Posted at 23 June 2025 / Categories Market Roundups
Market Roundup
• French 12-Month BTF Auction: 1.932%, 1.940% previous
• French 3-Month BTF Auction: 1.951% ,1.948% previous
• French 6-Month BTF Auction: 1.932%, 1.953% previous
• US S&P Global Manufacturing PMI (Jun): 52.0, 51.1 forecast, 52.0 previous
• US S&P Global Composite PMI (Jun): 52.8, 53.0 previous
• US S&P Global Services PMI (Jun): 53.1, 52.9 forecast, 53.7 previous
• US Existing Home Sales (May): 3.96M forecast, 4.00M previous
• US Existing Home Sales (MoM) (May): 4.03M, -1.3% forecast, -0.5% previous
Looking Ahead Economic Data(GMT)
• 03:00 New Zealand Credit Card Spending (YoY) (May) 0.5% previous
•05:00 Japan BoJ Core CPI (YoY) 2.5% forecast, 2.4% previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro rebounded strongly against dollar on Monday after Federal Reserve policymaker Michelle Bowman suggested the central bank should begin considering interest rate cuts in the near future.Bowman, the Fed's vice chair for supervision, said the time to cut interest rates may be fast approaching as she has grown more worried about risks to the job market and less concerned that tariffswill cause an inflation problem. Chicago Fed President Austan Goose also said on Monday that thus far the surge in tariffs has had a more modest impact on the economy relative to what was expected. On the data front, The euro zone economy stagnated for a second straight month in June, as modest gains in services were offset by continued weakness in manufacturing. HCOB's flash composite PMI held steady at 50.2, unchanged from May. Separate data showed Business activity in Germany returned to growth in June. The HCOB German flash composite PMI output index, compiled by S&P Global, rose to 50.4 in June from 48.5 in May, beating a forecast of analysts. Immediate resistance can be seen at 1.1582(23.6%fib), an upside break can trigger rise towards 1.1637(Higher BB).On the downside, immediate support is seen at 1.1463(20 SMA), a break below could take the pair towards 1.1343(38.2%fib).
GBP/USD: The British pound rebounded from earlier losses on Monday as the U.S. dollar softened after Fed policymaker Michelle Bowman signaled the central bank should begin considering interest rate cuts soon . Fed Vice Chair Michelle Bowman said on Monday "it is time to consider adjusting the policy rate," as risks to the job market outweigh inflationary concerns related to tariffs. Chicago Fed President Austan Goolsbee said that thus far, tariffs have had a more modest economic impact than expected. A survey released Monday showed British business activity expanded modestly in Jun.The S&P Global UK Composite PMI rose to 50.7 in June from 50.3 in May, signaling modest growth in the private sector and moving further above the 50.0 threshold that separates expansion from contraction.Financial markets are pricing in at least two 25-basis-point rate cuts before year-end. The first cut is widely expected to happen in September. Sterling strengthened 0.51% to $1.3517after earlier falling to $1.3367, the lowest since May 20. Immediate resistance can be seen at 1.3463(Daily high), an upside break can trigger rise towards 1.3589(23.6%fib).On the downside, immediate support is seen at 1.3349(38.2%fib), a break below could take the pair towards 1.3156(50%fib).
USD/CAD: The Canadian dollar edged higher against the U.S. dollar on Monday as markets weighed escalating Middle East tensions and looked ahead to key domestic inflation data. Oil prices, initially hitting a five-month high, reversed to trade 5.3% lower at $69.90 per barrel, as investors assessed potential disruptions to transit through the Strait of Hormuz. As a major energy exporter, Canada’s currency remains sensitive to oil price swings.Attention now turns to Tuesday’s release of Canada’s May CPI, expected to hold steady at 1.7% year-on-year. However, focus will be on the Bank of Canada’s two core inflation measures, which both exceeded 3% in April, potentially influencing future rate decisions . The loonie was trading 0.1% lower at 1.3750 per U.S. dollar, after touching its weakest intraday level since May 30 at 1.3798. Immediate resistance can be seen at 1.3836(38.2% fib), an upside break can trigger rise towards 1.3867 (50% fib).On the downside, immediate support is seen at 1.3704 (38.2% fib), a break below could take the pair towards 1.3556(23.6% fib)).
USD/JPY: The U.S. dollar dipped on Monday as U.S. dollar weakened after dovish comments from Federal Reserve officials signaled a growing openness to easing monetary policy if inflation continues to cool. Federal Reserve Vice Chair for Supervision Michelle Bowman, recently tapped by President Trump as the U.S. central bank’s top bank overseer, said Monday the time to cut interest rates is getting nearer as risks to the job market may be on the rise. Iran’s military said it carried out a missile attack on the Al Udeid U.S. airbase in Qatar on Monday. Iran said the attack was "devastating and powerful," but U.S. officials said no U.S. personnel were killed or injured. The U.S. currency was lifted earlier as investors unwound riskier positions on concerns about an expanding conflict in the Middle East.Immediate resistance can be seen at 146.97 (Higher BB)an upside break can trigger rise towards 149.06 (61.8%fib) .On the downside, immediate support is seen at 146.29(38.2%fib)a break below could take the pair towards 144.63(SMA 20).
Equities Recap
European stocks slipped on Monday as investors grew cautious over the risk of Iranian retaliation following joint U.S.-Israeli airstrikes on Iran’s nuclear facilities over the weekend.
UK's benchmark FTSE 100 closed down by 0.19 percent, Germany's Dax ended down by 0.35 percent, France’s CAC finished the day down by 0.69 percent.
Wall Street rallied on Monday as prospects of the U.S. Federal Reserve cutting interest rates as early as July offset uncertainty about escalating turmoil in the Middle East.
Dow Jones closed up by 0.89% percent, S&P 500 closed up by 0.96% percent, Nasdaq settled up by 0.94% percent.
Commodities Recap
Gold prices rose on Monday as escalating tensions between Iran and Israel fueled safe-haven demand. Investors remained cautious, closely watching the region for signs of further escalation.
Spot gold gained 0.4% at $3,382.42 an ounce, as of 0145 p.m. EDT (1745 GMT). U.S. gold futures settled 0.3% higher at $3,395.
Oil prices tumbled over 7% on Monday, dropping more than $5 a barrel, after Iran refrained from disrupting tanker traffic through the Strait of Hormuz and instead launched a missile strike on a U.S. base in Qatar in response to earlier U.S. attacks on its nuclear sites.
Brent crude futures closed down $5.53, or 7.2%, at $71.48 a barrel, while U.S. West Texas Intermediate crude (WTI) eased $5.53, or 7.2%, to $68.51.Brent's 7.2% drop was the steepest since August 2022. The benchmark traded in a $10 range, the widest since July 2022.