Posted at 24 April 2025 / Categories Market Roundups
Market Roundup
• Canada New Housing Price Index (MoM) (Mar) 0.0%, 0.0% forecast,0.1% previous
•US S&P Global Manufacturing PMI (Apr) 50.7, 49.0 forecast, 50.2 previous
•US S&P Global Composite PMI (Apr) 51.2, 53.5 previous
•US S&P Global Services PMI (Apr) 51.4, 52.8 forecast, 54.4 previous
•US New Home Sales (MoM) (Mar) 7.4%, 3.1% previous
•US New Home Sales (Mar) 724K,684K forecast, 674K previous
•US Crude Oil Inventories 0.244M, -0.700M forecast, 0.515M previous
•US EIA Refinery Crude Runs (WoW) 0.325M, -0.063M previous
•US Crude Oil Imports 1.139M ,-2.044M previous
•US Cushing Crude Oil Inventories -0.086M,-0.654M previous
Looking Ahead Economic Data(GMT)
•03:35 Japan 2-Year JGB Auction 0.863% previous
Looking Ahead Events And other Releases(GMT)
•No Events Ahead
Currency Summaries
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 after 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).
USD/CAD: The Canadian dollar slipped to its weakest level in almost a week, pressured by a drop in oil prices and a rebound in the U.S. currency. The U.S. dollar climbed 0.9% against a basket of major currencies and Wall Street rallied as the Trump administration signaled openness to de-escalating a trade war. U.S. President Donald Trump also backed away from threats to fire the head of the Federal Reserve, adding to support for the American currency.The price of oil, one of Canada's major exports, fell 2.2% to $62.27 a barrel as sources said OPEC+ would consider accelerating its oil output increases in June . In the run?up to Monday’s Canadian election, both leading parties have struck a rare accord on energy policy: each vows to accelerate new projects that would broaden Canada’s oil export markets beyond the United States. Immediate resistance can be seen at 1.3940 (38.2%fib), an upside break can trigger rise towards 1.4070(50%fib).On the downside, immediate support is seen at 1.3778(23.9%fib), a break below could take the pair towards 1.3700 (Psychological level)
USD/JPY: The dollar strengthened against the yen on Wednesday as dollar rebounded on hopes of de-escalating trade tensions and as President Donald Trump backed away from threats to fire the head of the Federal Reserve, offering relief to investors. The Trump administration would look at lowering tariffs on imported Chinese goods pending talks with Beijing, a source familiar with the matter said on Wednesday, adding that any action would not be made unilaterally. Investors hastened back to the dollar, which has been hovering near three-year lows in recent weeks and whose safe-haven status had been questioned in view of Trump's trade policies and their potential impact on the U.S. economy. It was last up 0.297% at 99.86. 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 stocks rose to their highest level in nearly three weeks on Wednesday, lifted by robust results from software giant?SAP and a global boost in confidence as U.S.–China trade tensions eased.
UK's benchmark FTSE 100 closed up by 0.90 percent, Germany's Dax ended up by 3.14percent, France’s CAC finished the day up by 2.13 percent.
Wall Street rose on Wednesday, fuelled by renewed optimism over the U.S.–China trade talks and President Trump’s reassurances that he had "no intention of firing" Fed Chair Jerome Powell, easing concerns about the central bank’s independence.
Dow Jones closed up by 1.07 %percent, S&P 500 closed up by 1.67% percent, Nasdaq settled up by 2.50% percent.
Commodities Recap
Gold continued its decline on Wednesday, dropping over 3% from its all-time high, as investor appetite for riskier assets grew after President Trump assured he had no plans to fire the Fed chair and hinted at progress in U.S.–China trade talks.
Spot gold slipped 3% to $3,281.6 an ounce by 1:43 p.m. ET (1743 GMT), after hitting a record high of $3,500.05 in the previous session. U.S. gold futures dropped 3.7% to settle at $3,294.10.
Oil dropped 2% on Wednesday as OPEC+ considered faster output increases, but losses were softened by reports of potential U.S. tariff cuts on China.
Brent crude futures settled down $1.32, or 1.96%, at $66.12 a barrel, while U.S. West Texas Intermediate crude ended $1.40, or 2.2%, lower at $62.27.