Posted at 06 May 2025 / Categories Market Roundups
Market Roundup
• Australia Building Approvals (YoY) (Mar) 9.90%, 9.10%forecast, 10.30% previous
• Australia Building Approvals (MoM) (Mar) -8.8%, -1.7% forecast, 0.2% previous
• Australia Private House Approvals (Mar) -4.5%,1.1%
•China Caixin Services PMI (Apr) 50.7, 51.7 forecast,51.9 previous
Looking Ahead Economic Data(GMT)
• 07:15 HCOB Spain Services PMI (Apr) 53.9 forecast,54.7 previous
• 07:45 HCOB Italy Composite PMI (Apr) 50.5 previous
• 07:45 HCOB Italy Services PMI (Apr) 51.3 forecast,52.0 previous
• 07:50 HCOB France Composite PMI (Apr) 47.3 forecast,48.0 previous
• 07:50 HCOB France Services PMI (Apr) 46.8 forecast, 47.9 previous
• 07:50 HCOB Germany Composite PMI (Apr) 49.7, 51.3 previous
• 07:55 HCOB Germany Services PMI (Apr) 48.8 forecast ,50.9 previous
• 08:00 UK Car Registration (YoY) (Apr) 12.4% previous
• 08:00 HCOB Eurozone Composite PMI (Apr) 50.1 forecast ,50.9 previous
• 08:00 HCOB Eurozone Services PMI (Apr) 49.7 forecast , 51.0 previous
•08:30 UK S&P Global Composite PMI (Apr) 48.2 forecast , 51.5 previous
• 08:30 UK S&P Global Services PMI (Apr) 48.9 forecast , 52.5 previous
• 09:00 EU PPI (MoM) (Mar) -1.4% forecast ,0.2% previous
• 09:00 EU PPI (YoY) (Mar) 2.0% forecast ,3.0% previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Forecast
EUR/USD: The euro held steady on Tuesday as renewed concerns over U.S. tariffs and their potential impact on global growth kept investors cautious. Markets had initially found some hope in signs of easing trade tensions between the U.S. and China, after Beijing said last week it was evaluating a U.S. proposal for talks on tariffs. However, a lack of clear details has left investors navigating mixed signals from the White House, fueling continued uncertainty.This week, euro zone markets will be watching several key economic releases. Retail sales and final PMI readings are expected to shed light on consumer activity and overall business sentiment. In Germany, the bloc’s largest economy, attention will center on upcoming data for factory orders, industrial output, and trade performance, offering important signals on the region’s growth prospects. Immediate resistance can be seen at 1.1405 (April 28th high), an upside break can trigger rise towards 1.1530 (23.6%fib).On the downside, immediate support is seen at 1.1266 (38.2%fib), a break below could take the pair towards 1.1198 (April 11th low).
GBP/USD: The British pound eased slightly on Tuesday as market participants focus shifted to Bank of England policy meeting . The BoE is expected to cut rates by 25 basis points to 4.25%, but attention will be on the accompanying statement, as some investors believe the bank should speed up rate cuts due to the impact of Trump’s tariffs on global growth. A busy week lies ahead for UK economic data, with key releases including industrial and manufacturing production figures, the NIESR’s monthly GDP estimate, S&P’s construction PMI, and final readings of the services and composite PMIs. These indicators will provide fresh insight into the health of the UK economy amid persistent signs of slowing growth. In addition, markets will be closely monitoring speeches from Bank of England Governor Andrew Bailey and MPC member Huw Pill, both scheduled to speak on Friday. Immediate resistance can be seen at 1.3343(April 24th high), an upside break can trigger rise towards 1.3449(23.6%fib).On the downside, immediate support is seen at 1.3253(38.2%fib), a break below could take the pair towards 1.3161 (April 15th low).
AUD/USD: Australian dollar eased from 5 -month high on Tuesday as dollar ticking higher as tariff-related concerns resurfaced. Australian dollar also came under pressure due to weaker-than-expected domestic building permit figures and indications of a slowdown in China's services sector growth. Australia’s seasonally adjusted total building approvals decreased by 8.8% month-on-month, reaching a six-month low of 15,220 units. This marked a significant miss compared to market expectations of a 0.6% decline. Data from China showed its services sector expanded at the slowest pace in seven months in April, a dismal result.The next significant event is Wednesday’s policy meeting from the Federal Reserve, where it is widely anticipated that interest rates will remain unchanged. Immediate resistance can be seen at 0.6498(23.6%fib), an upside break can trigger rise towards 0.6554(Higher BB).On the downside, immediate support is seen at 0.6431(May 5th low), a break below could take the pair towards 0.6393(38.2%fib).
USD/JPY: The dollar weakened against Japanese yen as heightened concerns over U.S. President Trump’s tariff proposals spurred demand for safe haven yen. On Sunday, President Trump unveiled plans for a 100% tariff on movies produced overseas, though he provided limited details on the implementation of such a levy. The following day, he announced his intention to impose pharmaceutical tariffs within the next two weeks. Investors were also looking for tangible progress in trade talks with the United States and concrete signs of a thaw in Sino-U.S. relations .Market attention this week turns to the Federal Reserve's interest rate decision and Fed Chair Jerome Powell’s comments on Wednesday, which are expected to provide further insight into the U.S. central bank’s future rate path. The Fed has kept its policy rate between 4.25% and 4.50% since December. Immediate resistance can be seen at 145.43(50%fib)an upside break can trigger rise towards 146.00 (Psychological level) .On the downside, immediate support is seen at 143.31(38.2%fib)a break below could take the pair towards 142.00(Psychological level).
Equities Recap
Asian markets experienced a strong rally on Tuesday, with investors leaning into hopes for progress in U.S.-China trade talks, even as weak PMI data from China failed to dampen the overall sentiment.
Japan's Nikkei 225 was up 1.04% , South Korea's KOSPI was up 0.12 %,Hang Seng was up by 0.95%.
Commodities Recap
Gold prices advanced to a two-week high on Tuesday, as fears over U.S. President Trump’s tariff plans drove investors toward the safe-haven asset
Spot gold gained 0.9% to $3,362.69 an ounce as of 0632 GMT, after hitting its highest since April 22 earlier in the session.
Oil gained more than $1 on Tuesday, rebounding from the previous day's drop after OPEC+ decided to boost output, though concerns over a market surplus lingered.
Brent crude futures rose $1.15 to $61.38 a barrel by 0623 GMT, the first time gain after six consecutive declines, while U.S. West Texas Intermediate crude added $1.11 to $58.24 a barrel.