Posted at 04 June 2025 / Categories Market Roundups
Market Roundup
• EU HCOB Italy Composite PMI (May) 52.5,52.1 previous
• EU HCOB Italy Services PMI (May) 53.2, 52.1 forecast, 52.9 previous
•EU HCOB France Composite PMI (May) 49.3, 48.0 forecast, 47.8 previous
•EU HCOB France Services PMI (May) 48.9, 47.4 forecast, 47.3 previous
•EU HCOB Germany Composite PMI (May) 48.5 ,48.6 forecast, 50.1 previous
•EU HCOB Germany Services PMI (May) 47.1,47.2 forecast, 49.0 previous
•EU HCOB Eurozone Composite PMI (May) 50.2 , 49.5 forecast, 50.4 previous
•EU HCOB Eurozone Services PMI (May) 49.7,48.9 forecast, 50.1 previous
•UK S&P Global Composite PMI (May) 50.3,49.4 forecast, 48.5 previous
•UK S&P Global Services PMI (May) 50.9, 50.2 forecast, 49.0 previous
Looking Ahead Economic Data(GMT)
•13:45 US S&P Global Composite PMI (May) 52.1 forecast, 50.6 previous
•13:45 US S&P Global Services PMI (May) 52.3 forecast, 50.8 previous
•14:00 US ISM Non-Manufacturing Business Activity (May) 53.7 previous
•14:00 US ISM Non-Manufacturing Employment (May) 49.0 previous
• 14:00 US ISM Non-Manufacturing New Orders (May) 52.3 forecast, 52.3 previous
•14:00 US ISM Non-Manufacturing PMI (May) 52.0 forecast, 51.6 previous
•14:00 US ISM Non-Manufacturing Prices (May) 65.1 previous
• 14:30 US Crude Oil Inventories -2.900M forecast, -2.795M previous
Looking Ahead Events And Other Releases(GMT)
• 13:45 Canada BoC Rate Statements
•13:45 Canada BoC Interest Rate Decision 2.75% forecasts, 2.75% previous
Currency Summaries
EUR/USD: The euro edged higher against the U.S. dollar on Wednesday as investor attention turned to the European Central Bank’s upcoming interest rate decision. The European Central Bank's two-day policy meeting begins on Wednesday. The central bank is expected to cut rates on Thursday and carry on easing monetary policy, after data on Tuesday showed inflation in May easing below the ECB's target of 2%.Euro zone business growth stalled in May, PMI data showed. While the rate cut is largely priced in, markets will be focused on ECB President Christine Lagarde’s post-decision commentary for clues on the future trajectory of monetary policy, including whether further easing is on the horizon. Traders are waiting for U.S. data later in the session to give clues as to how companies are affected by tariffs, ahead of monthly payroll data on Friday. Immediate resistance can be seen at 1.1460(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: Sterling edged higher against the dollar on Wednesday as investors were relieved the United Kingdom was not in the crosshairs of U.S. President Donald Trump's latest tariff escalation, while upbeat economic data also buoyed sentiment. The mood among global investors was one of caution ahead of an anticipated call between Trump and his Chinese counterpart which could determine where the world's two largest economies stand with regard to trade relations. The mood among global investors was one of caution ahead of an anticipated call between Trump and his Chinese counterpart which could determine where the world's two largest economies stand with regard to trade relations.Meanwhile, a survey showed Britain's services sector returned to tepid growth last month, with the Bank of England expecting deteriorating business confidence as a consequence of global uncertainty to weigh on growth in the coming months. Immediate resistance can be seen at 1.3579(23.6%fib), an upside break can trigger rise towards 1.3611(Higher BB).On the downside, immediate support is seen at 1.3452(38.2%fib), a break below could take the pair towards 1.3339(50%fib).
AUD/USD: Sterling edges up against dollarThe Australian dollar weakened on Wednesday following the release of disappointing first-quarter GDP data, reinforcing concerns over the country's sluggish economic performance. The Australian Bureau of Statistics reported that real GDP grew by just 0.2% in Q1, down sharply from 0.6% in the previous quarter and falling short of the 0.4% growth forecast by economists.The data reflected ongoing economic headwinds, with consumer spending remaining weak and government expenditure a major growth driver last year stalling entirely. The lackluster results have increased pressure on policymakers to provide further stimulus to reignite momentum. In response to mounting global and domestic risks, the Reserve Bank of Australia (RBA) has already implemented two rate cuts since February, bringing the cash rate down to 3.85%. The RBA also signaled it was open to a more aggressive move in May if conditions warranted. Immediate resistance can be seen at 0.6497(Higher BB), an upside break can trigger rise towards 0.6515(23.6%fib).On the downside, immediate support is seen at 0.6429(38.2%fib), a break below could take the pair towards 0.6373(Lower BB).
USD/JPY: The U.S. dollar slipped slightly against the Japanese yen on Wednesday as traders adopted a cautious stance ahead of key U.S. employment data. The upcoming ADP private payrolls report, due later in the day, is expected to provide an early snapshot of labor market conditions and set the tone for the official nonfarm payrolls (NFP) release on Friday a critical indicator for the Federal Reserve’s policy outlook.In addition to labor data, market sentiment was influenced by geopolitical developments, with attention turning to a potential call between U.S. President Donald Trump and Chinese President Xi Jinping. Investors are hopeful that the dialogue could help de-escalate trade tensions and ease concerns over tariffs and strained diplomatic relations, which continue to weigh on global markets. Immediate resistance can be seen at 144.26 (38.2%fib)an upside break can trigger rise towards 143.00 (Psychological level) .On the downside, immediate support is seen at 142.28(38.2%fib)a break below could take the pair towards 141.66(Lower BB)
Equities Recap
European stocks edged higher Wednesday as markets remained focused on U.S.-China trade tensions and tariff uncertainty.
At GMT (12:22) UK's benchmark FTSE 100 was last trading up at 0.25 percent, Germany's Dax was up by 0.33 percent, France’s CAC was up by 0.52 percent.
Commodities Recap
Gold prices were steady on Wednesday, with firm U.S. jobs data offsetting safe-haven demand from ongoing U.S.-China trade tensions.
Spot gold was steady at $3,349.19 an ounce, as of 1145 GMT. U.S. gold futures were unchanged at $3,373.10.
Oil prices steadied on Wednesday as concerns over global trade tensions and rising OPEC+ output were balanced by supply disruptions in Canada due to wildfires.
Brent crude futures inched 6 cents higher, or 0.1%, to $65.69 a barrel by 1203 GMT. U.S. West Texas Intermediate crude was 8 cents higher, also around 0.1%, at $63.49.