Posted at 02 June 2025 / Categories Market Roundups
Market Roundup
• EU HCOB Eurozone Manufacturing PMI (May) 49.4, 48.4 forecast,49.0 previous
• UK BoE Consumer Credit (Apr) 1.580B ,1.100B forecast,0.875B previous
• UK M3 Money Supply (Apr) 3,127.8B, 3,129.5B previous
• UK M4 Money Supply (MoM) (Apr) 0.0%,0.2% 0.3% previous
• UK S&P Global Manufacturing PMI (May) 46.4,45.1 forecast,45.4 previous
• UK Mortgage Approvals (Apr) 60.46K, 65.00K forecast, 64.31K previous
Looking Ahead Economic Data(GMT)
• 13:00 French 12-Month BTF Auction 1.913% previous
• 13:00 French 3-Month BTF Auction 1.999% previous
• 13:00 French 6-Month BTF Auction 1.982% previous
• 13:30 Canada S&P Global Manufacturing PMI (May) 45.3 previous
• 13:45 US S&P Global Manufacturing PMI (May) 52.3 forecast, 50.2 previous
•14:00 US Construction Spending (MoM) (Apr) 0.4% forecast, -0.5% previous
•14:00 US ISM Manufacturing Employment (May) 46.5 previous
•14:00 US ISM Manufacturing New Orders Index (May) 47.2 previous
•14:00 US ISM Manufacturing PMI (May) 49.3 forecast, 48.7 previous
•14:00 US ISM Manufacturing Prices (May) 70.2 forecast,69.8 previous
•15:30 US 3-Months Bill Auction 4.255% previous
•15:30 US 6-Months Bill Auction 4.160% previous
Looking Ahead Events And Other Releases(GMT)
•14:00 UK BoE MPC Member Mann
•14:15 US Fed Logan Speaks
Currency Forecast
EUR/USD: The euro rose against the U.S. dollar on Monday as the greenback weakened following Trump’s late Friday announcement to double tariffs on imported steel and aluminum to 50% starting Wednesday. Tensions escalated as Beijing rejected U.S. accusations of breaching a minerals trade agreement. The dollar, already volatile due to ongoing trade war uncertainty, came under renewed pressure amid recession fears. Though it gained 0.3% last week after progress in EU trade talks and a U.S. court ruling blocking most of Trump’s tariffs, the overall outlook remains fragile. The euro gained 0.70% to $1.1428.Immediate resistance can be seen at 1.1445(38.2%fib), an upside break can trigger rise towards 1.1496(Higher BB).On the downside, immediate support is seen at 1.1304(50%fib), a break below could take the pair towards 1.1173(61.8%fib).
GBP/USD: The British pound rose on Monday as the U.S. dollar weakened after President Trump announced plans to double tariffs on steel and aluminum to 50% starting Wednesday. The move sparked renewed trade war fears, especially with China. Trump’s announcement followed accusations that China violated a minerals trade deal. Treasury Secretary Scott Bessent said Trump aims to speak with China’s President Xi, but Beijing firmly rejected the claims, suggesting the call may be delayed. With no major UK data today, the British pound will mainly follow moves in the U.S. dollar, as traders watch U.S. tariff updates and global trade news .Immediate resistance can be seen at 1.3558(23.6%fib), an upside break can trigger rise towards 1.3588(Higher BB).On the downside, immediate support is seen at 1.3393(38.2%fib), a break below could take the pair towards 1.3257(50%fib).
AUD/USD: The Australian dollar rose on Monday as the U.S. dollar weakened amid rising trade tensions, following President Trump’s threat to double steel and aluminum tariffs to 50%, citing China’s breach of Geneva trade agreements. Looking ahead, markets await Australia’s Q1 GDP data on Wednesday, with a projected 0.4% quarterly rise and 1.5% annual growth. The Reserve Bank of Australia will also release minutes from its May meeting on Tuesday, after cutting rates to a two-year low and signaling room for further easing due to soft inflation and global trade risks. At GMT 12:22, the Australian dollar was up 0.83 % to 0.6485 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 weakened against the Japanese yen on Monday as rising geopolitical tensions and trade uncertainties boosted demand for the safe-haven yen. President Trump announced plans to double tariffs on imported steel and aluminum from 25% to 50%, escalating the trade war. Markets are closely monitoring whether the tariff increase will go ahead this Wednesday. Meanwhile, fighting intensified between Ukraine and Russia ahead of their second peace talks in Istanbul, with Ukraine launching a major strike and Russia carrying out an overnight drone attack. The dollar dropped 0.79% to 142.88 yen as of 07:54GMT, giving back some of its more than 1% rally from last week. Immediate resistance can be seen at 144.00 (Psychological level)an upside break can trigger rise towards 144.62(50%fib) .On the downside, immediate support is seen at 142.78(38.2%fib)a break below could take the pair towards 141.66(Lower BB)
Equities Recap
European shares retreated on Monday after rounding off monthly gains in May, as U.S. President Donald Trump's new tariff plans threatened to rekindle global trade tensions.
At GMT (12:22) UK's benchmark FTSE 100 was last trading up at 0.10 percent, Germany's Dax was down by 0.67 percent, France’s CAC was down by 0.53 percent.
Commodities Recap
Gold prices climbed to over a one-week high on Monday as investors sought safety amid rising global risks. Renewed U.S. tariff threats from President Trump and intensifying Russia-Ukraine tensions boosted demand for the safe-haven metal.
Spot gold was up 2% at $3,353.29 an ounce, as of 1128 GMT, after hitting its highest level since May 23, earlier in the session.
Oil prices surged around 3% on Monday after OPEC+ decided to maintain its planned output hikes for July, matching the increases seen in the prior two months, easing concerns of oversupply.