Market Roundup
•US Core Durable Goods Orders (MoM) (Feb) 0.7%,0.2% forecast, 0.0% previous
•US Durable Goods Orders (MoM) (Feb) 0.9%,-1.1% forecast, 3.1% previous
•US Durables Excluding Defense (MoM) (Feb) 0.8%, 3.5% previous
•US Goods Orders Non Defense Ex Air (MoM) (Feb) -0.3%, 0.2% forecast, 0.8% previous
•US Atlanta Fed GDPNow (Q1) -1.8%,-1.8% forecast, -1.8% previous
•US Crude Oil Inventories -3.341M,1.500M forecast,,1.745M previous
Looking Ahead Economic Data(GMT)
• 01:30 Chinese Industrial profit YTD (Feb) -3.3% previous
Looking Ahead Events And Other Releases(GMT)
•No events Ahead
Currency Summaries
EUR/USD: The euro fell against the dollar on Wednesday as caution dominated ahead of a fresh round of U.S. tariffs set for next week. Next week, U.S. President Donald Trump has threatened to impose - or at least provide details of a new round of tariffs on autos, chips and pharmaceuticals. Trump’s tariff measures are anticipated to slow economic growth and escalate trade tensions. On Monday, he confirmed that automobile tariffs are coming soon but suggested that not all levies would take effect on April 2, with some countries potentially receiving exemptions .The euro was down 0.09% to $1.0743. Immediate resistance can be seen at 1.0840(38.2%fib), an upside break can trigger rise towards 1.0958(23.6%fib).On the downside, immediate support is seen at 1.0741(50%fib), a break below could take the pair towards 1.0650(61.8%fib).
GBP/USD: The British pound eased against the dollar on Wednesday as investors assessed British inflation data and spring budget. Consumer prices rose 2.8% year-on-year in February, down from 3.0% in January, as clothing and footwear prices declined for the first time in over three years, according to the Office for National Statistics. British Finance Minister Rachel Reeves trimmed spending plans in Wednesday’s budget update, offering some reassurance to investors amid a weak economy. However, global trade war risks could force tax hikes later this year. The pound was down 0.07% to $1.2878. Immediate resistance can be seen at 1.3012(23.6%fib), an upside break can trigger rise towards 1.3072(Higher BB).On the downside, immediate support is seen at 1.2902(March 17th low), a break below could take the pair towards 1.2873(38.2%fib).
USD/CAD: The Canadian dollar retreated from a one-month high on Wednesday as investors braced for U.S. auto tariffs and analyzed minutes from the Bank of Canada’s latest meeting.Canada sends 75% of its exports to the U.S., including oil and autos. Prime Minister Mark Carney pledged a C$2 billion ($1.40 billion) fund to boost the auto sector’s competitiveness if the Liberals win the April 28 election.The Bank of Canada saw less evidence of downward inflation pressure despite its March 12 rate cut of 25 basis points, according to monetary policy deliberation minutes.The loonie traded near 1.4283 per U.S. dollar, after earlier reaching its strongest level since February 24 at 1.4236. Immediate resistance can be seen at 1.4323(Daily high), an upside break can trigger rise towards 1.4385(50%fib).On the downside, immediate support is seen at 1.4258(38.2%fib), a break below could take the pair towards 1.4200 (Lower BB)
USD/JPY: The dollar edged higher against the yen on Wednesday as traders sought clarity on Trump’s trade policy ahead of next week’s tariff implementation. Optimism grew after Trump suggested that not all levies would take effect on April 2, with some countries potentially exempt, though details remain unclear.Meanwhile, BOJ Governor Kazuo Ueda reaffirmed the bank’s commitment to scaling back monetary support, stating that interest rates must rise if persistent food price increases trigger broad-based inflation. However, he emphasized that Japan’s recent high inflation is mainly driven by temporary factors, such as rising import costs, which are expected to fade, reducing the urgency for immediate rate hikes. Immediate resistance can be seen at 151.12(23.6%fib) an upside break can trigger rise towards 151.52(Higher BB). On the downside, immediate support is seen at 149.81(38.2%fib) a break below could take the pair towards 148.68(50%fib).
Equities Recap
European stocks declined as investors remained wary of the economic repercussions of U.S. tariffs.
UK's benchmark FTSE 100 closed up by 0.30 percent, Germany's Dax ended down by 1.17 percent, France’s CAC finished the day down by 0.96 percent.
U.S. stocks closed sharply lower on Wednesday, weighed down by losses in Nvidia and Tesla, as investors awaited details on long-promised U.S. auto import tariffs.
Dow Jones closed down by 0.31 %percent, S&P 500 closed down by1.12% percent, Nasdaq settled down by 2.04% percent.
Commodities Recap
Gold prices dipped on Wednesday as the dollar and U.S. bond yields strengthened, though concerns over the Trump administration's fresh tariffs kept prices above $3,000 per ounce.
Spot gold was down 0.1% at $3,016.71 an ounce at 1:30 p.m. ET (1730 GMT). U.S. gold futures settled 0.1% lower at $3,022.50.
Oil prices rose on Wednesday, driven by a larger-than-expected drop in U.S. crude inventories and concerns over tighter global supply.
Brent crude futures settled up 77 cents, or 1.05%, at $73.79 a barrel. U.S. West Texas Intermediate crude futures settled up 65 cents, or 0.94%, at $69.65 a barrel.
