Posted at 28 May 2025 / Categories Market Roundups
Market Roundup
•US Redbook (YoY) 6.1%, 5.4% previous
• US Richmond Manufacturing Index (May) -9, -9 forecast,-13 previous
• US Richmond Manufacturing Shipments (May) -10,-17 previous
• US Richmond Services Index (May) -11 ,-7 previous
• US Dallas Fed Services Revenues (May) -4.7, 3.8 previous
• US Texas Services Sector Outlook (May) -10.1 , -19.4 previous
Looking Ahead Economic Data(GMT)
• 00:00 Japan Foreign Bonds Buying 2,824.6B previous
• 00:00 Japan Foreign Investments in Japanese Stocks 714.9B previous
•01:00 New Zealand ANZ Business Confidence (May) 49.3 previous
•01:00 New Zealand NBNZ Own Activity (May) 47.7% previous
•01:30 Australia Building Capital Expenditure (MoM) (Q1) 0.2% previous
•01:30 Australia Plant/Machinery Capital Expenditure (QoQ) (Q1) -0.8% previous
•01:30 Australia Private New Capital Expenditure (QoQ) (Q1) 0.5% forecast ,-0.2% previous
• 05:00 Japan Household Confidence (May) 31.8 forecast, 31.2 previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro weakened on Wednesday as investors focused on ongoing trade negotiations between the U.S. and Europe and assessed mixed economic data from the region. While there were signs of easing tensions in U.S.-EU trade relations, market sentiment remained fragile due to the unpredictable nature of President Trump’s trade policies.The uncertainty surrounding U.S. policy, along with growing inflation concerns, has increased expectations that the European Central Bank may cut interest rates at its meeting next week. Economic data from Germany added to the euro’s pressure, with import prices unexpectedly falling by 0.4% year-on-year in April and unemployment rising more than forecast in May, signaling further strain on Europe’s largest economy. The euro was last down 0.35% against the greenback at $1.1288 .Immediate resistance can be seen at 1.1378(Higher BB), an upside break can trigger rise towards 1.1451(Higher BB).On the downside, immediate support is seen at 1.1207(50%fib), a break below could take the pair towards 1.1079(Lower BB).
GBP/USD: The British pound slipped lower on Wednesday as the U.S. dollar strengthened, supported by stronger-than-expected U.S. consumer confidence data. The dollar had little reaction to minutes from the Federal Reserve's May 6-7 meeting released on Wednesday. Fed officials acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising unemployment, an outlook buttressed by Fed staff projections of increased risks of a recession.The Fed kept rates unchanged at the meeting. Fed funds futures traders see the U.S. central bank as most likely to resume interest rate cuts in September. Sterling was down at $1.3477 but stayed close to the three-year high of $1.3593 it touched on Monday. Immediate resistance can be seen at 1.3558(23.6%fib), an upside break can trigger rise towards 1.3617(Higher BB).On the downside, immediate support is seen at 1.3400(38.2%fib), a break below could take the pair towards 1.3317(April 30th low).
USD/CAD: The Canadian dollar slipped against the U.S. dollar on Wednesday as stronger-than-expected U.S. economic data boosted the appeal of the American currency ahead of Canada’s upcoming GDP report. On Tuesday, U.S. consumer confidence rebounded in May following five months of decline, supported by a temporary trade truce between Washington and China. Meanwhile, Canada’s GDP data, scheduled for release on Friday, is forecast to show the economy grew at an annualized rate of 1.7% in Q1, down from 2.6% in the previous quarter. Investors anticipate the BoC will keep its benchmark rate steady at 2.75% next Wednesday, despite rising underlying inflation in April. Oil prices climbed 1.6% as OPEC+ maintained output levels and the U.S. barred Chevron from exporting Venezuelan crude, supporting Canada’s export outlook. Immediate resistance can be seen at 1.3876 (38.2%fib), an upside break can trigger rise towards 1.4000 (Psychological level).On the downside, immediate support is seen at 1.3728(Lower BB), a break below could take the pair towards 1.3675(23.6%fib)
USD/JPY: The U.S. dollar strengthened against the Japanese yen on Wednesday on reports that Japan will consider trimming issuance of super-long bonds in the wake of recent sharp yield increases. Soft demand for longer-dated debt globally has drawn attention to worsening government deficits. Traders are also watching progress of a budget and spending bill in U.S. Congress that is expected to add trillions of dollars of debt. Meanwhile, BOJ Governor Ueda cautioned that volatility in super-long Japanese government bond yields could affect short-term rates and the broader economy. Last week, yields on super-long JGBs hit record highs amid a global bond sell-off sparked by concerns over worsening fiscal conditions in advanced economies. The dollar strengthened 0.33% to 144.8 against the Japanese yen. Immediate resistance can be seen at 145.45 (38.2%fib)an upside break can trigger rise towards 145.00(Psychological level) .On the downside, immediate support is seen at 143.86(May 28th low)a break below could take the pair towards 142.27(23.6%fib)
Equities Recap
European stocks closed in negative territory on Wednesday, weighed down by region-wide losses as markets evaluated fresh economic data and kept a close eye on ongoing trade talks with the United States.
UK's benchmark FTSE 100 closed down by 0.59 percent, Germany's Dax ended down by 0.78percent, France’s CAC finished the day down by 0.49 percent.
U.S. stock markets closed in the red on Wednesday, pressured by investor reaction to the Federal Reserve’s meeting minutes and a late-day slide in semiconductor shares.
Dow Jones closed down by 0.58 %percent, S&P 500 closed down by 0.56% percent, Nasdaq settled downby 0.51% percent.
Commodities Recap
Gold prices held steady on Wednesday as investors digested the Federal Reserve’s May meeting minutes, which highlighted growing concerns over inflation and potential recession factors that continued to support gold’s safe-haven demand amid global economic uncertainty.
Spot gold held steady at $3,299.95 an ounce as of 02:20 p.m. EDT (1820 GMT).U.S. gold futures settled 0.2% lower at $3,294.90.
Oil prices climbed more than 1% on Wednesday, driven by supply concerns after OPEC+ maintained its current output policy and the U.S. imposed a ban on Chevron exporting Venezuelan crude.
Brent crude futures settled up 81 cents, or 1.26%, to $64.90 a barrel. U.S. West Texas Intermediate crude gained 95 cents, or 1.56%, to stand at $61.84 a barrel.