Posted at 24 April 2025 / Categories Market Roundups
Market Roundup
•Spanish PPI (YoY) (Mar) 4.9%,6.6% previous
•German Business Expectations (Apr) 87.4,85.0 forecast, 87.7 previous
• German Current Assessment (Apr) 86.4, 85.5 forecast, 85.7 previous
• German Ifo Business Climate Index (Apr) 86.9 , 85.1 forecast, 86.7 previous
• UK CBI Industrial Trends Orders (Apr) -26,-36 forecast, -29 previous
Looking Ahead Economic Data(GMT)
•12:30 US?Continuing?Jobless?Claims???1,880K?forecast, ?1,885K?previous
•12:30 US Continuing Jobless Claims 1,880K forecast,?1,885K previous
•12:30 US Core Durable Goods Orders (MoM) (Mar) 0.3% 0.7%?previous
•12:30 US Durable Goods Orders (MoM) (Mar) 2.1% forecast,?0.9%?previous
•12:30 US Durables Excluding Defense (MoM) (Mar) 0.2% forecast,? 0.8%?previous
•12:30 US Goods Orders Non Defense Ex Air (MoM) (Mar) 0.2% forecast, ? -0.3%?previous
•12:30 US Initial Jobless Claims 222K forecast, ? 215K?previous
•12:30 US Jobless Claims 4-Week Avg. 220.75K?previous
•12:30 Canada Average Weekly Earnings (YoY) (Feb) 5.47%?previous
•14:00 US Existing Home Sales (Mar) 4.14M forecast,4.26M previous
•14:00 US Existing Home Sales (MoM) (Mar) -3.0% forecast,4.2% previous
•14:30 US Natural Gas Storage 69B forecast,16B previous
•15:00 US KC Fed Composite Index (Apr) -2 previous
•15:00 US KC Fed Manufacturing Index (Apr) 1 previous
•15:30 US 4-Week Bill Auction 4.240% previous
•15:30 US 8-Week Bill Auction 4.235% previous
•17:00 US Atlanta Fed GDPNow (Q1) -2.2%forecast, -2.2% previous
Looking Ahead Events And Other Releases(GMT)
• 13:00 ECB's Lane Speaks
Currency Forecast
EUR/USD: The euro strengthened against dollar on Thursday as investors navigated the uncertainty from the Trump administration's fluctuating stance on tariffs and the Federal Reserve's leadership. The International Monetary Fund warned on Wednesday that new U.S. tariffs will drive global public debt above pandemic-era levels, reaching nearly 100% of global GDP by the end of the decade, as slower growth and trade disruptions strain government budgets. Germany’s Ifo business?climate index ticked up to?86.9?in April from?86.7?in March, defying expectations for a drop to?85.2. While current sentiment improved, firms grew more pessimistic about the outlook amid uncertainty over the escalating U.S. tariff war. Immediate resistance can be seen at 1.1438(April 23rd high), an upside break can trigger rise towards 1.1520(23.6%fib).On the downside, immediate support is seen at 1.1322(38.2%fib), a break below could take the pair towards 1.1141(50%fib).
GBP/USD: The pound advanced on Thursday as the dollar eased back after surging on Trump’s decision not to oust Fed Chair Powell and his softer tone on China tariffs. U.S. Treasury Secretary Scott Bessent said Wednesday that the high U.S.–China tariffs are unsustainable and must be reduced before talks can resume, but Trump won't unilaterally cut them. On Wednesday, British Finance Minister Rachel Reeves stated that the government is not in a hurry to finalize a trade deal with U.S. President Donald Trump’s administration and ruled out any concessions on food standards during negotiations. Reeves, like many of her international counterparts, hopes to make progress in reducing Trump’s import tariffs while attending the IMF and World Bank spring meetings in Washington this week. 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 Aussie stayed resilient on Thursday, buoyed by fresh hopes of a U.S.–China trade breakthrough. Markets whipsawed as the White House’s stance shifted almost hourly and President?Trump insisted tariff relief hinges on Beijing returning to the table. Treasury Secretary Scott?Bessent echoed that duties must fall before talks resume, while noting Trump will not cut them unilaterally. At home, Australia’s calendar is sparse, but next week’s Q1 CPI release could prove decisive for whether the RBA eases in May. At GMT 12: 18, The Australian dollar was last trading up 0. 32% to $0.6381. 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 dipped against the yen on Thursday as traders struggled to parse the Trump administration’s shifting messages on tariffs and Fed leadership. This week saw Trump fire verbal shots at Fed Chair Powell, then reverse course on ousting him, and still leave tariff policy on China shrouded in uncertainty.U.S. Treasury Secretary Scott Bessent said on Wednesday that high U.S.–China tariffs are unsustainable and must be reduced before talks can continue, but Trump won’t unilaterally cut them. Meanwhile, Japanese Finance Minister Katsunobu Kato urged G20 nations to work together to stabilize markets, warning that U.S. tariffs and retaliatory measures were damaging global growth and financial stability. At GMT 06: 48, The dollar was last trading down 0. 50% to 142.76. 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 fell on Thursday as uncertainty over the shifting U.S. stance on the China trade war kept sentiment cautious.
At GMT (12:16) UK's benchmark FTSE 100 was last trading down at 0.15 percent, Germany's Dax was down by 0.13percent, France’s CAC was down by 0.16 percent.
Commodities Recap
Gold bounced on Thursday as bargain?hunters stepped in after Wednesday’s drop, with attention still fixed on U.S.–China trade tensions.
Spot gold was up 1.6% at $3,338.79 an ounce, as of 1140 GMT. Bullion fell as much as 3% on Wednesday in its worst daily performance since late November.
Oil prices rebounded on Thursday as investors balanced the prospect of an OPEC+ output hike with mixed signals on tariffs from the White House and ongoing U.S.-Iran nuclear talks.
Brent crude futures were up 67 cents, or 1.01%, at $66.79 a barrel by 1220 GMT while U.S. West Texas Intermediate crude gained 75 cents, or 1.2%, to $63.02.