Posted at 23 April 2025 / Categories Market Roundups
Market Roundup
• HCOB France Manufacturing PMI (Apr): 48.2, 47.9 forecast, 48.5 previous
• HCOB France Composite PMI (Apr): 47.3, 47.8 forecast, 48.0 previous
• HCOB France Services PMI (Apr): 46.8, 47.7 forecast, 47.9 previous
• HCOB Germany Composite PMI (Apr): 49.7, 50.4 forecast, 51.3 previous
• HCOB Germany Manufacturing PMI (Apr): 48.0, 47.5 forecast, 48.3 previous
• HCOB Germany Services PMI (Apr): 48.8, 50.3 forecast, 50.9 previous
• HCOB Eurozone Manufacturing PMI (Apr): 48.7, 47.4 forecast, 48.6 previous
• HCOB Eurozone Composite PMI (Apr): 50.1, 50.3 forecast, 50.9 previous
• HCOB Eurozone Services PMI (Apr): 49.7, 50.4 forecast, 51.0 previous
•UK S&P Global Composite PMI (Apr): 48.2, 50.4 forecast, 51.5 previous
•UK S&P Global Manufacturing PMI (Apr): 44.0, 44.0 forecast, 44.9 previous
•UK S&P Global Services PMI (Apr): 48.9, 51.5 forecast, 52.5 previous
•EU Construction Output (MoM) (Feb): -0.48%, 0.58% previous
•EU Trade Balance (Feb): 24.0B, 0.8B previous
Looking Ahead Economic Data(GMT)
•12:30 US Building Permits (MoM) (Mar): 1.6% forecast, -1.0% previous
•12:30 US Building Permits (Mar): 1.482M forecast, 1.459M previous
•12:30 Canada New Housing Price Index (MoM) (Mar): 0.0%forecast, 0.1% previous
•19:15 US S&P Global Manufacturing PMI (Apr): 49.0 forecast, 50.2 previous
•19:15 US S&P Global Composite PMI (Apr): 53.5 previous
•19:15 US S&P Global Services PMI (Apr): 52.8 forecast, 54.4 previous
•19:30 US New Home Sales (MoM) (Mar): 1.8% previous
•19:30 US New Home Sales (Mar): 684K forecast, 676K previous
•20:00 US Crude Oil Inventories: 1.600M forecast, 0.515M previous
Looking Ahead Events And other Releases(GMT)
•18:30 US Fed Goolsbee Speaks
•19:00 US Fed Waller Speaks
•22:00 UK BoE Gov Bailey Speaks
Currency Forecast
EUR/USD: The euro eased on Wednesday after surveys showed European business growth stalled in April. Surveys released Wednesday show business growth in Europe has stalled this month, with uncertain U.S. trade policies weighing heavily on sentiment, though output remains largely unaffected for now. Activity in the euro zone services sectors shrank in April, while manufacturing downturns persisted and worsened. HCOB’s preliminary euro zone composite PMI, compiled by S&P Global, fell to 50.1 from 50.9 in March just above the 50 threshold that separates growth from contraction and below the forecast of 50.3. A PMI covering euro zone services tumbled to 49.7 from 51.0, missing the poll estimate for a more modest decline to 50.5. Immediate resistance can be seen at 1.1516(23.6%fib), an upside break can trigger rise towards 1.1604(Higher BB).On the downside, immediate support is seen at 1.1291(38.2%fib), a break below could take the pair towards 1.1108(50%fib).
GBP/USD: The British pound eased against the U.S. dollar on Wednesday data showing UK business activity weakened by the most in more than two years due to global trade tensions. A survey showed on Wednesday, British companies buckled in April under the strain of an escalating global trade war that threatens to tip the economy into a new downturn. The S&P Global Composite Purchasing Managers' Index (PMI), a gauge of the private sector economy, slid to 48.2 in April from 51.5 in March.This marked the lowest reading since November 2022 when businesses were wracked by surging energy costs and financial market turmoil after former Prime Minister Liz Truss' poorly received budget plans. Readings below 50 denote a contraction in business activity..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: The Australian dollar strengthened on Wednesday as shifts in White House policy triggered fresh weakness in the U.S. dollar. President Trump backed away from threats to dismiss Fed Chair Jerome Powell and expressed optimism about a trade deal with China that could significantly lower current tariffs. With little major data ahead, investor focus shifts to Australia’s April 30 CPI report where a core inflation drop below 3% could raise prospects of a rate cut. At GMT 12: 03, 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 trimmed early gains against the yen on Wednesday amid reports of progress toward a temporary U.S.-Japan trade deal. President Trump highlighted significant strides in tariff talks following meetings with Japanese officials the first since his sweeping import duties rattled markets. Japan’s lead negotiator, Ryosei Akazawa, held talks in Washington last week, with discussions set to continue, including sensitive topics like exchange rates. Finance Minister Katsunobu Kato is also expected to meet U.S. Treasury Secretary Scott Bessent later this week to address currency issues. The dollar climbed more than 1% against the yen to 143.21 in early trading and was last up 0.3% at 142.085. 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
European markets bounced back on Wednesday after U.S. President Donald Trump reassured investors by affirming support for the Fed chair and suggesting possible tariff reductions on Chinese goods.
At GMT (12:16) UK's benchmark FTSE 100 was last trading up at 1.13 percent, Germany's Dax was up by 2.39 percent, France’s CAC was up by 1.93 percent.
Commodities Recap
Gold prices fell on Wednesday after U.S. President Donald Trump suggested potential tariff reductions for China and eased concerns by backing off his threats to dismiss Federal Reserve Chair Jerome Powell.
Spot gold was down 1.6% at $3,328.48 an ounce as of 0949 GMT, after hitting a record high of $3,500.05 in the previous session. U.S. gold futures dropped 2.3% to $3,340.60.
Oil prices gained on Wednesday following new U.S. sanctions on Iran, a decline in U.S. crude stocks, and a more conciliatory tone from President Donald Trump towards the Federal Reserve and China tariffs.
Brent crude futures hit their highest since April 4 at $68.65 a barrel and were up 54 cents, or 0.8%, at $67.98 by 1134 GMT. U.S. West Texas Intermediate crude rose 55 cents, or 0.9%, to $64.22.