Posted at 29 May 2025 / Categories Market Roundups
Market Roundup
• New Zealand ANZ Business Confidence (May) 36.6, 49.3 previous
• New Zealand NBNZ Own Activity (May) 34.8% ,47.7% previous
•Australia Building Capital Expenditure (MoM) (Q1) 0.9%, 0.2% previous
•Australia Plant/Machinery Capital Expenditure (QoQ) (Q1) -1.3%, -0.6% previous
•Australia Private New Capital Expenditure (QoQ) (Q1) -0.1% 0.5%forecast,0.2% previous
•Japan Household Confidence (May) 32.8, 31.8 forecast,31.2 previous
Looking Ahead Economic Data(GMT)
•08:00 Italian Business Confidence (May) 86.2 forecast,85.7 previous
•08:00 Italian Consumer Confidence (May) 93.0 forecast, 92.7 previous
•09:00 Italian Trade Balance Non-EU (Apr) 5.96B previous
•09:10 Italian 10-Years BTP Auction 3.62% previous
•09:10 Italian 5-Years BTP Auction 2.74% previous
•10:00 Italian Industrial Sales (MoM) (Mar) -0.40% previous
•10:00 Italian Industrial Sales (YoY) (Mar) -1.50% previous
Looking Ahead Events And Other Releases(GMT)
•09:00 UK BoE Breeden Speaks
Currency Forecast
EUR/USD: The euro weakened on Thursday as U.S. dollar strengthened after a court blocked President Donald Trump from imposing his import tariffs on other countries, providing some relief for the currency that has struggled this year due to trade uncertainty. The Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy. U.S. assets including the dollar, equities and longer-dated Treasury bonds have witnessed sharp declines in recent months as investors reassessed historic assumptions around the strength and outperformance of U.S. markets as Trump's erratic trade and tax policies sap confidence and spur inflation. The euro slipped 0.4% to $1.12445. Immediate resistance can be seen at 1.1386(23.6%fib), an upside break can trigger rise towards 1.1421(Higher BB).On the downside, immediate support is seen at 1.1187(38.2%fib), a break below could take the pair towards 1.1117(Lower BB).
GBP/USD: The British pound weakened on Thursday as the U.S. dollar gained strength after a U.S. trade court blocked the implementation of President Donald Trump’s proposed “Liberation Day” tariffs. The Court of International Trade ruled that Trump had exceeded his authority by imposing sweeping tariffs on imports from countries that export more to the U.S. than they import. The court ordered the administration to revise the measures within 10 days, though the White House quickly filed an appeal and questioned the court’s authority. This development came on the heels of Trump postponing a plan to impose 50% tariffs on European Union goods, while consumer confidence data came in stronger than expected, further supporting the dollar.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).
AUD/USD: The Australian dollar edged lower on Thursday as the U.S. dollar strengthened after a federal court blocked President Donald Trump’s broad import tariffs from taking effect. The U.S. Court of International Trade ruled that Trump had overstepped his authority by imposing tariffs on countries with trade surpluses against the United States. The ruling boosted investor appetite for risk assets, including equities and the U.S. dollar, which had been under pressure since early April. Meanwhile, domestic data weighed on sentiment, with Australian business investment unexpectedly declining in Q1 as a drop in equipment spending dragged on growth and dimmed hopes for an economic recovery. At GMT 07:10, the Australian dollar was down 0.10% to 0.6419 against the dollar. Immediate resistance can be seen at 0.6498(Higher BB), an upside break can trigger rise towards 0.6515(23.6%fib).On the downside, immediate support is seen at 0.6414(38.2%fib), a break below could take the pair towards 0.6375(Lower BB).
USD/JPY: The U.S. dollar gained further ground against the Japanese yen on Thursday after dollar advanced after a U.S. federal court blocked most of President Donald Trump's "reciprocal tariffs" from taking effect. A U.S. trade court ruled that the Constitution grants Congress exclusive authority to regulate commerce with foreign nationsan authority that cannot be overridden by the president’s emergency powers, even when invoked to protect the U.S. economy. The court’s decision effectively limits the scope of executive action in imposing broad trade measures without legislative approval. In response, the Trump administration has filed an appeal, challenging both the ruling and the court's interpretation of presidential authority under trade law. The dollar gained 0.7% on the Japanese yen to 145.86 yen. Immediate resistance can be seen at 147.06 (50%fib)an upside break can trigger rise towards 148.00(Psychological level) .On the downside, immediate support is seen at 144.76(38.2%fib)a break below could take the pair towards 143.00(Psychological level)
Equities Recap
Asian shares jumped on Thursday after a U.S. federal court blocked President Trump’s “Liberation Day” tariffs, boosting investor sentiment and lifting the dollar against its peers.
Japan's Nikkei 225 was up 1.88% , South Korea's KOSPI was up 1.89 %,Hang Seng was up by 1.30%.
Commodities Recap
Gold prices fell on Thursday to their lowest in over a week after a U.S. court blocked Trump’s “reciprocal tariffs,” reducing the metal’s safe-haven appeal. A stronger dollar added to the downward pressure on bullion.
Spot gold was down 0.6% at $3,271.17 an ounce, as of 0618 GMT, after hitting its lowest since May 20.U.S. gold futures dropped 0.8% to $3,268.20.
Oil prices climbed around $1 a barrel on Thursday after a U.S. court blocked most of Trump’s tariffs, while traders monitored the possibility of new U.S. sanctions on Russian crude and awaited an OPEC+ decision on July output increases.
Brent crude futures climbed $1.03, or 1.6%, to $65.93 a barrel. U.S. West Texas Intermediate crude advanced by $1.06, or 1.7%, to $62.90 a barrel at 0630 GMT.