closely monitoring the developments surrounding US-UK trade talks. British finance minister Rachel Reeves is due to meet Treasury Secretary Scott Bessent this week to push Britain's case for a trade agreement with Washington that could lower or eliminate the tariffs imposed by Trump on UK exports.Washington is preparing its terms for trade negotiations, aiming for London to reduce levies and other non-tariff barriers on a variety of goods, adding the Trump administration also aims to push for more relaxed rules on U.S. agricultural imports, including beef.Trump imposed a 10% tariff on most imports from Britain and a 25% tariff on key sectors such as cars and steel.It remains unclear if the U.S. will consider reducing its 10% tariff on Britain if London agrees to all of its trade demands. Immediate resistance can be seen at 1.3395(23.6%fib), an upside break can trigger rise towards 1.3521(Higher BB).On the downside, immediate support is seen at 1.3222(38.2%fib), a break below could take the pair towards 1.3066(50%fib).
AUD/USD: Australian dollar strengthened on Wednesday as unexpected shifts in White House policy positions triggered fresh selling of the greenback.U.S. President Donald Trump eased concerns by stepping back from earlier threats to dismiss Federal Reserve Chair Jerome Powell, and suggested that tariffs on China could be significantly lower than 145% if a trade agreement were reached with Beijing.Trump voiced optimism over a China trade deal, suggesting it could sharply lower current tariffs on Chinese goods.With few major data releases ahead, focus turns to Australia’s April 30 CPI, where a dip in core inflation below 3% could pave the way for a rate cut. At GMT 05:30, the Australian dollar was trading higher 0.44% at $0.6413 against US dollar. Immediate resistance can be seen at 0.6451( 23.6%fib), an upside break can trigger rise towards 0.6500(Psychological level).On the downside, immediate support is seen at 0.6380(38.2%fib) , a break below could take the pair towards 0.6318(50%fib).
USD/JPY: The dollar pared early gains against the yen on Wednesday following reports that the U.S. and Japan are edging closer to a temporary trade deal. President Donald Trump touted "big progress" in tariff talks with Japan last week after meeting with a Japanese delegation of officials. It was the first round of face-to-face talks since he announced a barrage of duties on global imports, rocking markets and stoking recession fears.Japan's top trade negotiator, Ryosei Akazawa, visited Washington last week to kick off bilateral trade talks, which will likely include discussions on non-tariff barriers and the thorny topic of exchange rates.Finance Minister Katsunobu Kato plans to visit Washington later this week, and he is expected to meet U.S. Treasury Secretary Scott Bessent for discussions on currency rates. Immediate resistance can be seen at 142.86 (38.2%fib) an upside break can trigger rise towards 143.00(Psychological level) On the downside, immediate support is seen at 141.33 (Daily low) a break below could take the pair towards 140.34(23.6%fib).
Equities Recap
Asian stock markets experienced a significant rebound on Wednesday, April 23, 2025, following reassuring statements from U.S. President
Japan's Nikkei 225 was up 2. 02% , South Korea's KOSPI was down 1.57%,Hang Seng was down by 2. 27%
Commodities Recap
Gold prices dropped over 2% on Wednesday after U.S. President Donald Trump eased market concerns by backing away from threats to remove Federal Reserve Chair Jerome Powel.
Spot gold declined 2.2% to $3,308.81 an ounce as of 0704 GMT. U.S. gold futures shed 2.9% to $3,320.30.
Oil prices rose by more than 1% on Wednesday, building on the previous day's gains. The increase came as investors reacted to new U.S. sanctions on Iran, a decline in U.S. crude inventories, and a more conciliatory tone from President Donald Trump regarding the Federal Reserve.
Brent crude futures climbed $1, or 1.5%, to $68.44 a barrel at 0640 GMT, while U.S. West Texas Intermediate crude was up 99 cents, or 1.6%, at $64.66 a barrel.