Market Roundup
• US Exports (Feb): 278.50B, 269.80B previous
• US Imports (Feb): 401.10B, 401.20B previous
• US Initial Jobless Claims: 219K, 225K forecast, 225K previous
• US Jobless Claims 4-Week Avg.: 223.00K, 224.25K previous
• US Trade Balance (Feb): -122.70B, -122.50B forecast, -130.70B previous
•Canada Exports (Feb): 70.11B, 74.21B previous
• Canada Imports (Feb): 71.63B, 71.08B previous
• Canada Trade Balance (Feb): -1.52B, 3.40B forecast, 3.13B previous
• US S&P Global Composite PMI (Mar): 53.5, 53.5 forecast, 51.6 previous
• US S&P Global Services PMI (Mar): 54.4, 54.3 forecast, 51.0 previous
• US ISM Non-Manufacturing Business Activity (Mar): 55.9, 54.4 previous
• US ISM Non-Manufacturing Employment (Mar): 46.2, 53.0 forecast, 53.9 previous
• US ISM Non-Manufacturing New Orders (Mar): 50.4, 51.9 forecast, 52.2 previous
• US ISM Non-Manufacturing PMI (Mar): 50.8, 53.0 forecast, 53.5 previous
• US ISM Non-Manufacturing Prices (Mar): 60.9, 63.1 forecast, 62.6 previous
• US Natural Gas Storage: 29B, 27B forecast, 37B previous
• US 4-Week Bill Auction: 4.240%, 4.220% previous
• US 8-Week Bill Auction: 4.240%, 4.245% 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 strengthened on Thursday as the dollar weakened following President Donald Trump's announcement of tougher-than-expected tariffs on U.S. trading partners, sending shockwaves through the markets. Trump revealed a 10% baseline tariff on all imports to the U.S., along with higher duties on some of the country’s largest trading partners. EU chief Ursula von der Leyen described the tariffs as a significant blow to the global economy and warned that the 27-member bloc was prepared to implement countermeasures if talks with the U.S. fail.The dollar showed little reaction to weaker-than-expected data from the Institute for Supply Management (ISM), which reported that the U.S. services sector slowed to a nine-month low in March, driven by uncertainty surrounding the import tariffs. Meanwhile, the number of Americans filing new unemployment claims decreased last week, signaling ongoing stability in the labor market. Immediate resistance can be seen at 1.1116(38.2%fib), an upside break can trigger rise towards 1.1125(23.6%fib).On the downside, immediate support is seen at 1.1009(50%fib), a break below could take the pair towards 1.0904(61.8%fib).
GBP/USD: Sterling held steady against the dollar on Thursday as traders shifted away from the U.S. currency following President Donald Trump’s announcement of extensive trade barriers, fueling concerns about a potential global economic slowdown. Trump’s broad tariff levies triggered a significant risk selloff, with U.S. yields and stocks tumbling as investors sought safety.Britain was largely spared from the harshest penalties in Trump’s tariff announcement, receiving the lowest import duty rate of 10%. The UK argued that it should be exempt from the tariffs, citing balanced trade flows and the fact that its exports are mainly services, which are generally not subject to tariffs like goods.. Immediate resistance can be seen at 1.3202(38.2%fib), an upside break can trigger rise towards 1.3351(23.6%fib).On the downside, immediate support is seen at 1.3080(50%fib), a break below could take the pair towards 1.295(61.8%fib).
USD/CAD: The Canadian dollar surged to a near four-month high against the U.S. dollar on Thursday, benefiting from Canada's exemption from new tariffs in an escalating trade conflict. Investors responded by pulling back from the U.S. dollar, as Wall Street suffered a sharp decline following U.S. President Donald Trump's announcement of a 10% baseline tariff on all imports, along with higher targeted duties on several of the country’s major trading partners. However, goods from Canada and Mexico that comply with the USMCA trade deal will mostly remain tariff-free, though auto exports, as well as steel and aluminum, are subject to separate tariff rules. The loonie was trading 1% higher at 1.4090 per U.S. dollar , after touching its strongest intraday level since December 6 at 1.4028.Immediate resistance can be seen at 1.4123 (38.2%fib), an upside break can trigger rise towards 1.4200(50%fib).On the downside, immediate support is seen at 1.4024(50%fib), a break below could take the pair towards 1.4000 (Psychological level)
USD/JPY: The dollar fell on Thursday as U.S. President Donald Trump's drastic trade tariffs heightened fears of a global recession, prompting investors to flock to safe-haven assets like bonds and the yen. Traders were unsettled by the severity of a new 10% baseline tariff on imported goods and substantial reciprocal tariffs on numerous countries that Trump accused of having unfair trade practices. Investors are concerned that a full-scale trade dispute could trigger a significant global economic slowdown and drive up inflation. The latest round of U.S. trade tariffs comes at a time when the world economy is still grappling with the aftereffects of the post-pandemic inflation surge and ongoing geopolitical tensions. Immediate resistance can be seen at 146.46(38.2%fib) an upside break can trigger rise towards 147.68(50%fib). On the downside, immediate support is seen at 145.18(23.6%fib) a break below could take the pair towards 145.00(Psychological level).
Equities Recap
European shares plunged on Thursday, recording their biggest daily loss in eight months, as fears grew that an escalating trade war would stifle economic growth following the hefty tariffs announced by U.S. President Donald Trump.
UK's benchmark FTSE 100 closed down by 1.55 percent, Germany's Dax ended down by 3.01 percent, France’s CAC finished the day down by 3.31 percent.
Wall Street benchmarks tumbled on Thursday, closing with the largest one-day percentage losses in years, as U.S. President Donald Trump's sweeping tariffs sparked fears of an all-out trade war and a global economic recession.
Dow Jones closed down by 3.98 %percent, S&P 500 closed down by 4.84% percent, Nasdaq closed down by 5.97% percent.
Commodities Recap
Gold prices trimmed their losses on Thursday after dropping over 2% from an all-time high, as a broader market selloff triggered by U.S. President Donald Trump's import tariffs rattled bullion traders.
Spot gold fell 0.85% to $3,106.99 as of 01:47 a.m. EDT (1747 GMT) after scaling to a record high of $3,167.57 earlier in the session.
Oil prices plunged on Thursday, settling with their steepest percentage loss since 2022, after OPEC+ agreed to a surprise increase in output, just a day after U.S. President Donald Trump unveiled sweeping new import tariffs.
Brent futures settled at $70.14 a barrel, down $4.81, or 6.42%. U.S. West Texas Intermediate <CLc1> crude futures finished at $66.95 a barrel, down $4.76, or 6.64%.
