Posted at 11 June 2025 / Categories Market Roundups
Market Roundup
•New Zealand External Migration & Visitors (Apr) 18.80% , -8.40% previous
•New Zealand Permanent/Long-Term Migration (Apr) 1,810, 1,950 previous
•New Zealand Visitor Arrivals (MoM) 2.3%,-1.9% previous
•Japan PPI (YoY) (May) 3.2%, 3.5%forecast,4.1% previous
•Japan PPI (MoM) (May) -0.2% ,0.3% previous
Looking Ahead Economic Data(GMT)
•09:10 Italian 12-Month BOT Auction 1.959% previous
•09:30 German 10-Year Bund Auction 2.660% previous
Looking Ahead Events And Other Releases(GMT)
•09:30 ECB's Lane Speaks
•09:00 German Buba Vice President Buch Speaks
Currency Forecast
EUR/USD: The euro edged lower on Wednesday as investors remained cautious amid a lack of detail in the newly announced U.S.-China trade truce framework. While officials from both countries confirmed they had agreed on a plan to revive trade talks and ease China’s rare earth export restrictions, they provided little indication of a lasting resolution to their broader trade disputes.The temporary truce raised hopes of a future deal acceptable to both sides, but markets remained wary of a potential resurgence in tariffs. Separately, China’s Vice Commerce Minister Li Chenggang said the framework was agreed upon in principle and would be presented to both nations’ leaders for approval. Immediate resistance can be seen at 1.1509(23.6%fib), an upside break can trigger rise towards 1.1551(Higher BB).On the downside, immediate support is seen at 1.1335(50%fib), a break below could take the pair towards 1.1226(50%fib).
GBP/USD: The British pound declined on Wednesday as uncertainty surrounding the finalisation of a U.S.-China trade agreement weighed on sentiment. U.S. and Chinese officials said on Tuesday they had agreed on a framework to put their trade truce back on track and remove China's export restrictions on rare earths, following two days of negotiations in London, with both sides planning to seek approval from their respective presidents. The U.S. and China had imposed tit-for-tat tariffs in April, sparking a trade war. Following talks in Geneva last month, both nations agreed to cut tariffs from triple-digit levels. The World Bank on Tuesday slashed its global growth forecast for 2025 by four-tenths of a percentage point to 2.3%, saying higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies. Immediate resistance can be seen at 1.3586(23.6%fib), an upside break can trigger rise towards 1.3645(Higher BB).On the downside, immediate support is seen at 1.3440(38.2%fib), a break below could take the pair towards 1.3338(50%fib).
AUD/USD: The Australian dollar eased slightly on Wednesday as markets remain cautious despite a provisional U.S.-China trade framework reached in London. At the end of two days of intense negotiations in London, U.S. Commerce Secretary Howard Lutnick told reporters the framework deal puts "meat on the bones" of an agreement reached last month in Geneva to ease bilateral retaliatory tariffs that had reached crushing triple-digit levels.The announcement of a tentative trade framework initially offered a brief lift to risk sentiment, but markets remain wary without concrete commitments or signed agreements. At GMT 07:52, the Australian dollar was trading down 0.27% at 0.6515 against greenback. Immediate resistance can be seen at 0.6539(23.6%fib), an upside break can trigger rise towards 0.6559(Higher BB).On the downside, immediate support is seen at 0.6499(38.2%fib), a break below could take the pair towards 0.6411(May 30th low).
USD/JPY: The U.S. dollar edged higher against the Japanese yen on Wednesday after U.S.-China trade framework agreement. U.S. and China concluded trade talks in London, hinting at a thaw in a damaging trade war between the world's two largest economies but offering scant detail. The countries' officials agreed on a framework based on a trade truce reached last month in Geneva that would resolve China's export restrictions on rare earth minerals and magnets, and remove some U.S. export restrictions that were recently put in place. China’s Vice Commerce Minister Li Chenggang said that the next step would be to take the agreed framework back to their respective heads of state. At GMT 07:55, the dollar was trading up 0.17% at 145.10 against Japanese yen. Immediate resistance can be seen at 145.69 (50%fib)an upside break can trigger rise towards 146.25(Higher BB) .On the downside, immediate support is seen at 143.13(38.2%fib)a break below could take the pair towards 142.33(Lower BB)
Equities Recap
Asian stock markets rose on Wednesday after U.S. and Chinese officials agreed on a framework to put their trade truce back on track.
Japan's Nikkei 225 was up 0.49% , South Korea’s KOSPI was up 1.29%,Hang Seng was up by 0.93%.
Commodities Recap
Gold prices climbed on Wednesday as uncertainty over the finalization of a U.S.-China trade deal dampened market sentiment, prompting safe-haven demand.
Spot gold gained 0.5% to $3,337.99 an ounce, as of 0544 GMT. U.S. gold futures rose 0.5% to $3,359.20.
Oil prices eased on Wednesday as markets digested the outcome of U.S.-China trade talks, which still await review by President Trump
Brent crude futures declined 15 cents, or 0.2%, to trade at $66.72 a barrel, while U.S. West Texas Intermediate crude fell 10 cents, or 0.2%, to $64.88 at 0644 GMT.