Posted at 14 May 2025 / Categories Market Roundups
Market Roundup
• Canada Building Permits (MoM) (Mar) -4.1%,-0.7%forecast, 4.9% previous
• Canada New Motor Vehicle Sales (MoM) (Mar) 189.3K, 125.4K previous
•US Crude Oil Inventories 3.454M, -2.000M forecast, -2.032M previous
•US EIA Refinery Crude Runs (WoW) 0.330M, -0.007M previous
•US Crude Oil Imports 0.422M ,0.673M previous
•US Cushing Crude Oil Inventories -1.069M, -0.740M previous
•US Distillate Fuel Production -0.069M, 0.041M previous
Looking Ahead Economic Data(GMT)
•22:45 New Zealand FPI (MoM) (Apr) 0.5% previous
•23:50 Japan Foreign Bonds Buying 435.2B previous
•23:50 Japan Foreign Investments in Japanese Stocks 278.3B previous
•01:00 Australia MI Inflation Expectations 4.2% previous
•01:30 Australia Employment Change (Apr) 20.9K forecast, 32.2K previous
•01:30 Australia Full Employment Change (Apr) 15.0K previous
•01:30 Australia Participation Rate (Apr) 66.8% forecast, 66.8% previous
•01:30 Australia Reserve Assets Total (Apr) 104.5B previous
•01:30 Australia Unemployment Rate (Apr) 4.1% forecast, 4.1% previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro edged lower on Wednesday as U.S. dollar recovered slightly as trade tensions eased between the world's two largest economies. As the tariff dispute between China and the United States showed signs of easing, market sentiment improved, with fears of a global trade war receding. The cooling of trade tensions between the world’s two largest economies has helped restore investor confidence, as it reduces the likelihood of further tariffs and trade restrictions that could disrupt global supply chains, hinder economic growth, and escalate geopolitical uncertainties. The U.S. dollar, which has taken a beating on the back of the economic and policy uncertainty, extended gains, up 0.14% against a basket of currencies.The euro was down 0.15% at $1.1167. Immediate resistance can be seen at 1.1263(38.2%fib), an upside break can trigger rise towards 1.1392(May 6th high).On the downside, immediate support is seen at 1.1065(50%fib), a break below could take the pair towards 1.1000(Psychological level).
GBP/USD: The British pound edged lower on Wednesday as investors positioned ahead of key UK GDP data.The UK is set to release its Gross Domestic Product (GDP) data on Thursday, covering both the month of March and the first quarter (Q1) of 2025.The figures will provide a comprehensive snapshot of the country’s economic performance, highlighting key trends in consumer spending, business investment, industrial output, and trade . As markets await these numbers, traders are particularly focused on how the data may influence expectations regarding future interest rates and the Bank of England’s economic outlook. Immediate resistance can be seen at 1.3338(38.2%fib), an upside break can trigger rise towards 1.3460(Higher BB).On the downside, immediate support is seen at 1.3174(50%fib), a break below could take the pair towards 1.3015(61.8%fib).
USD/CAD: The Canadian dollar edged lower against the U.S. dollar on Wednesday, pressured by falling oil prices and widening interest rate differentials in favor of the greenback.Oil, a key Canadian export, dropped 0.8% to settle at $63.15 per barrel amid concerns over rising U.S. crude inventories and a downgraded non-OPEC+ supply growth forecast by OPEC.On the economic front, Canadian building permits declined 4.1% in March, with the sharpest drop seen in Ontario. The province is set to unveil its annual budget on Thursday. Investors are now pricing in over a 50% chance of a Bank of Canada rate cut next month, following weaker-than-expected domestic jobs data last Friday. The loonie was trading 0.3% lower at 1.3975 per U.S. dollar . Immediate resistance can be seen at 1.3980 (38.2%fib), an upside break can trigger rise towards 1.4017 (Higher BB).On the downside, immediate support is seen at 1.3921(50%fib), a break below could take the pair towards 1.38400(61.8%fib).
USD/JPY: The U.S. dollar initially dipped but regained ground against the yen on Wednesday as investors awaited more economic data, following a strong start to the week fueled by soft inflation and a U.S.-China tariff truce. Traders were also monitoring trade developments as President Trump secured $600 billion in commitments from Saudi Arabia during his Gulf tour. Additionally, recent announcements, including a 90-day tariff pause and a limited U.S.-UK trade agreement, had supported equities. Federal Reserve Vice Chair Philip Jefferson noted progress toward the Fed's 2% inflation target, though the outlook remained uncertain. Markets awaited comments from Fed Chair Jerome Powell on Thursday for insights into future monetary policy. Immediate resistance can be seen at 148.55 (38.2%fib)an upside break can trigger rise towards 150.00(Psychological level) .On the downside, immediate support is seen at 145.56(38.2%fib)a break below could take the pair towards 145.00(Psychological level)
Equities Recap
European shares fell on Wednesday after a four-day rally, as trade deal optimism faded and weak corporate earnings weighed on sentiment.
UK's benchmark FTSE 100 closed down by 0.21 percent, Germany's Dax ended down by 0.47 percent, France’s CAC finished the day down by 0.47 percent.
Wall Street ended mixed on Wednesday as investors awaited upcoming economic data, following a strong start to the week driven by soft inflation and a U.S.-China tariff truce.
Dow Jones closed down by 0.21 %percent, S&P 500 closed up by 0.10% percent, Nasdaq settled up by 0.72% percent.
Commodities Recap
Gold prices fell more than 2% on Wednesday, reaching their lowest point in over a month, as rising optimism over global trade eased market fears and boosted risk appetite.
Spot gold slipped to its lowest since April 11, shedding 2% to $3,181.62 an ounce, as of 1355 ET (17:55 GMT). U.S. gold futures settled 1.8% lower at $3,188.3.
Oil prices dipped on Wednesday following government data that showed an unexpected rise in U.S. crude oil stockpiles last week, raising concerns among investors about an oversupply.
Brent crude futures settled 54 cents, or around 0.81%, lower to $66.09 a barrel. U.S. West Texas Intermediate crude slipped 52 cents, or 0.82%, to $63.15.