Market Roundup
•Canada Wholesale Sales (MoM) (Jan)-0.6%, 2.0% previous
•US Crude Oil Inventories 15.989M, 1.800M forecast, -9.014M previous
•US Cushing Crude Oil Inventories 0.881M,-1.095M previous
•US EIA Refinery Crude Runs (WoW) -0.416M, 0.077M previous
•US Gasoline Production -0.223M, 0.290M previous
•US Gasoline Inventories -1.011M, -3.213M previous
Looking Ahead Economic Data (GMT)
• 23:50 Japan Foreign Investments in Japanese Stocks1,424.2B previous
• 23:50 Foreign Bonds Buying -489.5B previous
•00:00 New Zealand ANZ Business Confidence (Feb) 64.1 previous
•00:00 New Zealand NBNZ Own Activity (Feb) 51.6% previous
•00:30 Australia Private New Capital Expenditure (QoQ) (Q4) -0.1% forecast, 6.4% previous
•00:30 Australia Building Capital Expenditure (MoM) (Q4) 2.1% previous
•00:30 Australia Plant/Machinery Capital Expenditure (QoQ) (Q4) 11.5% previous
•05:00 Japan Coincident Indicator (MoM) (Dec) -0.4% forecast, -1.0% previous
•05:00 Japan Leading Index (MoM) (Dec) 0.3% forecast, 0.1% previous
Looking Ahead Events And Other Releases (GMT)
•No Events Ahead
Currency Forecast
EUR/USD : The euro firmed on Wednesday as uncertainty over U.S. tariffs weighed on the dollar. The U.S. began collecting a temporary 10% global import tariff on Tuesday, while a White House official said the Trump administration was seeking to raise it to 15%.In his State of the Union address to the United States Congress, Donald Trump said “almost all” countries and corporations wanted to preserve existing tariff and investment deals with Washington. He also reiterated his stance on Iran, saying he would not allow it to obtain a nuclear weapon. Meanwhile, U.S. and Iranian officials are set to hold a third round of nuclear talks on Thursday in Geneva. Immediate resistance can be seen at 1.1872(38.2%fib), an upside break can trigger rise towards 1.1974(Jan 30th high).On the downside, immediate support is seen at 1.1783(SMA 20), a break below could take the pair towards 1.1724(50%fib).
GBP/USD: The pound firmed on Wednesday as the dollar weakened amid ongoing uncertainty over U.S. tariff policy. Concerns that new trade measures could weigh on global growth kept the greenback under pressure. Donald Trump addressed a joint session of United States Congress, though no major new policy measures were announced, leaving investors cautious about potential volatility.Meanwhile, Bank of England Governor Andrew Bailey said a March rate cut was possible, despite services inflation not easing as much as hoped. The BoE adopted a more dovish tone in early February, holding rates in a narrow 5–4 vote and signaling cuts could follow if inflation continues to decline. Immediate resistance can be seen at 1.3560(50%fib), an upside break can trigger rise towards 1.3589(SMA 20).On the downside, immediate support is seen at 1.3482 (Daily low), a break below could take the pair towards 1.3427(61.8%fib).
USD/CAD: The Canadian dollar edged higher against its U.S. counterpart on Wednesday as investors awaited domestic gross domestic product data due this week. Economists expect a flat reading for fourth-quarter GDP, due on Friday. That would match the Bank of Canada's projection in January when it left the benchmark interest rate on hold at 2.25%.Meanwhile,U.S. and Canadian trade officials spoke on Wednesday and plan to meet in coming weeks, U.S. Trade Representative Jamieson Greer said, adding that the Trump administration was open to their ideas on how to reach an agreement.The price of oil one of Canada's major exports, fell 0.1% to $65.57 a barrel as a much larger-than-expected U.S. crude stock build offset a potential military conflict between the U.S. and Iran. Immediate resistance can be seen at 1.3723(50%fib), an upside break can trigger rise towards 1.3743(Higher BB).On the downside, immediate support is seen at 1.3650(SMA 20), a break below could take the pair towards 1.3623(38.2%fib).
USD/JPY: The U.S. dollar firmed on Wednesday as yen was dragged down by renewed doubts over the Bank of Japan’s policy path and mounting tensions with China.Japan's currency fellon Tuesday after a report that Prime Minister Sanae Takaichi told the BOJ she had reservations about more interest rate hikes and in reaction to China putting more Japanese firms on an export control list in retaliation for Takaichi’s comments about Taiwan.Following Takaichi's landslide election win on February 8 the yen strengthened as markets bet that a government favouring fiscal stimulus would tilt the balance of risks towards additional monetary tightening.The yen dropped 0.50% to 156.70 against the dollar, after hitting 156.82, its lowest since February 9. Immediate resistance can be seen at 156.92(38.2%fib) an upside break can trigger rise towards 157.87(Higher BB) .On the downside, immediate support is seen at 155.54(Feb 24th low) a break below could take the pair towards 154.54 (50%fib).
Equities Recap
European shares ended at a record high on Wednesday, supported by gains in financials after HSBC lifted its lending target, while fears of near-term disruption from new AI models eased.
UK's benchmark FTSE 100 closed up by 1.18 percent, Germany's Dax ended up by 0.78 percent, France’s CAC finished the day up by 047 percent.
Wall Street closed higher on Wednesday, extending its tech-led rally to two-week highs as concerns over AI disruption and costs faded, giving way to renewed optimism about the technology’s long-term benefits.
Dow Jones closed up by 0.63 % percent, S&P 500 closed up by 0.81% percent, Nasdaq settled up by 1.2613% percent
Commodities Recap
Gold prices rose on Wednesday as a softer dollar and safe-haven demand drew investors amid uncertainty over U.S. tariffs and ongoing tensions between Washington and Tehran, underpinning gains in bullion.
Spot gold rose 1.1% to $5,202.28 per ounce, by 02:00 p.m. ET (1900 GMT). U.S. gold futures for April delivery settled about 1% higher at $5,226.20.
Oil prices ended little changed on Wednesday, as a larger-than-expected U.S. crude inventory build failed to ease concerns about potential supply disruptions from a possible U.S.–Iran military conflict.
Brent futures closed up 8 cents at $70.85 a barrel, while WTI futures settled 21 cents lower at $65.42.U.S. crude inventories rose by 16 million barrels last week as refinery utilization fell and imports increased, the Energy Information Administration said on Wednesday
