Posted at 24 September 2025 / Categories Market Roundups
Market Roundup
• US S&P Global Manufacturing PMI (Sep) 52.0, 52.2 forecast, 53.0 previous
• US S&P Global Composite PMI (Sep) 53.6,54.6 forecast, 54.6 previous
•US S&P Global Services PMI (Sep) 53.9 , 54.0 forecast, 54.5 previous
•US Richmond Manufacturing Index (Sep) 17,-5 forecast -7 previous
•US Richmond Manufacturing Shipments (Sep) -20,-5 previous
•US Richmond Services Index (Sep) 1, 4 previous
Looking Ahead Economic Data (GMT)
•No Data Ahead
Looking Ahead Events and Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD : The euro slipped against the dollar on Tuesday after Fed Chair Jerome Powell struck a cautious tone on further easing. Powell emphasized that the central bank must continue balancing high inflation risks with a weakening labor market in upcoming rate decisions, even as other Fed officials voiced differing views.Earlier, Fed Vice Chair for Supervision Michelle Bowman suggested the Fed could downplay persistent inflation concerns and signaled support for further rate cuts to protect the job market. Investors currently assign a high probability of additional quarter-point cuts at the Fed’s October 28-29 meeting, in line with projections for cuts in October and December following last week’s policy meeting. 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 doed 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).
USD/CAD: The Canadian dollar fell to an 11-day low against the U.S. dollar on Tuesday, pressured by wider interest rate spreads and dovish signals from the Bank of Canada. Governor Tiff Macklem pledged to support growth while keeping inflation under control, less than a week after the BoC cut rates for the first time since March.Overnight index swaps showed investors pricing a roughly 50% chance of another rate cut at the October 29 meeting. Oil, a key Canadian export, settled 1.8% higher at $63.41 a barrel after a deal to resume exports from Iraq’s Kurdistan stalled.The loonie was trading 0.2% lower at 1.3840 .Immediate resistance can be seen at 1.3878 (50%fib), an upside break can trigger rise towards 1.3903 (Higher BB).On the downside, immediate support is seen at 1.3815(SMA 20), a break below could take the pair towards 1.37751(38.2%fib).
USD/JPY: The U.S. dollar edged higher on Tuesday as investors digested comments from Fed Chair Jerome Powell, who emphasized the need to balance inflation risks with a weakening labor market in upcoming rate decisions. Powell offered little guidance on the timing of the next rate cut, following last week’s first reduction of the year and signals of further cuts. He also noted that equity prices appear fairly highly valued, after the three major U.S. indexes posted record closing highs over the previous three sessions.Earlier, Fed Vice Chair for Supervision Michelle Bowman suggested the Fed could downplay persistent inflation concerns and highlighted the need to commit to rate cuts to support the job market. 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 stocks hit their highest in over a week on Tuesday, driven by a rally in luxury goods on stronger U.S. spending and gains in wind energy shares after a court cleared Ørsted to resume work on a U.S. offshore project. .
UK's benchmark FTSE 100 closed down by 0.04 percent, Germany's Dax ended up by 0.36 percent, France’s CAC finished the day up by 0.54 percent.
U.S. stocks closed lower on Tuesday, snapping a three-day streak of record highs, after Fed Chair Jerome Powell stressed the need to balance inflation risks with a weakening labor market in upcoming rate decisions.=.
Dow Jones closed down by 0.19 %percent, S&P 500 closed down by 0.55% percent, Nasdaq settled down by 0.95% percent.
Commodities Recap
Gold surged to a new record high on Tuesday, boosted by safe-haven demand from geopolitical tensions and expectations of more Fed rate cuts.
Spot gold rose 0.8% to $3,777.80 per ounce as of 01:45 p.m. ET (1745 GMT), after hitting a fresh record high of $3,790.82 earlier in the session.U.S. gold futures for December delivery settled 1.1% higher at $3,815.7.
Oil prices rose over $1 a barrel on Tuesday after a stalled deal to restart exports from Iraq’s Kurdistan eased concerns of adding to global oversupply.
Brent crude futures settled up $1.06, or 1.6%, at $67.63 a barrel, while U.S. West Texas Intermediate crude rose $1.13, or 1.8%, to end at $63.41 a barrel. Both benchmarks recouped modest earlier losses.