Posted at 09 July 2025 / Categories Market Roundups
Market Roundup
• US Wholesale Inventories (MoM) (May): -0.3%, -0.3% forecast, 0.2% previous.
• US Crude Oil Inventories (Jul 3): 7.070M, -1.700M forecast, 3.845M previous
• US EIA Refinery Crude Runs (WoW): -0.099M, 0.118M previous
• US Crude Oil Imports: -1.358M, 2.940M previous
• US Cushing Crude Oil Inventories: 0.464M, -1.493M previous
• US Distillate Fuel Production: 0.059M, 0.245M previous
• US EIA Weekly Distillates Stocks: -0.825M, -0.300M forecast, -1.710M previous
• US Gasoline Production: 0.278M, -0.491M previous
Looking Ahead Economic Data(GMT)
•23:50 Japan Foreign Bonds Buying 182.8B previous
•23:50 Japan Foreign Investments in Japanese Stocks 651.3B previous
•23:50 Japan PPI (MoM) (Jun) -0.2% forecast, -0.2% previous
•23:50 Japan PPI (YoY) (Jun) 2.9% forecast, 3.2% previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Forecast
EUR/USD : The euro was little changed on Wednesday as markets looked for signs of progress in U.S.-EU trade negotiations. Talks between the two sides are reportedly focused on tariff reductions, import quotas, and export credits aimed at supporting the EU's auto industry. President Trump said trade discussions are going well with both China and the European Union, which he described as America’s largest bilateral trading partner. He added that he would likely inform the EU within two days about the tariff rate on its exports to the U.S., noting that the bloc has been more cooperative in recent talks. The dollar index inched down 0.003% to 97.545.The euro was last trading up 0.02% at $1.1723 .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 1.1684(July 8th low), a break below could take the pair towards 1.1637(38.2%fib).
GBP/USD: The British pound dipped on Wednesday as investors weighed the Bank of England’s financial stability report and growing global trade tensions. Market sentiment turned cautious after President Trump announced a 50% tariff on imported copper, alongside plans for new levies on semiconductors and pharmaceuticals. He also warned that trade actions involving at least seven countries would be revealed Wednesday, following a notice to 14 nations about steep tariff hikes effective August 1. Looking ahead, traders are focusing on upcoming U.S. jobless claims data and key economic releases on Friday, including UK GDP and U.S. CPI, which could influence rate outlooks for both the BoE and the Fed. 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 fell to a two week low against the U.S. dollar on Wednesday, as broad-based strength in the greenback overshadowed renewed U.S. tariff threats. Markets largely brushed off President Trump’s announcement of a 50% tariff on imported copper and upcoming levies on semiconductors and pharmaceuticals. Attention now turns to Canada’s June employment report, due Friday, which could shape expectations for future Bank of Canada rate cuts. Economists are forecasting flat job growth and a slight uptick in the unemployment rate to 7.1% from May’s 7.0%. The loonie was trading 0.3% lower at 1.3695 per U.S. dollar , after touching its weakest intraday level since June 27 at 1.3710. 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 eased from two-week high against the yen on Wednesday as Japanese yen regains some strength across the board after being pressured earlier this week by renewed US tariff threats. Export-dependent Japan stands out among major U.S. trading partners as being the farthest from a deal, and its currency has taken a beating. Multiple rounds of talks have failed to result in a breakthrough, and Japanese policymakers are increasingly focused on a critical upcoming election.U.S. Treasury Secretary Scott Bessent, who has been a key trade negotiator with Tokyo, is expected to attend the World Expo 2025 in Osaka, Japan, later this month, potentially opening the door for more discussions. The dollar was down 0.18% at 146.35 yen , after touching 147.19 earlier in the session. Immediate resistance can be seen at 147.43(50%fib)an upside break can trigger rise towards 147.97(Higher BB) .On the downside, immediate support is seen at 145.98(July 8th low)a break below could take the pair towards 144.92(SMA 20).
Equities Recap
European shares ended at a four-week high on Wednesday, lifted by gains in the banking sector as investors looked for progress in U.S.-EU trade negotiations.
UK's benchmark FTSE 100 closed up by 0.5 percent, Germany's Dax ended up by 1.42 percent, France’s CAC finished the day up by 1.44 percent.
Wall Street closed higher Wednesday, led by the Nasdaq as Nvidia neared a $4 trillion valuation and Fed minutes eased concerns that Trump’s tariffs would delay rate cuts.
Dow Jones closed up by 0.49% percent, S&P 500 closed up by 0.61% percent, Nasdaq settled up by 0.95% percent.
Commodities Recap
Gold prices inched higher on Wednesday as investors monitored U.S. trade negotiations, though gains were limited by a stronger dollar.
Spot gold rose 0.3% at $3,310.26 per ounce, as of 2:07 p.m. ET (1807 GMT) after hitting its lowest level since June 30 earlier in the day.U.S. gold futures settled 0.1% higher at $3,321.
Oil prices remained stable on Wednesday as investors evaluated strong U.S. gasoline demand figures and assaults on ships in the Red Sea
Brent crude futures settled up 4 cents, or 0.06%, to $70.19 a barrel. U.S. West Texas Intermediate crude settled up 5 cents, or 0.07%, to $68.38 a barrel.