Posted at 23 September 2025 / Categories Market Roundups
Market Roundup
• EU HCOB France Manufacturing PMI (Sep) 48.1 50.2 50.4 previous
• EU HCOB France Composite PMI (Sep) 48.4 49.9 49.8 previous
• EU HCOB France Services PMI (Sep) 48.9 49.7 49.8 previous
• EU HCOB Germany Composite PMI (Sep) 52.4 50.5 50.5 previous
• EU HCOB Germany Manufacturing PMI (Sep) 48.5 50.0 49.8 previous
• EU HCOB Germany Services PMI (Sep) 52.5 49.5 49.3 previous
• EU Spanish Trade Balance (Jul) -4.01B -3.59B previous
• EU HCOB Eurozone Manufacturing PMI (Sep) 49.5 50.7 50.7 previous
• EU HCOB Eurozone Composite PMI (Sep) 51.2 51.1 51.0 previous
• EU HCOB Eurozone Services PMI (Sep) 51.4 50.6 50.5 previous
• UK S&P Global Composite PMI (Sep) 51.0 52.7 53.5 previous
• UK S&P Global Manufacturing PMI (Sep) 46.2 47.1 47.0 previous
• UK S&P Global Services PMI (Sep) 51.9 53.4 54.2 previous
Looking Ahead Economic Data (GMT)
• 13:45 US S&P Global Manufacturing PMI (Sep) 52.2 forecast, 53.0 previous
•13:45 US S&P Global Composite PMI (Sep) 54.6 forecast, 54.6 previous
•13:45 US S&P Global Services PMI (Sep) 54.0 forecast, 54.5 previous
•14:00 US Richmond Manufacturing Index (Sep) -5 forecast -7 previous
•14:00 US Richmond Manufacturing Shipments (Sep) -5 previous
•14:00 US Richmond Services Index (Sep) 4 previous
• Looking Ahead Events and Other Releases(GMT)
• 13:30 US FOMC Member Bowman Speaks
•13:50 U.S. President Trump Speaks
•14:00 US FOMC Member Bostic Speaks
•16:35 US Fed Chair Powell Speaks
•18:15 Canada BoC Gov Macklem Speaks
Currency Forecast
EUR/USD : The euro slipped against the dollar on Tuesday as investors weighed comments from Federal Reserve officials on monetary policy. St. Louis Fed President Alberto Musalem backed last week’s rate cut as a precaution to protect jobs but noted “limited room” for further cuts due to inflation above the 2% target. Meanwhile, new Fed Governor Stephen Miran argued the Fed has set policy too tight, risking the job market without aggressive cuts—a view countered by three colleagues who urged caution on 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 initially rose but gave back some gains on Tuesday after a survey showed UK business activity slowed in early September. S&P Global’s flash UK Composite PMI, covering both services and manufacturing, fell to 51.0 from 53.5 in August, just above the 50.0 expansion/contraction threshold. Services PMI dropped to a two-month low of 51.9 from 54.2, while manufacturing slipped to 46.2 from 47.0, its weakest since April. The soft data reinforces calls from dovish Bank of England policymakers for a potential Q4 rate cut to support growth.Meanwhile, markets are awaiting comments from Fed Chair Jerome Powell, scheduled for 1635 GMT, which could shape expectations for U.S. monetary policy. 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 held near two week low 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 edged higher 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
European shares climbed on Tuesday, driven by wind energy stocks following a favorable U.S. court ruling for Denmark’s Orsted, while technology stocks rebounded from earlier losses.
At GMT (12:30) UK's benchmark FTSE 100 was last trading up at 0.17 percent, Germany's Dax was up by 0.42percent, France’s CAC was up by 0.95 percent.
Commodities Recap
Gold prices fell nearly 1% on Wednesday, pulling back from a record high reached earlier, as investors reacted to comments from Federal Reserve Chair Jerome Powell.
Spot gold was down 0.9% at $3,658.25 per ounce, as of 3:11 pm EDT (1911 GMT), after hitting a record high of $3,707.40. Prices have risen nearly 6% so far this month.U.S. gold futures for December delivery settled 0.2% lower at $3,717.8.
Oil prices rose on Tuesday after a deal to resume exports from Iraq’s Kurdistan stalled, easing investor concerns over potential additions to global supply.
Brent crude futures were up 61 cents, or 0.9%, to $67.18 a barrel at 1110 GMT, while U.S. West Texas Intermediate crude was up 67 cents, or 1.1%, at $62.95 a barrel, both recouping modest earlier losses.