Market Roundup
•US Core PCE Prices (Q4) 2.60%, 2.70% forecast, 2.20% previous
•US Corporate Profits (QoQ) (Q4) 5.9%, -0.4% previous
•US GDP (QoQ) (Q4) 2.4%, 2.3% forecast, 3.1% previous
•US GDP Price Index (QoQ) (Q4) 2.3%, 2.4% forecast, 1.9% previous
•US GDP Sales (Q4) 3.3%, 3.2% forecast, 3.3% previous
•US Goods Trade Balance (Feb) -147.91B, -134.60B forecast, -155.57B previous
•US Initial Jobless Claims 224K, 225K forecast, 225K previous
•US Jobless Claims 4-Week Avg. 224.00K, 228.75K previous
•US PCE Prices (Q4) 2.4%, 2.4% forecast, 1.5% previous
•US Real Consumer Spending (Q4) 4.0%, 4.2% forecast, 3.7% previous
•US Retail Inventories Ex Auto (Feb) 0.1%, 0.5% previous
•US Wholesale Inventories (MoM) (Feb) 0.3%, 0.7% forecast, 0.8% previous
•Canada Average Weekly Earnings (YoY) (Jan) 5.47%, 5.90% previous
•US Pending Home Sales (MoM) (Feb) 2.0%, 0.9% forecast, -4.6% previous
•US Pending Home Sales Index (Feb) 72.0, 70.6 previous
•US Natural Gas Storage 37B, 37B previous, 9B previous
•US KC Fed Composite Index (Mar) -2, -5 previous
•US KC Fed Manufacturing Index (Mar) 1, -13 previous
Looking Ahead Economic Data(GMT)
• 23:30 Japan CPI (YoY) (Mar) 0.9% previous
•23:30 Japan Tokyo Core CPI (YoY) (Mar) 2.2%forecast, 2.2% previous
•23:30 Japan Tokyo CPI (YoY) (Mar) 2.9% previous
•23:30 Japan CPI Tokyo Ex Food and Energy (MoM) (Mar) 0.2% previous
Looking Ahead Events And Other Releases(GMT)
• No Events Ahead
Currency Summaries
EUR/USD: The euro rebounded from three- week low against the dollar on Thursday as markets absorbed Trump's 25% tariff on imported cars and light trucks set to take effect next week. The European Commission announced on Thursday that the European Union is preparing a response to Trump’s new import tariffs on vehicles. Investor focus will now be on the reciprocal tariffs due to be announced next week. Trump indicated the measures may not be the like-for-like levies he has been pledging to impose. A trade war with the United States could have a fleeting impact on euro zone inflation but a far more detrimental effect on economic growth, ECB Vice President Luis de Guindos said on Thursday. 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 edged higher on Thursday as traders assessed the spring statement from finance minister Rachel Reeves. Finance Minister Rachel Reeves announced welfare budget cuts and other spending reductions to stay on track for a key fiscal target aimed at reassuring investors after Liz Truss’s 2022 market turmoil. There was little reaction to U.S. data on Thursday showing that the number of Americans filing new applications for unemployment benefits slipped last week.Other data showed that the U.S. economy grew at a slightly more solid clip in the fourth quarter than previously estimated. Sterling strengthened 0.52% to $1.2953, recovering from the previous session's fall . 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 fell against its U.S. counterpart on Thursday after President Donald Trump unveiled hefty tariffs on autos, one of Canada's major exports. Trump on Wednesday placed a 25% tariff on imported cars and light trucks due to take effect next week Canadian Prime Minister Mark Carney said that he would respond with unspecified trade actions if U.S. President Donald Trump imposes new auto tariffs that have expanded a global trade war. The price of oil , another of Canada's major exports, was barely changed at $69.67 a barrel, while Canadian government bond yields moved lower across a steeper curve. The loonie was trading 0.4% lower at 1.4306 per U.S. dollar, after moving in a range of 1.4260 to 1.4328.Immediate resistance can be seen at 1.4387(38.2%fib), an upside break can trigger rise towards 1.4508 (Higher BB).On the downside, immediate support is seen at 1.4240(50%fib), a break below could take the pair towards 1.4206 (Lower BB)
USD/JPY: The dollar edged higher on Thursday as the Japanese yen weakened following U.S. plans for a 25% tariff on vehicles not built in the United States. U.S. President Donald Trump announced on Wednesday a 25% tariff on imported cars and light trucks starting next week, a move expected to drive up prices, hamper production, and significantly impact Japan's auto sector. Japan’s Prime Minister Shigeru Ishiba stated that all options were on the table in response to the U.S. tariffs. Canada indicated it could impose retaliatory duties, while the European Union expressed regret but was seeking negotiated solutions. Analysts have warned Trump's tariff plans could stoke U.S. inflation, with the Federal Reserve already pausing its policy easing cycle. Immediate resistance can be seen at 151.67(38.2%fib) an upside break can trigger rise towards 151.91(Higher BB). On the downside, immediate support is seen at 150.53(50%fib) a break below could take the pair towards 149.59(61.8%fib).
Equities Recap
European shares ended at their lowest in nearly two weeks on Thursday, dragged down by auto stocks after U.S. President Donald Trump announced a 25% import tariff on all vehicles and foreign-made auto parts, exacerbating fears of a global slowdown.
UK's benchmark FTSE 100 closed down by 0.27 percent, Germany's Dax ended down by 0.70 percent, France’s CAC finished the day down by 0.51 percent.
Wall Street ended lower on Thursday as investors grappled with U.S. President Donald Trump’s latest trade tariff announcement, which impacted shares of General Motors and Ford.
Dow Jones closed down by 0.37%percent, S&P 500 closed down by 0.33% percent, Nasdaq settled down by 0.53%% percent.
Commodities Recap
Gold scaled a record peak on Thursday, as investors sought the safe-haven asset in response to escalating global trade tensions and tumbling equity markets, following U.S. President Donald Trump's announcement of new auto tariffs.
Spot gold climbed 1% to $3,050.32 an ounce as of 01:40 p.m. ET (1740 GMT) after hitting an all-time high of $3059.30. Bullion has hit 17 record highs this year.
Oil prices edged higher on Thursday as traders assessed a tightening of crude supplies along with new U.S. tariffs and their expected effect on the global economy.
Brent crude futures gained 24 cents, or 0.3%, to settle at $74.03 a barrel. U.S. West Texas Intermediate crude futures rose 27 cents to $69.92.
