Posted at 18 September 2025 / Categories Market Roundups
Market Roundup
• EU Current Account n.s.a. (Jul): 35.0B, 38.9B previous.
•Spanish 10-Year Obligacion Auction: 3.230%, 3.200% previous.
•Spanish 3-Year Bonos Auction: 2.212%, 2.204% previous.
•Spanish 30-Year Obligacion Auction: 4.074%, 3.974% previous.
•EU Construction Output (MoM) (Jul): 0.48%, -0.66% previous.
•Portuguese Current Account (Jul): 1.983B, 0.577B previous.
•UK BoE MPC Vote Cut (Sep): 2, 1 forecast, 5 previous.
•UK BoE MPC Vote Hike (Sep): 0, 0 forecast, 0 previous.
•UK BoE MPC Vote Unchanged (Sep): 7, 8 forecast, 4 previous.
•UK BoE Interest Rate Decision (Sep): 4.00%, 4.00% forecast, 4.00% previous.
Looking Ahead Economic Data(GMT)
•12:30 US Continuing Jobless Claims: 1,950K forecast, 1,939K previous.
•12:30 US Initial Jobless Claims: 241K forecast, 263K previous.
•12:30 US Jobless Claims 4-Week Avg.: 240.50K previous.
•12:30 US Philadelphia Fed Manufacturing Index (Sep): 1.7, -0.3 previous.
•12:30 US Philly Fed Business Conditions (Sep): 25.0 previous.
•12:30 US Philly Fed CAPEX Index (Sep): 38.40 previous.
•12:30 US Philly Fed Employment (Sep): 5.9 previous.
•12:30 US Philly Fed New Orders (Sep): -1.9 previous.
•12:30 US Philly Fed Prices Paid (Sep): 66.80 previous.
•14:30 US Natural Gas Storage 80B forecast,71B previous.
•15:30 US 4-Week Bill Auction 4.060% previous.
•15:30 US 8-Weeks Bill Auction 4.000% previous.
Looking Ahead Events and Other Releases(GMT)
• 16:30 German Buba Mauderer Speaks
Currency Forecast
EUR/USD: The euro initially dipped but recovered some ground on Thursday as markets digested the Federal Reserve’s latest move. The Fed cut rates by 25 basis points, in line with expectations, and signaled a steady pace of reductions ahead. Chair Jerome Powell framed the step as a risk-management measure against labor market weakness, emphasizing a cautious approach to further easing. On the data front, The euro area’s current account surplus narrowed in July, weighed down by a smaller services surplus and lower primary income flows such as profits, wages, interest, and dividends.Adjusted figures showed the surplus fell to EUR 27.7 billion from EUR 35.8 billion in June. On an unadjusted basis, the surplus eased to EUR 35 billion from EUR 38.9 billion, ECB data showed on Thursday. Immediate resistance can be seen at 1.1881(Higher BB), an upside break can trigger rise towards 1.1920(23.6%fib).On the downside, immediate support is seen at 1.1785(38.2%fib), a break below could take the pair towards 1.1718(SMA 20).
GBP/USD: The pound eased against greenback on Thursday after the Bank of England kept rates steady and slowed the pace of its government bond sales. The Bank of England left rates unchanged on Thursday and said it was slowing the pace of its quantitative tightening programme and skewing sales away from long-dated gilts to minimise the impact on turbulent bond markets. Policymakers voted 7-2 to slow the annual pace at which it unloads the gilts that it purchased from 2009 and 2021 to 70 billion pounds from 100 billion pounds ($136.47 billion), broadly in line with a Reuters poll median forecast a decline to 67.5 billion. Sterling turned slightly negative on the day in steady trading and was last at $1.3625 Immediate resistance can be seen at 1.3701(38.2%fib), an upside break can trigger rise towards 1.3726(Sep 17th high ).On the downside, immediate support is seen at 1.3593(Daily low), a break below could take the pair towards 1.3563(38.2%fib).
AUD/USD: The Australian dollar dipped against the U.S. dollar on Thursday after weaker-than-expected jobs data. Employment in Australia fell in August, with full-time positions dropping, while the unemployment rate remained steady.ABS data showed employment declined by 5,400 versus forecasts for a 21,500 gain, as full-time jobs fell 40,900 following July’s revised 26,500 rise. The jobless rate held at 4.2%, in line with expectations, while the participation rate eased to 66.8%.The mixed report left the policy outlook largely unchanged, with investors maintaining bets that the RBA will hold rates this month and pricing roughly a 75% chance of a cut in November. Immediate resistance can be seen at 0.6657(38.2%fib), an upside break can trigger rise towards 0.6712(23.6%fib).On the downside, immediate support is seen at 0.6612(38.2%fib), a break below could take the pair towards 0.6576(SMA 20).
USD/JPY: The U.S. dollar strengthen against yen on Thursday as market digested Federal Reserve’s latest policy move. The Fed cut rates by 25 bps on Wednesday, signaling a gradual easing of borrowing costs for the rest of the year. Fed Chair Jerome Powell described the move as a risk-management response to a softening labor market, emphasizing a “meeting-by-meeting” approach to future rates. The FOMC statement was seen as cautiously dovish, supporting short-term dollar strength. Market attention now turns to Friday’s BoJ rate decision, with rates widely expected to stay at 0.5%. The BOJ exited its decade-long stimulus last year and raised short-term rates in January, aiming to sustain its 2% inflation target. Immediate resistance can be seen at 147.42(SMA 20) an upside break can trigger rise towards 148.85(38.2%fib) .On the downside, immediate support is seen at 147.10(61.8%fib) a break below could take the pair towards 146.15(Lower BB).
Equities Recap
European shares rose on Thursday, led by tech stocks, after the U.S. Federal Reserve cut rates for the first time since December, while SIG shares tumbled on a profit warning.
At GMT (12:15) UK's benchmark FTSE 100 was last trading up at 0.21 percent, Germany's Dax was up by 1.13 percent, France’s CAC was up by 1.15 percent.
Commodities Recap
Gold prices climbed on Thursday, supported by a weaker dollar, after the U.S. Federal Reserve cut rates by 25 basis points and indicated a gradual easing path for the rest of the year.
Spot gold was up 0.2% at $3,667.12 per ounce as of 1144 GMT. Prices hit a record high of $3,707.40 on Wednesday. U.S. gold futures for December delivery fell 0.5% to $3,701.00.
Oil prices rose slightly on Thursday after the Federal Reserve cut interest rates, as traders balanced expectations of looser monetary policy with concerns about the U.S. economy.
Brent crude futures were up 34 cents, or 0.5%, at $68.29 a barrel by 1140 GMT. U.S. West Texas Intermediate futures added 37 cents, or 0.6%, to $64.42.