Posted at 03 June 2025 / Categories Market Roundups
Market Roundup
• French 12-Month BTF Auction 1.909% , 1.913%
• French 3-Month BTF Auction 1.985%, 1.999%
• French 6-Month BTF Auction 1.962%, 1.982%
• Canada S&P Global Manufacturing PMI (May) 46.1,45.3 previous
• US S&P Global Manufacturing PMI (May) 52.0, 52.3 forecast, 50.2 previous
• US Construction Spending (MoM) (Apr) -0.4% , 0.4% forecast, -0.5% previous
• US ISM Manufacturing Employment (May) 46.8,46.5 previous
• US ISM Manufacturing New Orders Index (May) 47.6, 47.2 previous
• US ISM Manufacturing PMI (May) 48.5,49.3 forecast, 48.7 previous
• US ISM Manufacturing Prices (May) 69.4,70.2 forecast,69.8 previous
• US 3-Months Bill Auction 4.250%, 4.255% previous
• US 6-Months Bill Auction 4.150%,4.160% previous
Looking Ahead Economic Data(GMT)
•01:45 China Caixin Manufacturing PMI (May) 50.8 forecast, 50.4 previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Forecast
EUR/USD: The euro rose against the U.S. dollar on Monday as the greenback weakened after Trump announced plans to double steel and aluminum tariffs. Trade tensions grew further as China rejected U.S. claims of violating a minerals trade deal. The European Commission said Monday it would push the U.S. to reduce or remove tariffs, despite Trump’s plan to double duties on steel and aluminium to 50%.European Trade Commissioner Maros Sefcovic will meet U.S. Trade Representative Jamieson Greer at the OECD meeting in Paris on Wednesday, while EU technical teams hold talks in Washington throughout the week.on the data front, The HCOB Eurozone Manufacturing PMI rose to 49.4 in May from 49.0 in April, a 33-month high and matching the flash estimate, but still below the 50.0 mark that signals growth. Immediate resistance can be seen at 1.1503(Higher BB), an upside break can trigger rise towards 1.1562(23.6%fib).On the downside, immediate support is seen at 1.1358(38.2%fib), a break below could take the pair towards 1.1171(61.8%fib).
GBP/USD: The British pound strengthened 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. On the data front,the decline in British manufacturing eased in May, but output, orders, and jobs still fell due to tax hikes and Trump’s tariffs, a survey showed Monday. The final reading of the S&P Global UK Manufacturing Purchasing Managers' Index (PMI), which measures factory activity, rose to 46.4 in May from 45.4 in April. 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).
USD/CAD: The Canadian dollar strengthened against dollar on Monday as softening dollar and robust commodity prices boosted Canadian dollar across the board. The dollar weakened against major currencies, retreating from last week’s gains as markets weighed the impact of Trump’s unpredictable trade policies on growth and inflation risks.Markets will keep an eye on jobs data in Canada and the U.S. on Friday and the Bank of Canada's rate decision later this week.On the data front, Canadian manufacturing activity contracted for a fourth straight month in May as trade uncertainty led firms to shed workers at the fastest rate since early in the pandemic.Oil prices climbed nearly 3% on Monday, despite producer group OPEC+ sticking with output hike plans. Immediate resistance can be seen at 1.3741(Daily high), an upside break can trigger rise towards 1.3838 (38.2% fib).On the downside, immediate support is seen at 1.3661(23.6% fib), a break below could take the pair towards 1.3626(Lower BB).
USD/JPY: The U.S. dollar weakened against the Japanese yen on Monday as rising geopolitical tensions and trade uncertainties increased 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, with markets watching for the tariff hike set for Wednesday. Meanwhile, fighting intensified between Ukraine and Russia ahead of their second peace talks in Istanbul, as Ukraine launched a major strike and Russia conducted an overnight drone attack. The dollar index , which measures the U.S. currency against six major peers, was little changed after touching 98.58, the lowest since late April, when it fell to a three-year trough. The greenback was at 142.71 yen , near a one-week low. 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 started June lower as Trump’s new tariff plans raised fears of renewed global trade tensions.
UK's benchmark FTSE 100 closed up by 0.02 percent, Germany's Dax ended down by 0.28 percent, France’s CAC finished the day downby 0.19 percent.
Wall Street closed higher after a volatile session on Monday as investor caution ahead of key U.S. jobs data and an expected ECB rate cut.
Dow Jones closed up by 0.08% percent, S&P 500 closed up by 0.40% percent, Nasdaq settled up by 0.67% percent.
Commodities Recap
Gold surged over 2% on Monday to a three-week high, driven by a weaker dollar and rising geopolitical and economic uncertainty boosting safe-haven demand.
Spot gold was up 2.5% at $3,372.13 an ounce, as of 02:17 p.m. ET (1817 GMT), after hitting its highest level since May 8 earlier in the session.U.S. gold futures settled 2.5% higher at $3,397.20.
Oil prices jumped nearly 3% on Monday due to supply worries, as OPEC+ held off on faster output hikes and Canadian wildfires disrupted production.
Brent crude futures settled $1.85, or 2.95%, higher at $64.63 a barrel. U.S. West Texas Intermediate crude gained $1.73, or 2.85%, to $62.52.