Posted at 23 September 2025 / Categories Market Roundups
Market Roundup
• EU HCOB France Manufacturing PMI (Sep) 48.1, 50.2 forecast,50.4 previous
• EU HCOB France Composite PMI (Sep) 48.4, 49.9 forecast,49.8 previous
• EU HCOB France Services PMI (Sep) 48.9,49.7 forecast,49.8 previous
• HCOB Germany Composite PMI (Sep) 52.4,50.5 forecast,50.5 previous
• HCOB Germany Manufacturing PMI (Sep) 48.5,50.0 forecast,49.8 previous
• HCOB Germany Services PMI (Sep) 52.5,49.5 forecast,49.3 previous
• EU HCOB Eurozone Manufacturing PMI (Sep) 49.5, 50.7 forecast, 50.7 previous
• EU HCOB Eurozone Composite PMI (Sep) 51.2, 51.1 forecast, 51.0 previous
• EU HCOB Eurozone Services PMI (Sep) 51.4, 50.6 forecast,50.5 previous
Looking Ahead Economic Data (GMT)
• 08:00 UK S&P Global Composite PMI (Sep) 52.7 forecast, 53.5 previous
• 08:00 UK S S&P Global Manufacturing PMI (Sep) 47.1 forecast, 47.0 previous
• 08:00 UK S S&P Global Services PMI (Sep) 53.4 forecast,54.2 previous
• Looking Ahead Events and Other Releases(GMT)
• 08:30 UK BoE MPC Member Pill Speaks
Currency Forecast
EUR/USD : The euro dipped against dollar on Tuesday as investors digested a barrage of comments from Federal Reserve officials about its latest monetary policy stance. St. Louis Federal Reserve President Alberto Musalem said he supported the rate cut at last week's Fed meeting as a precautionary move to protect the job market, but said there may be "limited room" for further reductions given inflation above the Fed's 2% target. New Federal Reserve Governor Stephen Miran said on Monday that the Fed is misreading how tight it has set monetary policy and will put the job market at risk without aggressive rate cuts, a view countered in remarks by three of his colleagues who feel the central bank needs to remain cautious about inflation.According to the CME FedWatch tool, investors see a 90% probability of a 25-basis-point rate cut in October and a 75% chance of another one in December. Immediate resistance can be seen at 1.1786(38.2%fib), an upside break can trigger rise towards 1.1837(Higher BB).On the downside, immediate support is seen at 1.1715(SMA20), a break below could take the pair towards 1.1677(50%fib).
GBP/USD: The pound held steady on Tuesday as investors awaited UK PMI data and speech from Fed Chair Powell that could provide further clues on the U.S. rate outlook. Investors are closely watching the preliminary September flash PMIs, scheduled for release at 08:30 GMT. The services sector index is forecast at 53.5, and traders will use the readings to gauge the health of UK business activity and overall economic momentum. Stronger-than-expected PMI readings could support the pound, while weaker numbers may weigh on the currency. Fed Chair Powell will speak later at 16:35 GMT, addressing the economic outlook and fielding questions on future policy. Traders will monitor the preliminary September Purchasing Managers’ Index (PMI) reports for the UK later on Tuesday for insights into the country’s economic activity. Immediate resistance can be seen at 1.3552(38.2%fib), an upside break can trigger rise towards 1.3559(Sep 19th high).On the downside, immediate support is seen at 1.3415(61.8%fib), a break below could take the pair towards 1.3393(Lower BB).
AUD/USD: The Australian dollar slipped against the U.S. dollar on Tuesday after data showed Australia’s business activity growth slowed in September. Australia’s business activity slowed in September, weighed by weaker orders and export pressure, a survey showed.A private survey on Tuesday showed Australia’s business activity slowed in September due to weaker orders and export pressure.The S&P Global Flash Composite PMI slipped to 52.1 in September from 55.5 in August, but remained above 50, signaling growth for the 12th month in a row.The services index eased to 52.0 from 55.8, while the manufacturing PMI fell to 51.6 from 53.0 as output growth weakened.. Immediate resistance can be seen at 0.6661(Sep18th high), an upside break can trigger rise towards 0.6702(23.6%fib).On the downside, immediate support is seen at 0.6580(SMA 20), a break below could take the pair towards 0.6555(38.2%fib).
USD/JPY: The U.S. dollar traded in a narrow range on Tuesday as investors assessed Federal Reserve officials’ comments for hints on the future direction of interest rates. On Monday, new Fed Governor Stephen Miran, appointed by President Trump, advocated for significant rate cuts, while three of his colleagues expressed caution over inflation risks.The main event later will be Fed Chair Jerome Powell who gets to speak on the economic outlook and takes questions on policy - that's at 1235 EDT/1635 GMT. Traders have scaled back expectations for interest rate cuts at the Federal Open Market Committee’s October meeting. Fed funds futures, according to CME Group’s FedWatch tool, now imply a 10.2% chance of a rate hold, up from 8.1% on Friday. Immediate resistance can be seen at 148.52(Higher BB) an upside break can trigger rise towards 149.15(38.2%fib) .On the downside, immediate support is seen at 147.52(SMA 20) a break below could take the pair towards 146.52(61.8%fib).
Equities Recap
Asian stock markets extended recent strong gains on Tuesday, driven by enthusiasm for AI, which boosted tech stocks, while expectations of additional U.S. interest rate cuts kept gold prices elevated.
China A50 was up 0.27% , Hang Seng was down 0.80 Japan’s Nikkei 225 was up 0.99%
Commodities Recap
Gold prices held steady on Tuesday after hitting a record high, supported by expectations of additional U.S. rate cuts and a softer dollar, as investors awaited Fed Chair Jerome Powell’s speech for further policy guidance
Spot gold was up 0.2% at $3,753.25 per ounce, as of 0604 GMT, after hitting a record high of $3,759.02 earlier in the session. U.S. gold futures for December delivery rose 0.3% to $3,787.40.
Oil prices fell for a fifth consecutive session on Tuesday after a preliminary agreement between Iraq and the Kurdish regional government to restart an oil pipeline heightened concerns about oversupply.
Brent crude futures fell 34 cents, or 0.51%, to $66.23 a barrel by 0639 GMT, while U.S. West Texas Intermediate crude was down 29 cents, or 0.47%, at $61.99 a barrel.