Posted at 23 May 2025 / Categories Market Roundups
Market Roundup
•US Continuing Jobless Claims: 1,903K, 1,890K forecast, 1,867K previous
•US Initial Jobless Claims: 227K, 230K forecast, 229K previous
•US Jobless Claims 4-Week Avg.: 231.50K, 230.50K previous
•US S&P Global Manufacturing PMI (May): 52.3, 49.9 forecast, 50.2 previous
•US S&P Global Composite PMI (May): 52.1, 50.6 previous
• US S&P Global Services PMI (May): 52.3, 51.0 forecast, 50.8 previous
• US Existing Home Sales (Apr): 4.00M, 4.15M forecast, 4.02M previous
• US Existing Home Sales (MoM) (Apr): -0.5%, -5.9% previous
• US Natural Gas Storage: 120B, 118B forecast, 110B previous
• US KC Fed Composite Index (May): -3, -4 previous
• US KC Fed Manufacturing Index (May): -10, -5 previous
• Canada IPPI (MoM) (Apr): -0.8%, -0.5% forecast, 0.3% previous
• Canada IPPI (YoY) (Apr): 2.0%, 4.5% previous
• Canada RMPI (YoY) (Apr): -3.6%, 3.9% previous
• Canada RMPI (MoM) (Apr): -3.0%, -2.2% forecast, -0.7% previous
• US KC Fed Composite Index (May): -3, -4 previous
• US KC Fed Manufacturing Index (May): -10, -5 previous
Looking Ahead economic Data(GMT)
•No Economic Data
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Forecast
EUR/USD: The euro was little changed against the U.S. dollar on Thursday after data showed a surprise contraction in euro zone business activity for May. The HCOB Composite Purchasing Managers' Index (PMI) fell to 49.5 from 50.4 in April, missing expectations of 50.7 and slipping below the 50 threshold that separates expansion from contraction.The decline was primarily driven by unexpected softness in the services sector, which has previously been a key contributor to growth. This setback adds to concerns that the euro zone's economic recovery remains fragile. Since the pandemic, the region has consistently lagged behind major peers like the U.S., with growth hampered by weak business confidence, limited household spending, and a lack of decisive structural reforms. Immediate resistance can be seen at 1.1383(23.6%fib), an upside break can trigger rise towards 1.1450(Higher BB).On the downside, immediate support is seen at 1.1268(38.2%fib), a break below could take the pair towards 1.1163(50%fib).
GBP/USD: The British pound traded in tight range on Thursday as investors digested the latest UK business activity data. The figures offered mixed signals on the health of the economy, prompting a cautious response from traders amid broader market uncertainty. The S&P Global UK Composite Purchasing Managers' Index (PMI), a gauge of the private sector economy, rose to 49.4 from 48.5 in April, roughly as expected by economists. The UK manufacturing PMI fell to 45.1 from 45.4 and the jobs index for the sector sank to its lowest level since the onset of the COVID-19 pandemic. The UK services PMI rose to 50.2 in May, up from 49.0 in the previous month, signaling a modest return to expansion.. Immediate resistance can be seen at 1.3446(23.6%fib), an upside break can trigger rise towards 1.3502(Higher BB).On the downside, immediate support is seen at 1.3341(May 20th low), a break below could take the pair towards 1.3252(38.2%fib).
USD/CAD: The Canadian dollar held steady against the U.S. dollar on Thursday, as the greenback strengthened broadly and investors looked ahead to key domestic economic data. The loonie traded at 1.3865 per U.S. dollar, fluctuating within a narrow range between 1.3847 and 1.3889 throughout the session.Market participants remained cautious ahead of Canada’s retail sales report for March, due on Friday, which is expected to show a 0.7% monthly increase. The outcome could influence expectations for the Bank of Canada's next policy move. While some had anticipated a potential rate cut, stronger-than-expected inflation data released on Tuesday has reinforced the view that the central bank is likely to maintain its benchmark interest rate at 2.75% during its upcoming meeting on June 4.Immediate resistance can be seen at 1.3844 (Daily high), an upside break can trigger rise towards 1.3894 (38.2%fib).On the downside, immediate support is seen at 1.3780(23.6%fib), a break below could take the pair towards 1.3740(Lower BB)
USD/JPY: The U.S. dollar edged higher against the Japanese yen on Thursday as dollar recovered following three days of losses, lifted partly by the passage of President Donald Trump's bill for huge tax and spending cuts by the House of Representatives, as the euro stumbled following data painting a bleak economic picture for the euro zone.Trump's sweeping tax bill has been the market's focus and its passage has been met partly with relief and partly with caution. The bill is set to add to the country's ballooning debt pile. The market is now looking at weeks of debate on it in the Republican-led Senate. In afternoon trading, the dollar edged up 0.1% to 143.75 yen after earlier dropping to 142.80 yen, its weakest level since May 7.Immediate resistance can be seen at 144.33 (Daily high)an upside break can trigger rise towards 145.27(50%fib) .On the downside, immediate support is seen at 143.72(38.2%fib)a break below could take the pair towards 141.24(Lower BB)
Equities Recap
European stocks declined on Thursday, pressured by persistent worries over U.S. fiscal stability that kept Treasury yields elevated, while disappointing euro zone business activity data further dampened investor sentiment.
UK's benchmark FTSE 100 closed down by 0.54percent, Germany's Dax ended down by 0.54 percent, France’s CAC finished the day down by 0.58 percent.
U.S. stocks finished Thursday’s choppy session largely unchanged, recovering from early losses as Treasury yields fell from recent peaks after the House passed President Trump’s tax and spending bill.
Dow Jones closed down by 0.00 %percent, S&P 500 closed down by 0.04 % percent, Nasdaq settled up by 0.28% percent.
Commodities Recap
Gold turned lower on Thursday as a stronger U.S. dollar and profit-taking by investors, following a two-week high earlier in the session, weighed on prices.
Spot gold was down 0.6% at $3,295.21 an ounce, by 1216 p.m. ET (1616 GMT). Prices reached their highest level since May 9 earlier in the session before falling more than 1%.
Oil prices settled lower on Thursday as investors weighed a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could outpace demand growth.
Brent futures settled down 47 cents, or 0.72%, to $64.44 a barrel. U.S. West Texas Intermediate crude settled down 37 cents, or 0.6%, at $61.20.