Posted at 02 September 2025 / Categories Market Roundups
Market Roundup
•Canada S&P Global Manufacturing PMI (Aug): 48.3, 46.1 previous
•US S&P Global Manufacturing PMI (Aug): 53.0, 53.3 forecast, 49.8 previous
•US Construction Spending (MoM) (Jul): -0.1%, -0.1% forecast, -0.4% previous
•US ISM Manufacturing Employment (Aug): 43.8, 45.0 forecast, 43.4 previous
•US ISM Manufacturing New Orders Index (Aug): 51.4, 48.0 forecast, 47.1 previous
•US ISM Manufacturing PMI (Aug): 48.7, 49.0 forecast, 48.0 previous
•US ISM Manufacturing Prices (Aug): 63.7, 65.1 forecast, 64.8 previous
•US IBD/TIPP Economic Optimism (Sep): 48.7, 51.8 forecast, 50.9 previous
•US 3-Month Bill Auction: 4.045%, 4.100% previous
•US 6-Month Bill Auction: 3.880%, 3.915% previous
•US 52-Week Bill Auction: 3.660%, 3.760% previous
•US Atlanta Fed GDPNow (Q3): 3.0%, 3.5% forecast, 3.5% previous
Looking Ahead Economic Data (GMT)
•00:30 Japan Manufacturing & Services PMI (MoM) (Aug): 51.90% forecast, 51.90% previous
•00:30 Japan au Jibun Bank Services PMI (Aug): 52.7 forecast, 52.7 previous
•01:00 New Zealand ANZ Commodity Price Index (MoM): -1.8% previous
•01:30 Austraia GDP (QoQ) (Q2): 0.5% forecast, 0.2% previous
•01:30 Australia GDP (YoY) (Q2): 1.6% forecast, 1.3% previous
•01:30 Australia GDP Capital Expenditure (Q2): 0.1% previous
•01:30 Australia GDP Chain Price Index (Q2): 0.5% previous
•01:30 Australia GDP Final Consumption (Q2): 0.2% previous
•01:45 China Caixin Services PMI (Aug): 52.4 forecast, 52.6 previous
Looking Ahead Events and Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD The euro weakened on Tuesday as investor concerns over government finances weighed on the currency. Worries about fiscal issues abroad were the main drivers when U.S. markets reopened after the Labor Day holiday. Markets also reacted to Friday’s U.S. appeals court ruling that most of President Donald Trump’s tariffs are illegal. The divided court allowed the tariffs to remain in place until October 14 to give the administration time to appeal to the Supreme Court.Additionally, the return of the U.S. Congress leaves less than a month to pass legislation to fund federal agencies and avoid a partial government shutdown. A midmorning release of a slightly weaker-than-expected ISM manufacturing PMI had little impact on forex trading, with Friday’s August non-farm payrolls report remaining the week’s main focus.Immediate resistance can be seen at 1.1699(38.2%fib), an upside break can trigger rise towards 1.1749(Higher BB).On the downside, immediate support is seen at 1.1600(38.2%fib), a break below could take the pair towards 1.1581(Lower BB ).
GBP/USD: The pound fell sharply against the U.S. dollar on Tuesday as concerns over the UK’s fiscal position weighed on sterling. Pressure on British assets followed a reshuffle of Prime Minister Keir Starmer’s top advisers, which saw Finance Minister Rachel Reeves’s deputy, Darren Jones, move into Downing Street to better coordinate government delivery. Reeves is expected to raise taxes in the autumn budget to stay on track with fiscal targets, a step that could complicate efforts to spur economic growth. UK borrowing costs remain the highest among G7 nations, driven by persistent inflation and rising public debt. Delays in planned spending cuts, including welfare reforms, have intensified concerns over how Reeves will balance fiscal consolidation with growth initiatives. Immediate resistance can be seen at 1.3477(SMA20), an upside break can trigger rise towards 1.3558(38.2%fib).On the downside, immediate support is seen at 1.3364(50%fib), a break below could take the pair towards 1.3363(Lower BB).
USD/CAD: The Canadian dollar slipped against the U.S. dollar on Tuesday as global long-term borrowing costs climbed and investors assessed the likelihood of a Bank of Canada (BoC) interest rate cut later this month. Following domestic data on Friday showing that Canada’s economy contracted more sharply than expected in Q2, market-implied odds of a September 17 rate cut have risen to around 50%, up from 40% prior to the data release. The BoC last lowered its benchmark rate to 2.75% in March. On the data front, the S&P Global Canada Manufacturing Purchasing Managers' Index (PMI), a composite index designed to provide an overview of the health of the manufacturing sector, moved up to 48.3 in August, from 46.1 in July.The loonie was trading 0.3% lower at 1.3790 per U.S. dollar, or 72.52 U.S. cents, after touching its weakest intraday level since last Wednesday at 1.3815.. Immediate resistance can be seen at 1.3808(SMA20), an upside break can trigger rise towards 1.3865(50%fib).On the downside, immediate support is seen at 1.3737(38.2 %fib), a break below could take the pair towards 1.3706(Lower BB).
USD/JPY: The U.S. dollar strengthened against the yen on Tuesday as the yen weakened following comments from Bank of Japan (BoJ) Deputy Governor Ryozo Himino. Himino stated that the BoJ should continue its rate hikes but emphasized the high level of global uncertainty, indicating no immediate push for further increases.He highlighted that inflation carries both upside and downside risks. While tight labor markets are supporting wage growth, slower global economic activity and rising U.S. tariffs could weigh on prices. Himino provided limited guidance on the pace of future rate hikes, noting only that the BoJ must avoid acting too quickly or too slowly.The BoJ concluded its decade-long stimulus program last year and raised short-term rates to 0.5% in January, signaling confidence that Japan is nearing a sustainable path toward its 2% inflation target. Immediate resistance can be seen at 148.82(38.2%fib) an upside break can trigger rise towards 150.79(236%fib) .On the downside, immediate support is seen at 147.7(Daiy low) a break below could take the pair towards 146.26 (Lower BB).
Equities Recap
European shares closed near a one-month low on Tuesday, following a broad-based selloff fueled by rising bond yields and growing investor concerns over global fiscal pressures.
UK's benchmark FTSE 100 closed own by 0.87percent, Germany's Dax ended up by 2.29 percent, France’s CAC finished the day down by 0.70 percent.
Wall Street opened September sharply lower on Tuesday as investors assessed the impact of a federal appeals court ruling that deemed most of President Donald Trump’s tariffs illegal.
Dow Jones closed down by 0.55% percent, S&P 500 closed down by 0.69 % percent, Nasdaq settled down by 0.82% percent.
Commodities Recap
Gold surged over 1% on Tuesday, climbing past $3,500 per ounce to a record high, as investors sought safety amid expectations of a Federal Reserve rate cut and ongoing political and economic uncertainties.
Spot gold was up 1.5% at $3,529.01 per ounce as of 2 p.m. EDT (1800 GMT), after climbing as high as $3,529.93. Bullion has gained 34.5% this year.
Oil prices rose over 1% on Tuesday, boosted by U.S. sanctions on Iran’s oil revenue and ahead of Sunday’s OPEC+ meeting, where analysts expect existing voluntary production cuts to remain in place.
Brent crude settled up 99 cents, or 1.45%, at $69.14 a barrel.U.S. West Texas Intermediate crude settled at $65.59 a barrel, $1.58 or 2.47% higher. WTI futures did not settle on Monday due to the U.S. Labor Day holiday.