Posted at 04 June 2025 / Categories Market Roundups
Market Roundup
• US ADP Nonfarm Employment Change (May) 37K ,111K forecast, 60K previous
• US S&P Global Composite PMI (May) 53.0, 52.1 forecast, 50.6 previous
• US S&P Global Services PMI (May) 53.7 ,52.3 forecast, 50.8 previous
•US ISM Non-Manufacturing Business Activity (May) 50.0 ,53.7 previous
•US ISM Non-Manufacturing Employment (May) 50.7 ,49.0 previous
•US ISM Non-Manufacturing New Orders (May) 46.4 ,52.3 forecast, 52.3 previous
•US ISM Non-Manufacturing PMI (May) 49.9, 52.0 forecast, 51.6 previous
•US ISM Non-Manufacturing Prices (May) 68.7 ,65.1 previous
•US Crude Oil Inventories -4.304M, -2.900M forecast, -2.795M previous
•US Gasoline Inventories 5.219M, 1.500M forecast, -2.441M previous
Looking Ahead Economic Data(GMT)
•23:30 Japan Overall wage income of employees (Apr) 2.6% forecast, 2.1% previous
•23:30 Japan Overtime Pay (YoY) (Apr) -1.10% previous
•23:50 Japan Foreign Bonds Buying 92.0B previous
•23:50 Japan Foreign Investments in Japanese Stocks 309.3B previous
• 01:00 New Zealand ANZ Commodity Price Index (MoM) 0.0% previous
•01:30 Australia Exports (MoM) (Apr) 7.6% previous
•01:30 Australia Imports (MoM) (Apr) -2.2% previous
•01:30 Australia Trade Balance (Apr) 5.960B forecast, 6.900B previous
•01:45 China Caixin Services PMI (May) 51.0 forecast, 50.7 previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro strengthened on Wednesday as dollar weakened after disappointing economic data pointed to a cooling labor market and a contraction in the U.S. services sector raised concerns over the strength of the economy. The Institute for Supply Management said its non-manufacturing purchasing managers index dropped to 49.9 last month, the lowest reading since June 2024, while ADP data showed U.S. private employers added the fewest workers in over two years. All eyes are on Thursday’s ECB rate decision. The European Central Bank is almost certain to cut interest rates again on Thursday and keep all options on the table for subsequent meetings, even as the case grows for a pause in its year-long easing cycle. The ECB has cut rates seven times in 13 months as inflation eased from post-pandemic highs, seeking to prop up a euro zone economy that was struggling even before erratic U.S. economic and trade policy dealt it yet another blow. 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: The British pound strengthened on Wednesday as dollar fell across the board after data disappointing US economic data. U.S. private payrolls rose by only 37,000 jobs in May, far less than expected, after a downwardly revised 60,000 rise in April, the ADP National Employment Report showed on Wednesday. Separately, data showed the U.S. services sector contracted for the first time in nearly a year in May while businesses paid higher prices for inputs, a reminder that the economy remained in danger of a period of very slow growth and high inflation. Meanwhile, Investors are awaiting Friday’s monthly payrolls figures to gauge the state of the labor market, and remain focused on trade negotiations. Sterling was 0.2% higher at $1.35515. 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).
USD/CAD: The Canadian dollar strengthened to a near eight-month high against its U.S. counterpart on Wednesday as the Bank of Canada refrained from cutting interest rates for a second straight policy meeting and the U.S. dollar posted broad-based declines. The BoC held its benchmark rate at 2.75%, as expected, citing the need to probe the effects of U.S. trade policy, but said another cut might be necessary if the economy weakened in the face of tariffs. The central bank moved to the sidelines in April after easing 2-1/4 percentage points since June 2024. The Canadian currency was trading 0.3% higher at 1.3680 per U.S. dollar , after touching its strongest intraday level since October 9 at 1.3662.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 dollar slipped lower against yen on Wednesday as greenback fell following a weaker-than-expected U.S. private payrolls.The ADP National Employment Report showed U.S. private employers in May added the fewest number of workers in more than two years. Investors await Friday's nonfarm-payrolls data for more signs on how trade uncertainty is affecting the U.S. labor market. Meanwhile separate data showed, the ISM reported its nonmanufacturing PMI fell to 49.9 in May from 51.6 in April, marking the first contraction in nearly a year and the lowest reading since June 2024. Investors focused on tariff negotiations between Washington and trading partners, with Trump and Chinese leader Xi Jinping expected to speak sometime this week as tensions simmer between the world's two biggest economies. 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 markets ended higher on Wednesday, lifted by Germany’s approval of a €46 billion ($53 billion) corporate tax cut plan designed to stimulate economic growth.
UK's benchmark FTSE 100 closed up by 0.16 percent, Germany's Dax ended up by 0.77 percent, France’s CAC finished the day up by 0.53 percent.
U.S. stocks seesawed on Wednesday as investors kept a close watch on trade talks and awaited Friday’s key employment report for further economic signals..
Dow Jones closed down by 0.22% percent, S&P 500 closed up by 0.01% percent, Nasdaq settled up by 0.32% percent.
Commodities Recap
Gold climbed 1% on Wednesday, driven by a weaker dollar and downbeat U.S. data, with investors seeking safety amid growing economic and political uncertainty.
Spot gold climbed 0.8% to $3,378.22 an ounce by 02:02 p.m. ET (1802 GMT), after rising as much as 1% earlier. U.S. gold futures settled 0.7% higher at $3,399.20.
Oil settled lower by just over 1% following a surprise build in U.S. fuel stocks and growing concerns over energy demand amid ongoing trade tensions.
Brent crude futures closed down 77 cents, or 1.2%, at $64.86 a barrel. U.S. West Texas Intermediate crude settled 56 cents, or 0.9% lower at $62.85.