Posted at 24 June 2025 / Categories Market Roundups
Market Roundup
•US Current Account (Q1): -450.2B, -448.0B forecast, -312.0B previous
•Canada Common CPI (YoY) (May): 2.6%, 2.4% forecast, 2.5% previous
•Canada Core CPI (MoM) (May): 0.6%, 0.5% previous
•Canada Core CPI (YoY) (May): 2.5%, 2.5% previous
•Canada CPI (YoY) (May): 1.7%, 1.7% forecast, 1.7% previous
•Canada CPI (MoM) (May): 0.6%, 0.5% forecast, -0.1% previous
•Canada Manufacturing Sales (MoM) (May): -1.3%, -2.8% previous
•Canada Median CPI (YoY) (May): 3.0%, 3.0% forecast, 3.1% previous
•Canada Trimmed CPI (YoY) (May): 3.0%, 3.0% forecast, 3.1% previous
•US Redbook (YoY): 4.5%, 5.2% previous
•US House Price Index (MoM) (Apr): -0.4%, 0.1% forecast, 0.0% previous
•US House Price Index (YoY) (Apr): 3.0%, 3.9% previous
•US House Price Index (Apr): 434.9, 436.7 previous
•US S&P/CS HPI Composite - 20 s.a. (MoM) (Apr): -0.3%, -0.2% previous
•US S&P/CS HPI Composite - 20 n.s.a. (YoY) (Apr): 3.4%, 4.0% forecast, 4.1% previous
•US S&P/CS HPI Composite - 20 n.s.a. (MoM) (Apr): 0.8%, 1.1% previous
•Belgium NBB Business Climate (Jun): -10.1, -13.1 forecast, -13.5 previous
•Looking Ahead Economic Data(GMT)
•23:50 Japan Corporate Services Price Index (YoY): 3.1% forecast, 3.1% previous
•01:30 Australia Weighted mean CPI (YoY) (May) 2.30% forecast, 2.40% previous
Looking Ahead Events And Other Releases(GMT)
•01:00 Japan BoJ Tamura Speaks
Currency Forecast
EUR/USD: EUR/USD climbed on Tuesday as the dollar softened following news of a U.S.-brokered ceasefire between Iran and Israel. President Trump’s announcement that the 12-day conflict would halt eased geopolitical jitters, prompting traders to rotate out of the greenback and into higher-yielding currencies. Meanwhile, Fed Chair Jerome Powell told Congress that while inflation is expected to pick up this summer, the Fed is in no hurry to cut rates until the economic impact of recent tariffs is clearer. His cautious stance contrasted with comments from two other Fed officials who have signaled support for near-term rate reductions amid labor-market worries and softer inflation forecasts leaving markets digesting mixed signals as they reassess the dollar’s outlook. The dollar index , which measures the greenback against a basket of currencies fell 0.30% to 97.94.The euro was up 0.27% at $1.1612. Immediate resistance can be seen at 1.1632(23.6%fib), an upside break can trigger rise towards 1.1683(Higher BB).On the downside, immediate support is seen at 1.1471(20 SMA), a break below could take the pair towards 1.1431(38.2%fib).
GBP/USD: The British pound climbed on Tuesday as the U.S. dollar softened following news of a ceasefire that ended the 12-day Iran–Israel conflict. Dollar bears remained unshaken by Fed Chair Jerome Powell’s testimony to Congress, in which he emphasized that the central bank is in no hurry to cut rates—citing tariff-driven inflation risks this summer. Echoing Powell’s caution, New York Fed President John Williams also signaled there’s no immediate need for rate reductions and noted the U.S. dollar’s continued reserve-currency appeal, despite increased hedging activity. Meanwhile, Bank of England Governor Andrew Bailey observed early signs of softening in the U.K. labor market and reiterated his view that interest rates are likely to trend lower in the months ahead.. Immediate resistance can be seen at 1.3614(23.6%fib), an upside break can trigger rise towards 1.3662(Higher BB).On the downside, immediate support is seen at 1.3517(SMA 20), a break below could take the pair towards 1.3418(38.2%fib).
USD/CAD: The Canadian firmed versus its U.S. counterpart on Tuesday, as domestic data showed underlying inflation dropping in May but not by enough to fuel prospects for more interest cut from the Bank of Canada. Canada’s annual inflation rate in May remained unchanged from the previous month at 1.7%, but CPI-trim and CPI-median - two key indicators of inflation widely followed by the BoC - both fell to 3%, which is the upper-end of the central bank's goal range. Investors anticipate a 34% likelihood the BoC restarts its easing campaign at the next policy statement on July 30, down from 38% before the data. Inflation statistics for June is planned for publication on July 15. The loonie was trading 0.3% higher at 1.3690 per U.S. dollar, after trading in a range of 1.3679 to 1.3738. Immediate resistance can be seen at 1.3752(38.2% fib), an upside break can trigger rise towards 1.3831 (50% fib).On the downside, immediate support is seen at 1.3573(23.6% fib), a break below could take the pair towards 1.3552(Lower BB).
USD/JPY: The U.S. dollar slid against the Japanese yen on Tuesday as easing tensions in the Middle East sparked by a tentative ceasefire between Israel and Iran lifted risk appetite. President Trump had announced on Monday that the two countries agreed to end their 12-day conflict, but accusations of truce violations on Tuesday reignited hostilities and prompted an unusually sharp rebuke from the president.Meanwhile, Federal Reserve Chair Jerome Powell testified before the House Financial Services Committee, arguing that any decision on rate cuts should await clearer data on the economic impact of recent tariff hikes. “We are well positioned to learn more about the likely course of the economy before considering adjustments to our policy stance,” he said. Markets are currently assigning just over a 20% chance of a rate cut at the Fed’s July meeting and nearly a 70% probability of the first cut arriving in September. The dollar weakened 0.88% to 144.80 against the Japanese yen .Immediate resistance can be seen at 145.55 (50%fib)an upside break can trigger rise towards 146.78 (Higher BB) .On the downside, immediate support is seen at 144.51(SMA 20)a break below could take the pair towards 143.15(38.2%fib).
Equities Recap
European equities jumped on Tuesday, bolstered by a truce between Israel and Iran, although a plunge in oil prices brought energy sectors down.
UK's benchmark FTSE 100 closed up by 0.01 percent, Germany's Dax ended up by 1.60 percent, France’s CAC finished the day up by 1.04 percent.
U.S. markets climbed more than 1% on Tuesday as investors cheered a tenuous ceasefire with Israel and Iran while analyzing Federal Reserve Chair Jerome Powell's congressional testimony for signals on the U.S. central bank's course ahead.
Dow Jones closed up by 1.19% percent, S&P 500 closed up by 1.11% percent, Nasdaq settled up by 1.43% percent.
Commodities Recap
Gold sank 2% to record an almost two-week low on Tuesday as the news of a truce between Iran and Israel undermined safe-haven demand for bullion
Spot gold fell 1.4% to $3,319.96 an ounce, as of 0146 p.m. EDT (1746 GMT), after earlier dropping over 2% to its lowest level since June 9.
Oil prices fell 6% on Tuesday to close at a two-week low, on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East.
Brent crude futures fell $4.34, or 6.1%, to settle at $67.14 a barrel. U.S. West Texas Intermediate (WTI) crude fell $4.14, or 6.0%, to settle at $64.37.