Posted at 09 May 2025 / Categories Market Roundups
Market Roundup
• French Reserve Assets Total (Apr) 303,057.0M, 305,124.0M previous
•Swiss SECO Consumer Climate (Q2) -39, -34 forecast, -21 previous
•Italian Industrial Production (YoY) (Mar) -1.8%, -2.6% previous
•Italian Industrial Production (MoM) (Mar) 0.1% , 0.4% forecast, -0.9% previous
•Greek CPI (YoY) (Apr) 2.0%, 2.4% previous
•Greek Credit Expansion (YoY) (Mar) 6.9%, 7.1% previous
•Greek HICP (YoY) (Apr) 2.6%,3.1% previous
Looking Ahead Economic Data(GMT)
•12:30 Canada Avg hourly wages Permanent employee (Apr) 3.5% previous
•12:30 Canada Employment Change (Apr) 4.1K forecast, -32.6K previous
•12:30 Canada Full Employment Change (Apr) -62.0K previous
•12:30 Canada Part Time Employment Change (Apr) 29.5K previous
•12:30 Canada Participation Rate (Apr) 65.2% previous
•12:30 Canada Unemployment Rate (Apr) 6.8% forecast, 6.7% previous
•17:00 U.S. Baker Hughes Oil Rig Count 479 previous
•17:00 U.S. Baker Hughes Total Rig Count 584 previous
Looking Ahead Events And Other Releases(GMT)
•12:30 FOMC Member Barkin Speaks
•12:30 FOMC Member Williams Speaks
Currency Forecast
EUR/USD: The euro edged higher on Friday as a U.S.-UK trade deal sparked optimism about potential progress in tariff talks with other nations. As financial markets head into the weekend, attention remains firmly on the upcoming U.S.-China trade negotiations, set to begin Saturday in Switzerland. Despite the momentum from the UK deal, President Trump downplayed the idea of using it as a model for future agreements including those scheduled for Saturday, when U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet with China’s top economic official, He Lifeng. The euro touched a one-month low of $1.1197 overnight and was down about 0.6% for the week. It was last up 0.2% on the day at $1.1251. 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 1.1223 (38.2%fib), a break below could take the pair towards 1.1198 (April 11th low).
GBP/USD: The British pound held steady on Friday, supported by news of a breakthrough trade agreement between the UK and the United States. On Thursday, U.S. President Donald Trump and British Prime Minister Keir Starmer announced a limited bilateral trade deal that retains Trump’s 10% tariffs on British exports, while expanding U.S. market access for UK agricultural products and reducing American tariffs on British car exports.The deal comes amid growing investor pressure on the Trump administration to reach trade agreements and de-escalate the ongoing tariff disputes, which have disrupted global commerce and heightened concerns over inflation and recession. Bank of England Governor Andrew Bailey welcomed the agreement but cautioned that many British goods still face higher U.S. tariffs than they did prior to last month.. 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: The Australian dollar traded flat against the U.S. dollar on Friday, as investors remained cautious ahead of the U.S.-China trade talks. China’s Vice Foreign Minister Hua Chunying voiced confidence in handling trade issues with the U.S., ahead of the high-stakes meeting in Switzerland. The discussions are expected to focus on addressing mutual concerns over the tariffs both nations have imposed, which have strained diplomatic ties and disrupted global trade flows. Officials from both sides are likely to seek ways to ease tensions, align on key trade matters, and potentially lay the groundwork for a broader agreement aimed at stabilizing economic relations between the world’s two largest economies. Immediate resistance can be seen at 0.6462(May 8th high), an upside break can trigger rise towards 0.6495(23.6%fib).On the downside, immediate support is seen at 0.6379(38.2%fib), a break below could take the pair towards 0.6306(Lower BB).
USD/JPY: The U.S. dollar edged lower against the yen on Friday as attention turned to the upcoming U.S.-China trade talks set to begin Saturday in Switzerland. Markets remained cautious ahead of the high-level negotiations, which could influence global trade sentiment. Meanwhile, data from Japan showed real wages declined for a third consecutive month in March—down 2.1% year-on-year—reflecting the ongoing impact of inflation on household purchasing power. This followed declines of 1.5% in February and 2.8% in January. Despite stronger-than-expected consumer spending, the mixed data points to a challenging growth outlook for Japan, with economists forecasting a GDP contraction in Q1 amid lingering tariff risks and policy uncertainty. Immediate resistance can be seen at 146.63(50%fib)an upside break can trigger rise towards 147.00 (Psychological level) .On the downside, immediate support is seen at 144.09(38.2%fib)a break below could take the pair towards 142.46(May 7th low).
Equities Recap
European shares advanced on Friday after a U.S. trade deal with Britain fueled guarded optimism for progress in tariff talks with other countries.
At GMT (12:22) UK's benchmark FTSE 100 was last trading up at 0.34 percent, Germany's Dax was up by 1.18 percent, France’s CAC was up by 1.20 percent.
Commodities Recap
Gold prices rose on Friday and were on track for a weekly gain, bolstered by a weaker U.S. dollar and persistent geopolitical tensions. Market attention remained focused on the upcoming U.S.-China trade talks scheduled for this weekend.
Spot gold was up 0.6% to $3,325.20 an ounce at 1134 GMT. The metal has gained 2.5% so far this week. U.S. gold futures were up 0.8% to $3,334.30.
Oil prices climbed on Friday and were set for a weekly gain, supported by signs of easing trade tensions between the world’s two largest oil consumers, the United States and China.
Brent crude rose by $1.20, or 1.9%, to $64.04 a barrel by 1203 GMT. U.S. West Texas Intermediate crude was up $1.26, or about 2.1%, at $61.17.