Posted at 07 May 2026 / Categories Market Roundups
Market Roundup
• Canada Ivey PMI (Apr): 57.7, 49.9 forecast, 49.7 previous.
• Canada Ivey PMI n.s.a (Apr): 61.5, 56.5 previous.
• US Crude Oil Inventories: -2.313M, -3.400M forecast, -6.234M previous.
• US Cushing Crude Oil Inventories: -0.648M, -0.796M previous.
• US EIA Refinery Crude Runs (WoW): -0.042M, 0.084M previous.
• US EIA Weekly Refinery Utilization Rates (WoW): 0.5%, 0.5% previous.
• US Gasoline Production: -0.275M, -0.238M previous.
• US Distillate Fuel Production: -0.024M, -0.013M previous.
• US Heating Oil Stockpiles: -0.038M, -0.625M previous.
• US ADP Nonfarm Employment Change (Apr): 109K, 118K forecast, 61K previous.
• Australia Trade Balance (Mar)-1.841B, 4.250B forecast, 5.026B previous
• Australia Exports (MoM) (Mar)-2.7%, 4.2% previous
• Australia Imports (MoM) (Mar) 14.1% ,-2.7% 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 firmed against dollar on Wednesday after a report said the White House believed it was closing in on a memorandum to end the war with Iran. News outlet Axios reported that the U.S. expected Iranian responses on several key points in the next 48 hours. A Pakistani source involved in the peace efforts confirmed the report to Reuters on Wednesday.The war has all but closed the Strait of Hormuz, through which 20% of global energy normally flows, but Axios reported the deal would involve both sides lifting restrictions around transit through the waterway.The markets are now gearing up for the U.S. non-farm payrolls release later this week, which will serve as a test of whether the economy remains resilient enough to keep the Federal Reserve's monetary policy on hold, or whether a softening labour market could revive the case for interest rate cuts. Immediate resistance can be seen at 1.1798(Daily high), an upside break can trigger rise towards 1.1827(Higher BB).On the downside, immediate support is seen at 1.1708(50%fib ), a break below could take the pair towards 1.1632(Lower BB).
GBP/USD: The pound firmed on Wednesday as investors grew optimistic about a possible end to the Iran war. On Tuesday, ?Trump unexpectedly said he would briefly pause an operation to help escort ships through the Strait of ?Hormuz, citing progress toward a comprehensive agreement with Iran, without giving details on ?the agreement. There was no immediate reaction from Tehran. The markets are now gearing up for non-farm payrolls release later this week, which will serve as a test whether the economy remains resilient enough to keep the Federal Reserve's monetary policy on hold, or whether a softening labour market could revive the case for interest rate cuts. Immediate resistance can be seen at 1.3611(Higher BB ), an upside break can trigger rise towards 1.3648(23.6%fib).On the downside, immediate support is seen at 1.3530(SMA20), a break below could take the pair towards 1.3502(50%fib).
USD/CAD: The Canadian dollar edged lower against its U.S. counterpart on Wednesday as a sharp drop in the price of oil led to reduced bets the Bank of Canada would raise interest rates this year.The price of oil, one of Canada's major exports, fell to two-week lows as optimism grew about a possible end to the war in the Middle East, with reports the United States and Iran were nearing an initial peace deal. U.S. crude oil futures were trading 6.9% lower at $95.24 a barrel. The Bank of Canada has said that if oil prices stayed high and began pushing up inflation, it might have to respond with consecutive interest rate hikes. Investors have priced in about 45 basis points in tightening by December, down from 60 basis points earlier this week. The loonie was trading 0.2% lower at 1.3640 per U.S. dollar after moving in a range of 1.3579 to 1.3641. Immediate resistance can be seen at 1.3684(SMA 20), an upside break can trigger rise towards 1.3727(50%fib).On the downside, immediate support is seen at 1.3610(38.2%fib), a break below could take the pair towards 1.3551(Lower BB)
USD/JPY: The U.S. dollar slipped against yen on Wednesday as the Japanese yen strengthened sharply as markets braced for another intervention. Japanese Finance Minister Satsuki Katayama earlier in the week warned against speculative moves in foreign exchange, after a brief jolt higher in the yen sparked speculation Tokyo had again intervened to support the currency. There has been no confirmation from Japan that it is buying the yen but officials have been threatening intervention for months.A weak yen is pushing up inflation and living costs in Japan, and officials say the drag on the economy is becoming palpable. Investors are now turning their focus to the release on Friday of the monthly U.S. employment report, which will serve as a test of whether the U.S. economy remains resilient enough to keep the Federal Reserve's monetary policy on hold, or whether a softening labour market could revive the case for rate cuts.The ADP National Employment Report showed U.S. private payrolls increased more than expected in April.. Immediate resistance can be seen at 157.58(50%fib) an upside break can trigger rise towards 158.00(Psychological level) .On the downside, immediate support is seen at 155.16(Daily low) a break below could take the pair towards 153.18(61.8%fib).
Equities Recap
Europe’s STOXX 600 jumped more than 2% on Wednesday, driven by broad-based gains as hopes of a possible peace deal between Washington and Tehran boosted risk appetite, while falling oil prices and strong corporate earnings further lifted sentiment.
UK's benchmark FTSE 100 closed down by 2.15 percent, Germany's Dax ended down by 2.12 percent, France’s CAC finished the day up by 2.9$ percent.
The S&P 500 and Nasdaq closed at record highs on Wednesday, supported by easing Middle East tensions, while strong earnings from Advanced Micro Devices fueled gains in chipmakers and AI-related stocks.
Dow Jones closed up by 1.24 percent, S&P 500 closed up by 1.48 percent, Nasdaq settled up by 2.02 percent.
Commodities Recap
Gold prices hit their highest in more than a week on Wednesday following reports that the U.S. and Iran may be nearing a peace deal, cooling fears of higher inflation and an extended period of elevated interest rates.
Spot gold was up 2.8% to $4,685.23 per ounce by 2:10 p.m. EDT (1810 GMT),after hitting its highest level since April 27 earlier in the session. U.S. gold futures settled 2.8% higher at $4,694.30.
Brent crude the global benchmark, initially plunged to just below $100 per barrel, its lowest in two weeks, given the importance of oil passing through the Strait of Hormuz. Brent settled 7.83% lower at $101.27 a barrel. U.S. West Texas Intermediate crude fell about 7%, to $95.08.