Market Roundup
•Canada S&P Global Manufacturing PMI (Mar) 46.3, 47.8 previous
•US S&P Global Manufacturing PMI (Mar) 50.2, 49.8 forecast, 52.7 previous
•US Construction Spending (MoM) (Feb) 0.7%, 0.3% forecast, -0.5% previous
•US ISM Manufacturing Employment (Mar) 44.7, 47.6 previous
•US ISM Manufacturing New Orders Index (Mar) 45.2, 48.6 previous
•US ISM Manufacturing PMI (Mar) 49.0, 49.5 forecast, 50.3 previous
•US ISM Manufacturing Prices (Mar) 69.4, 64.6 forecast, 62.4 previous
•US JOLTS Job Openings (Feb) 7.568M, 7.690M forecast, 7.762M previous
•US Dallas Fed Services Revenues (Mar) 1.3, 8.2 previous
•US IBD/TIPP Economic Optimism (Apr) 49.1, 50.1 forecast, 49.8 previous
•US Texas Services Sector Outlook (Mar) -11.3, 4.6 previous
•US Atlanta Fed GDPNow (Q1) -3.7%, -2.8% forecast, -2.8% previous
Looking Ahead Economic Data(GMT)
•21:45 Australia AIG Construction Index (Mar) -3.7 previous
•21:45 Australia AIG Manufacturing Index (Mar) -8.2 previous
•23:50 Japan Monetary Base (YoY) (Mar) -1.5% forecast -1.9% previous
• 00:30 Australia Building Approvals (YoY) (Feb) 9.10% previous
• 00:30 Australia Building Approvals (MoM) (Feb) -1.4% forecast, 6.3% previous
• 00:30 Australia Private House Approvals (Feb) 1.1% previous
• 00:30 Australia Building Approvals (YoY) (Feb) 9.10% previous
• 00:30 Australia Building Approvals (MoM) (Feb) -1.4% forecast, 6.3% previous
• 00:30 Australia Private House Approvals (Feb) 1.1% previous
Looking Ahead Events And Other Releases(GMT)
• 23:25 Australia RBA Assist Gov Kent Speaks
Currency Summaries
EUR/USD: The euro slipped lower against the dollar on Tuesday as sentiment remained cautious ahead of the upcoming U.S. reciprocal tariffs. Market attention is focused on the new round of tariffs the White House is expected to announce on Wednesday, though details remain scarce. Trump said late Sunday that nearly all countries would face duties this week. European Commission President Ursula von der Leyen stated that the EU is open to trade negotiations with the U.S., but would retaliate strongly if needed. On the data front, Eurozone inflation eased in March, with core price pressures also declining. Consumer price growth slowed to 2.2% from 2.3% in February, in line with expectations. Meanwhile, investorshave boosted their bets on future European Central Bank rate cuts due to tariff fears and weak economic data, driving bond yields and the single currency lower. Immediate resistance can be seen at 1.0854(38.2%fib), an upside break can trigger rise towards 1.0969(23.6%fib).On the downside, immediate support is seen at 1.0741(50%fib), a break below could take the pair towards 1.0661(Lower BB).
GBP/USD: The British pound edged lower on Tuesday as investors waited for details of U.S. President Donald Trump's reciprocal tariffs. There is hope among investors that a deal between Britain and the U.S. could ease the potential negative economic impact of the tariffs Trump is set to announce on April 2. Business Minister Jonathan Reynolds stated on Tuesday that Britain remains optimistic any tariffs imposed by Trump could be reversed soon, provided the two sides can agree on the framework for a new economic partnership. On the data front, British manufacturers endured a torrid March as the U.S. tariff threat and looming tax increases at home contributed to a plunge in new orders and ebbed optimism, a business survey showed on Tuesday. Immediate resistance can be seen at 1.3007(23.6%fib), an upside break can trigger rise towards 1.3052(Higher BB).On the downside, immediate support is seen at 1.2849(38.2%fib), a break below could take the pair towards 1.2818(Lower BB).
USD/CAD: The Canadian dollar bounced back from a near three-week low against the U.S. dollar on Tuesday, as investors reacted to weak U.S. economic data and potential efforts by U.S. lawmakers to prevent tariffs on Canadian goods. U.S. President Donald Trump is expected to unveil a broad agenda of reciprocal tariffs on Wednesday. He has previously threatened, but delayed, imposing 25% duties on most Canadian imports, citing demands for Canada to help curb the flow of fentanyl into the U.S. On Tuesday, Trump urged Senate Republicans to vote against a measure that would rebuke his tariff policy linked to the fentanyl emergency with Canada. The loonie was trading 0.4% higher at 1.4325 per U.S. dollar. Immediate resistance can be seen at 1.4408(April 1st high), an upside break can trigger rise towards 1.4458 (23.6%fib).On the downside, immediate support is seen at 1.4283(38.2%fib), a break below could take the pair towards 1.4201(Lower BB)
USD/JPY: The dollar weakened against the yen on Tuesday following U.S. economic data that revealed weakness in the manufacturing sector and labor market, ahead of tariff announcements from the Trump administration due Wednesday. U.S. manufacturing contracted in March after two months of growth, while factory gate inflation reached its highest level in nearly three years. Concerns are rising over how much tariffs will increase prices for consumers and businesses. Additionally, a Labor Department report showed job openings fell to 7.568 million in February. The greenback fell 0.37%to 149.41 versus the yen. Immediate resistance can be seen at 150.49(38.2%fib) an upside break can trigger rise towards 151.27(Higher BB). On the downside, immediate support is seen at 148.78(23.6%fib) a break below could take the pair towards 148.00(Psychological level).
Equities Recap
European shares bounced back on Tuesday from a two-month low hit in the previous session, as the market prepared for the looming April 2 deadline for U.S. reciprocal tariffs.
UK's benchmark FTSE 100 closed up by 0.61 percent, Germany's Dax ended up by 1.67 percent, France’s CAC finished the day up by 1.10 percent.
The S&P 500 and Nasdaq Composite both ended higher on Tuesday, following a volatile day on Wall Street driven by investor anxiety ahead of the upcoming tariff announcements from the Trump administration.
Dow Jones closed down by 0.03 %percent, S&P 500 closed up by 0.38% percent, Nasdaq settled up by 0.87% percent.
Commodities Recap
Gold prices dipped on Tuesday due to profit-taking but remained near record highs as investors sought the safe-haven asset ahead of President Donald Trump's planned announcement of sweeping tariffs on countries with a trade imbalance with the U.S.
Spot gold was down 0.3% at $3,113.43 per ounce as of 1:46 p.m. ET (1746 GMT), after hitting an all-time high of $3,148.88 earlier in the day.
Oil prices edged lower on Tuesday as traders prepared for reciprocal tariffs that U.S. President Donald Trump is set to announce on Wednesday, raising concerns about a potential escalation in the global trade war.
Brent futures settled down 28 cents, or 0.37%, at $74.49 a barrel. The session high was above $75 a barrel. U.S. West Texas Intermediate crude futures fell 28 cents, or 0.39%, to $71.20.
