Posted at 03 September 2025 / Categories Market Roundups
Market Roundup
• Japan Manufacturing & Services PMI (MoM) (Aug): 52.0%, 51.9% forecast, 51.9% previous
• Japan au Jibun Bank Services PMI (Aug): 53.1, 52.7 forecast, 52.7 previous
• New Zealand ANZ Commodity Price Index (MoM) (Aug): 0.7%, -1.8% previous
• Australia GDP (QoQ) (Q2): 0.6%, 0.5% forecast, 0.3% previous
• Australia GDP (YoY) (Q2): 1.8%, 1.6% forecast, 1.4% previous
• Australia GDP Capital Expenditure (Q2): -0.8%, -0.1% previous
• Australia GDP Chain Price Index (Q2): -0.5%, 0.6% previous
• Australia GDP Final Consumption (Q2): 0.9%, 0.4% previous
• China Caixin Services PMI (Aug): 53.0, 52.4 forecast, 52.6 previous
Looking Ahead Economic Data (GMT)
•07:30 HCOB Italy Composite PMI (Aug): 51.5 previous
•07:30 HCOB Italy Services PMI (Aug): 52.1 forecast, 52.3 previous
•07:35 HCOB France Composite PMI (Aug): 49.8 forecast, 48.6 previous
•07:35 HCOB France Services PMI (Aug): 49.7 forecast, 48.5 previous
•08:00 Eurozone HCOB Composite PMI (Aug): 51.1orecast, 50.9 previous
•08:00 Eurozone HCOB Services PMI (Aug): 50.7orecast, 51.0 previous
•08:30 UK S&P Global Composite PMI (Aug): 53.0 forecast, 51.5 previous
•08:30 UK S&P Global Services PMI (Aug): 53.6forecast, 51.8 previous
•09:00 Eurozone PPI (YoY) (Jul): 0.1% forecast, 0.6% previous
•09:00 Eurozone PPI (MoM) (Jul): 0.2% forecast, 0.8% previous
• Looking Ahead Events and Other Releases(GMT)
• No Events Ahead
Currency Forecast
EUR/USD The euro slipped on Wednesday as the dollar regained ground ahead of Friday’s U.S. jobs report. The NFP release will be preceded by job openings and private payrolls data, offering further clarity on the labor market, now central to Fed policy debate. Money markets price in a 91% chance of a 25 bps Fed rate cut this month, though upcoming data could challenge those bets. Investor focus has also turned to Fed independence amid Trump’s pressure for lower rates and his move to fire Fed Governor Lisa Cook over alleged mortgage fraud, which she denies. Later, attention will shift to ECB President Christine Lagarde’s remarks and the release of U.S. July job openings. Immediate resistance can be seen at 1.1659(SMA 20), an upside break can trigger rise towards 1.1711(38.2%fib).On the downside, immediate support is seen at 1.1616 (50%fib), a break below could take the pair towards 1.1578(Lower BB ).
GBP/USD: The pound dipped against the dollar on Wednesday as sentiment around the pound remains fragile due to UK fiscal concerns. Ongoing fiscal worries continue to weigh on the UK currency, with government borrowing costs climbing to their highest levels since 1998. Rising gilt yields highlight investor unease about the fiscal outlook and sustainability of public finances.Market sentiment was further dampened by Prime Minister Keir Starmer’s reshuffle of his top economic advisors, which injected fresh political uncertainty at a time when confidence in the government’s fiscal strategy is already fragile.Attention now turns to the Bank of England. Four Monetary Policy Committee (MPC) members are set to address the Treasury Select Committee on Wednesday, an event closely watched for policy clues. Immediate resistance can be seen at 1.3549(38.2%fib), an upside break can trigger rise towards 1.3588(Aug 14th high).On the downside, immediate support is seen at 1.3439(61.8%fib), a break below could take the pair towards 1.3396(SMA20).
AUD/USD: The Australian dollar edged higher on Wednesday after data showed the Australian economy rebounded by more than expected in the second quarter. Australia’s economy grew at its fastest pace in nearly two years in Q2, driven by a rebound in consumer spending after rate cuts. Australia’s Q2 GDP rose 0.6%, beating forecasts of 0.5% and up from 0.3% in Q1, the ABS reported. The upside surprise on growth was enough to shift the dial somewhat on expectations for further rate cuts from the Reserve Bank of Australia. Markets are still almost fully priced for a quarter-point reduction to 3.35% in November, but the ultimate extent of easing dropped to 44 basis points from 50 basis points. Immediate resistance can be seen at 0.6523(38.2%fib), an upside break can trigger rise towards 0.6590(Higher BB).On the downside, immediate support is seen at 0.64898(Sep 2ndlow), a break below could take the pair towards 0.6436(38.2%fib).
USD/JPY: The U.S. dollar held firm against the yen on Wednesday as uncertainty over timing of next BOJ rate hike weighed on Japanese yen. BoJ Governor Kazuo Ueda said he discussed the economy, markets, and FX moves with Prime Minister Shigeru Ishiba on Wednesday.Ueda noted that exchange rates were discussed within the wider context of economic and market developments but declined to provide further specifics.On monetary policy, Ueda reaffirmed that the BOJ remains ready to raise interest rates further if economic and price trends align with its projections. Ueda’s comments came after Deputy Governor Ryozo Himino warned on Tuesday of global uncertainty, remarks that weighed on the yen as investors viewed them as less hawkish than expected.Immediate resistance can be seen at 147.30(SMA20) an upside break can trigger rise towards 148.30(Higher BB) .On the downside, immediate support is seen at 146.53(50%fib) a break below could take the pair towards 146.26 (Lower BB).
Equities Recap
Asian shares dipped on Wednesday as mounting concerns over government debt and economic growth rattled investors.
China’sA50 traded down 0.96% , Hang Seng was down 0.82%,Japan’s Nikkei 225 was down 0.82%
Commodities Recap
Gold extended its record rally on Wednesday, supported by market uncertainty and rising expectations of a Fed rate cut this month.
Spot gold was up 0.1% at $3,536.58 per ounce, as of 0645 GMT, after hitting an all-time of $3,546.99 earlier in the session. U.S. gold futures for December delivery gained 0.3% to $3,602.40.
Oil eased in Asia on Wednesday but stayed near one-month highs, supported by fresh U.S. sanctions on shipping networks, while focus turns to this weekend’s OPEC+ meeting.
Brent crude fell 16 cents, or 0.2%, to $68.98 a barrel by 0645 GMT. U.S. West Texas Intermediate crude dipped 13 cents, or 0.2%, at $65.46 a barrel.