Posted at 05 July 2025 / Categories Market Roundups
Market Roundup
• Canada Leading Index (MoM) (Jun) 0.15%, 0.12% previous
• Canada Reserve Assets Total (Jun) 127.9B, 125.0B previous
Looking Ahead Economic Data(GMT)
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Looking Ahead Events And Other Releases(GMT)
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Currency Summaries
EUR/USD: The euro held steady against the dollar on Friday as investor focus turned to President Trump’s July 9 deadline for securing trade deals with the U.S. Trump announced that letters would be sent to countries starting Friday, outlining the tariff rates they would face a shift from earlier promises to finalize numerous deals ahead of the deadline, when tariffs could rise significantly. So far, only China, the UK, and newly added Vietnam have reached agreements. Trump said he expects a few more deals soon, while Treasury Secretary Scott Bessent noted a deal with India is close. The EU had already dropped hopes of locking in a comprehensive trade agreement ahead of Trump’s July 9 deadline, but following talks in Washington it was not clear if it would even secure a lighter agreement in principle. Immediate resistance can be seen at 1.1831(23.6%fib), an upside break can trigger rise towards 1.1914(Higher BB).On the downside, immediate support is seen at 1.1709(June 30th low), a break below could take the pair towards 1.1637(38.2%fib).
GBP/USD: The British pound edged lower on Friday as investors assessed domestic fiscal worries and the rate cut path, while weak global investor sentiment persisted ahead of a U.S. tariff deadline. The government's welfare reforms were not well received by ruling Labour Party members and stirred speculation about the future of finance minister Rachel Reeves. With the Keir Starmer-led government completing one year in power, uncertainties prevail over the options it has to balance public accounts. Despite the week's developments, the pound is at a near four-year high against the dollar and is up about 9% so far this year, having benefited from broader dollar weakness and as a U.S.-UK trade deal offered some relief on the tariff front. On the data front, the UK S&P Construction PMI rose to 48.8 in June from 47.9 in May, marking a six-month high. While homebuilding showed growth, commercial construction continued to decline amid economic headwinds. Immediate resistance can be seen at 1.3808(23.6%fib), an upside break can trigger rise towards 1.3845(Higher BB).On the downside, immediate support is seen at 1.3605(38.2%fib), a break below could take the pair towards 1.3456(50%fib).
USD/CAD: The Canadian dollar fell versus its U.S. counterpart on Friday as Canadian currency was pulled down by dismal Canada's services sector statistics. Canada's services sector fell at a sharper pace in June as uncertainties produced by U.S. trade policies reduced activity and cost pressures grew, S&P Global's Canada services PMI data indicated. The main Business Activity Index dipped to 44.3 last month from 45.6 in May. With the U.S. markets closed for Independence Day, focus has shifted to U.S. President Donald Trump's July 9 deadline for broad tariffs go to effect on nations that have not yet signed trade deals with the United States. Canadian Prime Minister Mark Carney and Trump have promised to establish some type of a trade agreement by July 21. The loonie was trading 0.2% lower at 1.3605 per U.S. dollar after moving in a range of 1.3567 to 1.3612. Immediate resistance can be seen at 1.3753(Daily high), an upside break can trigger rise towards 1.3828 (38.2% fib).On the downside, immediate support is seen at 1.3685(23.6% fib), a break below could take the pair towards 1.3661(Lower BB).
USD/JPY: The U.S. dollar dipped lower on Friday focus now shiftied to the July 9 deadline for trading partners to reach a deal with the United States. U.S. President Donald Trump stated that Washington would start delivering letters to nations on Friday stating what duty rates they will incur on imports to the United States.With Trump's 90-day delay on increased U.S. tariffs expiring next week, investors have adopted a cautious approach since numerous big trading partners, notably the European Union, have still to achieve trade accords.The EU is pressing for a "agreement in principle" with the U.S. ahead of the deadline, demanding quick tariff relief in key industries as part of any trade pact. Meanwhile, The Republican-controlled House of Representatives barely approved Trump's "One, Big, Beautiful Bill of spending and tax cuts that is predicted to add $3.4 trillion to the country's $36.2 trillion debt. Immediate resistance can be seen at 144.47(50%fib)an upside break can trigger rise towards 146.97(Higher BB) .On the downside, immediate support is seen at 143.11(38.2%fib)a break below could take the pair towards 142.50(Lower BB).
Equities Recap
European equities finished down on Friday, led down by a drop in banking and mining shares, as focus switched to the looming July 9 deadline for trade partners to make accords with the U.S.
UK's benchmark FTSE 100 closed down by 0.01 percent, Germany's Dax ended down by 0.61 percent, France’s CAC finished the day down by 0.75 percent.
Commodities Recap
Gold prices rallied again on Friday as the U.S. currency fell and safe-haven demand climbed ahead of Trump’s imminent trade agreement deadline.
Spot gold was up 0.3% to $3,336.39 per ounce, as of 1211 GMT. The precious metal is up about 1.9% this week.U.S. gold futures gained 0.1% to $3,346.60.
Oil futures edged lower in light holiday trading on Friday, as markets awaited the weekend OPEC+ meeting, where members are expected to agree on an output increase.
Brent crude futures settled down 50 cents, or 0.7%, at $68.30 a barrel while U.S. West Texas Intermediate crude was down 50 cents, or 0.75%, at $66.50 just before 1300 EDT (1700 GMT).