Posted at 08 July 2025 / Categories Market Roundups
Market Roundup
•US Redbook (YoY): 5.9%,4.9% previous
•Canada Ivey PMI n.s.a (Jun): 54.6, 53.8 previous
•Canada Ivey PMI (Jun): 53.3, 49.1 forecast, 48.9 previous
•US Consumer Credit (May): 5.10B ,$10.40B forecast, $17.87B previous
Looking Ahead Economic Data(GMT
•23:50 Japan M2 Money Stock (YoY) 0.2%, 0.6% previous
•23:50 Japan M3 Money Supply (Jun) 2,199.6B previous
•01:30 Australia Building Approvals (MoM) (May): 3.2% forecast, -4.1% previous.
•01:30 Australia Private House Approvals (May): 0.5% forecast, 5.9% previous.
•01:30 China CPI (MoM) (Jun): 0.0% forecast, -0.2% previous.
•01:30 China CPI (YoY) (Jun): -0.1% forecast, -0.1% previous.
•01:30 China PPI (YoY) (Jun): -3.2% forecast, -3.3% previous.
•02:00 New Zealand RBNZ Interest Rate Decision: 3.25% forecast 3.25% previous
Looking Ahead Events And Other Releases(GMT)
•02:00 New Zealand RBNZ Rate Statement
Currency Forecast
EUR/USD: The euro eased on Tuesday as investors assessed the latest phase of U.S. President Donald Trump's tariff rollouts, which included a new deadline for trade deals. The U.S. president said trade talks have been going well with the European Union and China but added he was only days away from sending a tariff letter to the EU. The lack of progress on trade has loomed over markets since Trump capped in April what he called reciprocal tariffs with trading partners at 10% for three months to allow for negotiations.Only two U.S. agreements, with Britain and Vietnam, have been reached, and in June, Washington and China agreed on a framework covering tariff rates. 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 weakened against the U.S. dollar on Tuesday as market focus turned to escalating U.S. trade tensions. President Donald Trump announced that 14 countries, including Japan and South Korea, will face new 25% tariffs starting August 1, while signaling a willingness to negotiate. So far, only the UK and Vietnam have secured deals to avoid the upcoming levies, which are separate from existing tariffs on autos, steel, and aluminum.Looking ahead, investors are closely watching the upcoming UK GDP data scheduled for release later this week. The report is expected to shed light on the health of the British economy amid persistent inflation and shifting monetary policy expectations. The figures could play a key role in shaping the Bank of England’s next policy move, especially if signs of economic stagnation or resilience emerge. Immediate resistance can be seen at 1.3758(23.6%fib), an upside break can trigger rise towards 1.3831(Higher BB).On the downside, immediate support is seen at 1.3576(38.2%fib), a break below could take the pair towards 1.3419(50%fib).
USD/CAD: The Canadian dollar edged higher against the U.S. dollar on Tuesday but remained close to an one week low, as concerns over potential new U.S. tariffs limited risk appetite. U.S. President Donald Trump announced plans to impose a 50% tariff on imported copper, aiming to support domestic production of a metal vital to electric vehicles, military equipment, the power grid, and consumer goods. As a major exporter of copper and other commodities like oil, Canada could be significantly impacted. While Canada has already faced steep U.S. tariffs on autos, steel, and aluminum, it was spared from broader duties introduced in April. On the data front, Canadian economic activity gained momentum in June. The Ivey Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.3 from 48.9 in May the highest reading since February indicating the fastest pace of expansion in four months. Price pressures also accelerated, according to the survey. Immediate resistance can be seen at 1.3691(50% fib), an upside break can trigger rise towards 1.3763 (Higher BB).On the downside, immediate support is seen at 1.3589(Jul 7th low ), a break below could take the pair towards 1.3553(Lower BB).
USD/JPY: The U.S. dollar rose against the yen on Tuesday after President Donald Trump reaffirmed plans to impose 25% tariffs on imports from Japan and South Korea, adding a new layer of uncertainty to his ongoing trade war. On Monday, Trump notified a range of trade partners from major exporters like Japan and South Korea to smaller economies,that the new tariffs would take effect on August 1, though he later indicated flexibility if countries put forward negotiation proposals. Japan missed the July 9 deadline to reach a trade deal with the U.S., as it prioritized securing the removal of automobile tariffs during negotiations, ultimately failing to prevent the expiration of Trump’s temporary tariff pause.Japan’s top trade negotiator, Ryosei Akazawa, stated on Tuesday that any trade deal with the U.S. must include tariff concessions for Japan’s crucial automobile sector. The dollar up 0.56% at 146.65. Immediate resistance can be seen at 146.79(50%fib)an upside break can trigger rise towards 147.00(Psychological level) .On the downside, immediate support is seen at 143.83(38.2%fib)a break below could take the pair towards 142.76(Lower BB).
Equities Recap
European shares closed higher on Tuesday, lifted by gains in healthcare and energy sectors, as investors weighed the latest round of U.S. tariff announcements and a new trade deal deadline set by President Trump.
UK's benchmark FTSE 100 closed up by 0.55 percent, Germany's Dax ended up by 0.54percent, France’s CAC finished the day up by 0.56 percent.
The S&P 500 closed slightly lower on Tuesday as investors remained cautious amid uncertainty over U.S. trade policy following President Trump's latest tariff threats..
Dow Jones closed down by 0.37% percent, S&P 500 closed down by 0.07% percent, Nasdaq settled up by 0.03% percent.
Commodities Recap
Gold prices fell over 1% on Tuesday, pressured by renewed optimism over U.S. trade deals, a stronger U.S. dollar, and rising Treasury yields, which reduced demand for the safe-haven asset.
Spot gold eased 0.8% to $3,307.16 per ounce, as of 01:49 p.m. EDT (1749 GMT), after hitting its lowest in over one week earlier in the session. U.S. gold futures settled 0.8% lower at $3,316.9.
Oil climbed on Tuesday, supported by expectations of reduced U.S. production, renewed Houthi attacks in the Red Sea, concerns over U.S. copper tariffs, and technical short covering.
Brent crude futures rose 57 cents, or 0.8%, to settle at $70.15 a barrel, while U.S. West Texas Intermediate (WTI) crude closed at $68.33, up 40 cents, or 0.6%.