Market Roundup
• US Building Permits (Nov): 1.388M, 1.388M forecast, 1.411M previous
• US Building Permits MoM (Nov): -1.6%, -0.3% forecast
• US Building Permits (Dec): 1.455M, 1.448M forecast, 1.388M previous
• US Building Permits MoM (Dec): 4.8%, -1.6% previous
• US Core PCE Price Index MoM (Dec): 0.4%, 0.3% forecast, 0.2% previous
• US GDP QoQ (Q4): 1.4%, 2.8% forecast, 4.4% previous
• US Core PCE Price Index YoY (Dec): 3.0%, 2.9% forecast, 2.8% previous
•Canada Core Retail Sales MoM (Dec): 0.1%, -0.1% forecast, 1.6% previous
•Canada RMPI MoM (Jan): 7.7%, 0.7% forecast, 0.3% previous
•Canada Retail Sales MoM (Dec): -0.4%, -0.5% forecast, 1.2% previous
• US Personal Spending MoM (Dec): 0.4%, 0.4% forecast, 0.4% previous
• US PCE Price Index YoY (Dec): 2.9%, 2.8% forecast, 2.8% previous
• US PCE Price Index MoM (Dec): 0.4%, 0.3% forecast, 0.2% previous
• US Core PCE Prices (Q4): 2.7%, 2.6% forecast, 2.9% previous
• US GDP Price Index QoQ (Q4): 3.7%, 2.8% forecast, 3.7% previous
•Canada RMPI YoY (Jan): 8.0%, 3.5% previous
•Canada IPPI YoY (Jan): 5.4%, 4.3% previous
•Canada IPPI MoM (Jan): 2.7%, 0.2% forecast, -0.9% previous
• US Personal Income MoM (Dec): 0.3%, 0.3% forecast, 0.4% previous
• US D Real Personal Consumption MoM (Dec): 0.1%, 0.2% previous
• US Real Consumer Spending (Q4): 2.4%, 3.5% previous
• US GDP Sales (Q4): 1.2%, 4.5% previous
• US PCE Prices (Q4): 2.9%, 2.8% forecast, 2.8% previous
• US S&P Global Manufacturing PMI (Feb): 51.2, 52.4 forecast, 52.4 previous
• US S&P Global Services PMI (Feb): 52.3, 53.0 forecast, 52.7 previous
• US S&P Global Composite PMI (Feb): 52.3, 53.0 forecast
• US New Home Sales (Nov): 758K, 737K previous
• US New Home Sales MoM (Nov): 15.5%, -8.8% previous
• US New Home Sales (Dec): 745K, 732K forecast, 656K previous
• US New Home Sales MoM (Dec): -1.7%, 15.5% previous
• US Michigan Consumer Sentiment (Feb): 56.6, 57.3 forecast, 56.4 previous
• US Michigan 1-Year Inflation Expectations (Feb): 3.4%, 3.5% forecast, 4.0% previous
• US Michigan Consumer Expectations (Feb): 56.6, 56.6 forecast, 57.0 previous
• US Michigan 5-Year Inflation Expectations (Feb): 3.3%, 3.4% forecast, 3.3% previous
• US Michigan Current Conditions (Feb): 56.6, 58.3 forecast, 55.4 previous
• US Dallas Fed PCE (Dec): 2.2%, 1.5% previous
•Canada BoC Senior Loan Officer Survey (Q4): 2.8, 0.7 previous
• US Atlanta Fed GDPNow (Q1): 3.1%, 3.0 forecast, 3.0 previous
• US U.S. Baker Hughes Oil Rig Count: 409, 409 previous
• US U.S. Baker Hughes Total Rig Count: 551, 551 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 ticked higher on Friday after the Supreme Court of the United States struck down President Donald Trump’s sweeping tariffs under a national emergency law. In a 6-3 decision, conservative Chief Justice John Roberts upheld a lower court ruling that Trump had exceeded his authority under the 1977 statute.
The U.S. dollar had initially risen following stronger-than-expected inflation data, though economic growth fell short of estimates. The Commerce Department reported GDP grew at a 1.4% annualized rate in the fourth quarter, well below the 3% forecast by economists, with analysts noting the figure was dampened by last year’s government shutdown. Immediate resistance can be seen at 1.1801(Feb 19th high), an upside break can trigger rise towards 1.1832(50%fib).On the downside, immediate support is seen at 1.1742(61.8%fib), a break below could take the pair towards 1.1676(Lower BB).
GBP/USD: The pound edged higher on Friday as investors assessed economic data and added to bets on Bank of England interest rate cuts.U.K. retail sales surged 1.8% in January, following December’s 0.4% gain, marking the fastest monthly growth since May 2024 and well above the 0.2% forecast, according to the Office for National Statistics. Data from S&P Global showed the U.K. Composite PMI defied expectations, rising to 53.9 in February from 53.7 in January, above the forecasted 53. Economic data published in the week has painted a weaker picture and added to dovish expectations for the Bank of England's monetary policy.Money markets were last pricing in a close to 80% chance of the BoE trimming interest rates by 25 basis points at its March meeting, with a further cut being expected later in the year. Immediate resistance can be seen at 1.3560(50%fib), an upside break can trigger rise towards 1.3638(SMA 20).On the downside, immediate support is seen at 1.3427 (SMA 20), a break below could take the pair towards 1.3380(Lower BB).
USD/CAD: The Canadian dollar added slightly to a weekly decline against its U.S. counterpart on Friday as investors weighed mixed domestic retail sales data and a landmark U.S. Supreme Court ruling on tariffs.The U.S. Supreme Court struck down President Donald Trump's sweeping tariffs that he pursued under the International Emergency Economic Powers Act, a law meant for use in national emergencies.Canadian retail sales decreased by 0.4% in December on a monthly basis, led by a drop in sales at motor vehicle and parts dealers. A preliminary estimate showed sales rebounding by 1.5% in January.The loonie was trading 0.1% lower at 1.3687 per U.S. dollar, or 73.06 U.S. cents, after moving in a range of 1.3671 to 1.3710.. Immediate resistance can be seen at 1.3742 (Higher BB), an upside break can trigger rise towards 1.3779 (50%fib).On the downside, immediate support is seen at 1.3644(38.2%fib), a break below could take the pair towards 1.3630 (SMA 20).
USD/JPY: The U.S. dollar initially strengthened but later gave up gains following the Supreme Court of the United States ruling that struck down President Donald Trump’s sweeping tariffs imposed under a national emergency law. Conservative Chief Justice John Roberts upheld a lower court decision, stating the 1977 law had been misused.Earlier, the Commerce Department reported U.S. GDP grew at a 1.4% annualized rate in the fourth quarter, well below the 3% estimate, though analysts noted the figure was negatively impacted by last year’s government shutdown. Immediate resistance can be seen at 156.88(38.2%fib) an upside break can trigger rise towards 157.00(Psychological level) .On the downside, immediate support is seen at 154.47 (SMA 20) a break below could take the pair towards 153.10 (61.8%gib).
Equities Recap
European equities rose on Friday following the Supreme Court of the United States ruling that declared President Donald Trump’s sweeping tariff program unlawful, dealing a major setback to his signature economic policy.
UK's benchmark FTSE 100 closed up by 0.56 percent, Germany's Dax ended up by 0.87 percent, France’s CAC finished the day up by 1.39 percent.
U.S. stocks closed higher on Friday, boosted by gains in Alphabet Inc., Amazon, and other major Wall Street names after the Supreme Court of the United States struck down President Donald Trump’s global tariffs.
Dow Jones closed up by 0.47 percent, S&P 500 closed up by 0.69 percent, Nasdaq settled up by 0.90 percent.
Commodities Recap
Gold prices rose as investors reacted to a soft GDP report and Trump's new tariff announcement after the Supreme Court ruling, with heightened U.S.-Iran tensions further boosting demand for the safe-haven asset.
Spot gold rose 1.92% to $5,095.19 an ounce. U.S. gold futures GCc1 rose 1.91% to $5,071.00 an ounce.
Brent crude prices rose in late-day short-covering on Friday as investors worried about U.S. military action, as President Donald Trump presses the Islamic Republic to halt nuclear weapon development.
Brent crude futures settled at $71.76 a barrel, up 10 cents, 0.14%. U.S. West Texas Intermediate crude finished at $66.39 a barrel, down 4 cents, 0.06%.
