Market Roundup
•New Zealand Building Consents (MoM) (Feb) 0.7%, 2.6% previous
•Australia AIG Construction Index (Mar) -19.3, -3.7 previous
•Australia AIG Manufacturing Index (Mar) -29.7, -8.2 previous
•Japan Monetary Base (YoY) (Mar) -3.2%, -1.5% forecast, -1.9% previous
• Australia Building Approvals (YoY) (Feb) 9.10% , 9.40% previous
• Australia Building Approvals (MoM) (Feb) -0.3%, -1.4%forecast, 6.9% previous
• Australia Private House Approvals (Feb) 1.0%,1.4% previous
Looking Ahead Economic Data(GMT)
•09:30 German 10-Year Bund Auction 2.920% previous
•10:00 Irish Unemployment (Mar) 3.9% previous
Looking Ahead Events And Other Releases (GMT)
•No Event Ahead
Currency Forecast
EUR/USD: The euro was little changed against the dollar on Wednesday as traders anxiously awaited details of U.S. President Donald Trump's tariff plans later in the day that could set the tone for markets in the near term. Trump has for weeks trumpeted April 2 as "Liberation Day", and White House spokeswoman Karoline Leavitt said reciprocal tariffs on countries that impose duties on U.S. goods would take effect immediately after Trump's announcement. Data on Tuesday showed U.S. manufacturing contracted in March, while a measure of inflation at the factory gate jumped to the highest level in nearly three years amid rising anxiety over tariffs on imported goods. 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 higher on Wednesday as investors braced for U.S. President Donald Trump's reciprocal tariffs due to be announced later in the day.U.S. President Donald Trump will impose fresh tariffs on Wednesday, the White House confirmed on Tuesday, but provided no details about the size and scope of the trade barriers. The announcement is scheduled for 4 p.m. ET (2000 GMT) . Beyond the tariff news, investors are increasingly worried by signs of rising prices, slowing growth and cracks in the labour market. The spotlight though will remain on tariff details, especially after a media report said Trump's aides are considering a plan that would raise duties on products by about 20% from nearly every country, rather than targeting certain countries or products. 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).
AUD/USD: The Australian dollar strengthened against the U.S. dollar on Wednesday as investors awaited details on U.S. tariffs that could well trigger a global trade war. Investors are focused on the new round of reciprocal tariffs the White House will announce on Wednesday at 2000 GMT, expected to take effect immediately after Trump’s announcement. Trump has imposed tariffs on aluminum, steel, and autos, and increased duties on Chinese goods, raising concerns about a trade war and global economic slowdown.The Australian dollar is often seen as a proxy for emerging market currencies and risk assets, making it vulnerable during periods of volatility. At GMT 07:53, The Australian dollar was last trading up 0.22% to $0.6257. Immediate resistance can be seen at 0.6313(50%fib), an upside break can trigger rise towards 0.6358(March 20th high).On the downside, immediate support is seen at 0.6258(38.2%fib), a break below could take the pair towards 0.6232(Lower BB).
USD/JPY: The dollar eased on Wednesday as investors were on edge ahead of reciprocal tariffs from the United States.Suspense surrounded the market ahead of the U.S. tariffs, due to be announced at 2000 GMT on Wednesday, which President Donald Trump has called Liberation Day.The White House confirmed new tariffs will be imposed, though it provided no details on the size or scope.Trump's tariff policies could flare up inflation, slow economic growth and escalate trade disputes. Bank of Japan Governor Kazuo Ueda meanwhile said on Wednesday that planned new U.S. tariffs could have a huge impact on world trade, warning of a possible hit to global growth. Immediate resistance can be seen at 150.10(50%fib) an upside break can trigger rise towards 151.12(Higher BB). On the downside, immediate support is seen at 148.39(38.2%fib) a break below could take the pair towards 147.37(Lower BB).
Equities Recap
Asian stocks fluctuated on Wednesday as global markets nervously awaited details of U.S. President Donald Trump's tariff plans, with investors concerned about the escalating risks of a global trade war.
Japan's Nikkei 225 was up 0.28% , South Korea's KOSPI was down 0.62%,Hang Seng was down by 0.18%
Commodities Recap
Gold prices rose on Wednesday as investors turned to the safe-haven metal, anticipating the impact of new reciprocal tariffs that U.S. President Donald Trump is expected to impose on global trade partners.
Spot gold was up 0.1% at $3,113.24 an ounce as of 0710 GMT. Bullion hit an all-time high of $3,148.88 on Tuesday.
Oil prices steadied in thin trading on Wednesday after falling in the previous session on concerns that new U.S. tariffs, set to be unveiled at 2000 GMT, may deepen a global trade war that could limit crude demand.
Brent futures were unchanged at $74.49 a barrel by 0622 GMT after slipping 0.4% on Tuesday. U.S. West Texas Intermediate crude futures rose 3 cents to $71.23 after dropping 0.4%. Prices settled at their highest in five weeks on Monday.
