Add as a preferred source on Google
Market Roundup
• US Building Permits (Jul) 1.433M, 1.443M forecast, 1.374M previous
• US Building Permits (MoM) (Jul) 4.3%, 5.0% forecast, -2.6% previous
• Canada Wholesale Sales (MoM) (Jul) -0.6%, 2.8% previous
• US Redbook (YoY) 9.1%, 7.6% previous
• US S&P/CS HPI Composite - 20 n.s.a. (YoY) (Jun) 2.1%, 1.8% forecast, 1.6% previous
• US S&P/CS HPI Composite - 20 n.s.a. (MoM) (Jun) 0.4%, 0.9% previous
• US S&P/CS HPI Composite - 20 s.a. (MoM) (Jun) 0.2%, 0.2% previous
• US House Price Index (YoY) (Jun) 2.3%, 2.4% previous
• US House Price Index (MoM) (Jun) 0.0%, 0.2% forecast, 0.3% previous
• US House Price Index (Jun) 442.5, 442.4 previous
• Belgium NBB Business Climate (Aug) -13.2, -11.0 forecast, -11.9 previous
• US CB Consumer Confidence (Aug) 89.4, 90.3 forecast, 90.2 previous
• US New Home Sales (Jul) 607K, 620K forecast, 678K previous
• US New Home Sales (MoM) (Jul) -10.5%, 7.6% previous
• US Richmond Manufacturing Index (Aug) 4, 6 forecast, 5 previous
• US Richmond Services Index (Aug) -8, -3 previous
• US Richmond Manufacturing Shipments (Aug) 11, 8 previous
Looking Ahead Economic Data (GMT)
•01:00 Australia MI Leading Index (MoM) (Jul) 0.0% previous
•02:00 Australia Construction Work Done (QoQ) (Q2) 0.5% forecast, 3.4% previous
•02:00 Australia Weighted mean CPI (YoY) (Jul) 3.30% forecast, 3.80% previous
Looking Ahead Events And Other Releases (GMT)
• No Events Ahead
Currency Forecast
EUR/USD : The euro edged higher against the U.S. dollar on Tuesday as markets took a measured view of Washington’s plans to tighten sanctions on Iran. U.S. Treasury Secretary Scott Bessent had warned countries to cut financial ties with Tehran or face secondary sanctions, but the Treasury Department stopped short of imposing penalties. Germany's Gross domestic product grew by 0.3% in the second quarter from the previous quarter, slightly above last month's preliminary reading of 0.2%, the statistics office said. The Ifo business climate index rose to 88.8 in August from 86.7 in July. Analysts had forecast an increase to 87.2 in a Reuters poll. Immediate resistance can be seen at 1.1689(SMA20), an upside break can trigger rise towards 1.1733(38.2%fib).On the downside, immediate support is seen at 1.1649(38.2%fib), a break below could take the pair towards 1.1581(50%fib).
GBP/USD: The British pound edged higher against dollar on Tuesday as pound was underpinned by expectations for interest rate hikes by the Bank of England this year. Sterling has enjoyed a strong run over the past four weeks, with better-than-expected economic data in the first half of the year strengthening expectations for at least a 25-basis-point BoE rate hike.Meanwhile, currency markets remained broadly steady as investors assessed the latest U.S. sanctions on Iran. The measures excluded China and its entities, easing concerns that targeting Chinese interests could provoke retaliation from Beijing and trigger broader market volatility. Immediate resistance can be seen at 1.3685(23.6%fib), an upside break can trigger rise towards 1.3716(Higher BB).On the downside, immediate support is seen at 1.3624(Daily low), a break below could take the pair towards1.3531(38.2%fib).
USD/CAD: The Canadian dollar traded in narrow against its U.S. counterpart on Tuesday as investors assessed the latest escalation in the U.S.-Canada trade dispute and its potential economic fallout.Canada retaliated with tariffs on about $20 billion of U.S. imports, matching Washington’s latest duties while providing aid to affected businesses and workers.Canada’s counter-tariffs on U.S. goods will take effect on September 8, with duties of 15%, 25% and 50% imposed on around 700 products, the government said.Canada imposed 50% tariffs on steel, aluminum, furniture and clothing, 25% on cheese, appliances and some seafood, and 15% on electronics and tools, a government official said.The price of oil, one of Canada's major exports, fell as traders shrugged off the latest U.S. sanctions campaign against Iran. Immediate resistance can be seen at 1.3858(50%fib), an upside break can trigger rise towards 1.3914(SMA 20).On the downside, immediate support is seen at 1.3783(Aug 24th low), a break below could take the pair towards 1.3753(Lower BB).
USD/JPY: The U.S. dollar higher on Tuesday as investors shifted their focus to upcoming U.S. inflation data and Federal Reserve Chair Kevin Warsh’s speech later this week.On the geopolitical front, Iran promised to retaliate against expanded U.S. economic sanctions that Washington said would cut off Tehran's economic lifeline.Former BoJ board member Seiji Adachi said the central bank could hike rates next month and again as early as January, warning that a pause may weaken the yen and worsen import-driven inflation.Traders are assigning a roughly 80% probability of a rate hike when the board delivers its next policy decision on Sept. 18. Immediate resistance can be seen at 159.54(50%fib), an upside break can trigger rise towards 160.00(Psychological level).On the downside, immediate support is seen at 158.78(SMA 20) a break below could take the pair towards 157.73 (38.2%fib).
Equities Recap
European shares rose on Tuesday as investors took relief from a softer-than-expected U.S. sanctions package on Iran and lower oil price.
UK's benchmark FTSE 100 closed up by 0.29 percent, Germany's Dax ended up by 0.61 percent, France’s CAC finished the day down by 0.16 percent.
Wall Street’s main indexes ended higher on Tuesday as technology stocks rebounded from a recent selloff ahead of Nvidia’s earnings report.
Dow Jones closed up by 0.30% percent, S&P 500 closed up by 0.32% percent, Nasdaq settled up by 0.66% percent.
Commodities Recap
U.S. oil prices fell further in early Wednesday trading, extending the previous session’s losses, as renewed Iran-Oman talks raised hopes of a potential reopening of the Strait of Hormuz.
U.S. West Texas Intermediate crude futures fell $1.37, or 1.7%, to $80.99 as of 2240 GMT. The contract lost 3.1% on Tuesday, settling at its lowest since August 13.
Gold prices held steady on Tuesday after hitting a more than three-month high earlier in the session, as the rally lost momentum near a key psychological resistance level.
Spot gold was down 0.1% at $4,647.03 per ounce by 2:16 p.m. EDT (1816 GMT), after hitting its highest level since May 14. U.S. gold futures settled 0.1% lower at $4,694.50.
