Market Roundup
• US EIA Refinery Crude Runs (WoW) -0.045M, 0.321M previous
• US Crude Oil Imports -1.439M, 0.503M previous
• US Cushing Crude Oil Inventories -1.009M, -1.228M previous
• US Distillate Fuel Production 0.151M, -0.113M previous
• US EIA Weekly Distillates Stocks -2.812M, 0.180M forecast, -1.559M previous
• US Gasoline Production 0.067M, -0.078M previous
• US Heating Oil Stockpiles 0.008M, -0.183M previous
• US Fed Interest Rate Decision 4.50%, 4.50% forecast, 4.50% previous
Looking Ahead Economic Data(GMT)
•00:30 Australia Employment Change (Feb) 30.8K forecast, 44.0K previous
•00:30 Australia Full Employment Change (Feb) 54.1K previous
•00:30 Australia Participation Rate (Feb) 67.3% forecast, 67.3% previous
•00:30 Australia Reserve Assets Total (Feb) 103.2B previous
•00:30 Australia Unemployment Rate (Feb) 4.1% forecast, 4.1% previous
•01:00 China PBoC Loan Prime Rate (Mar) 3.60% forecast, 3.60% previous
•01:15 China PBoC Loan Prime Rate 3.10% forecast, 3.10% previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro edged higher on Wednesday after the U.S. Federal Reserve held interest rates steady as expected but signaled a possible 50-basis-point rate cut by year-end. The Fed also announced plans to slow the pace of its balance sheet reduction starting next month, citing an ongoing deadlock over raising the government’s borrowing limit. This shift is expected to remain in place for the rest of the process. The decision came amid heightened economic uncertainty and growing public unease over the outlook, driven by aggressive and unpredictable policy moves from the Trump administration. Immediate resistance can be seen at 1.0946 (23.6%fib), an upside break can trigger rise towards 1.1000(Psychological level).On the downside, immediate support is seen at 1.0804(38.2%fib), a break below could take the pair towards 1.0693(50%fib).
GBP/USD: The British pound firmed on Wednesday as investors digested rate decisions from the Federal Reserve and awaited Bank of England policy decision. Federal Reserve kept its benchmark overnight interest rate unchanged in the 4.25%-4.50% range, and indicated that two quarter-point interest-rate cuts were likely later this year, the same median forecast as three months ago. The Fed also forecast slower economic growth and higher inflation.In the UK, the BoE’s decision on Thursday will be closely watched, following an OECD report forecasting slower economic growth for Britain in 2025 and 2026. While both central banks are expected to keep rates unchanged this week, traders have priced in at least two rate cuts from the BoE and the Fed this year. 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 edged lower against its U.S. counterpart on Wednesday as the greenback posted broad-based gains, but the move for the loonie was limited as the Federal Reserve marked down its outlook for growth in the world's largest economy. The Fed kept interest rates unchanged as expected, but policymakers signaled they still foresee cutting rates by 50 basis points this year amid slowing economic growth and an expected decline in inflation. Bank of Canada Governor Tiff Macklem is due to speak on Thursday about tariff-related uncertainty. Data on Tuesday showed Canadian inflation heating up more than expected in February.Immediate resistance can be seen at 1.4361(38.2%fib), an upside break can trigger rise towards 1.4459(March 14th high).On the downside, immediate support is seen at 1.4241(50%fib), a break below could take the pair towards 1.4200 (61.8%fib)
USD/JPY: The dollar weakened on Wednesday as the Japanese yen strengthened after the Federal Reserve held rates steady but signaled plans for two 25-basis-point rate cuts by year-end. Policymakers maintained their median forecast from three months ago, despite projecting slower growth and higher inflation. Fed Chair Jerome Powell acknowledged that uncertainty remains "unusually elevated" as officials navigate economic projections amid new policy shifts from the Trump administration. The Fed also said it will slow the ongoing drawdown of its balance sheet, known as quantitative tightening.. Immediate resistance can be seen at 149.65(38.2%fib) an upside break can trigger rise towards 151.50(61.8%fib). On the downside, immediate support is seen at 147.61(38.2%fib) a break below could take the pair towards 146.84(Lower BB).
Equities Recap
European shares ended slightly higher on Wednesday, extending gains from the previous session as Germany moved closer to a major spending boost.
UK's benchmark FTSE 100 closed down by 0.02 percent, Germany's Dax ended down by 0.40 percent, France’s CAC finished the day up by 0.70 percent.
U.S. stocks surged on Wednesday after the Federal Reserve held interest rates steady as expected, while both the central bank and investors assessed the economic and inflationary impact of Trump’s tariff.
Dow Jones closed up by 0.90 %percent, S&P 500 closed up by 1.08% percent, Nasdaq settled up by 1.41% percent.
Commodities Recap
Gold prices surged to a record high on Wednesday after Fed Chair Jerome Powell’s remarks and the Federal Reserve’s decision to hold rates steady while signaling a potential 50-basis-point rate cut by year-end.
Spot gold rose 0.5% to $3,047.80 per ounce as of 03:57 p.m. ET (1957 GMT), after hitting an all-time high of $3,051.99 earlier in the session.
Oil prices rose slightly on Wednesday as U.S. government data revealed a decline in fuel inventories, though gains were limited by the Federal Reserve's decision to keep interest rates unchanged.
Brent crude futures settled up 22 cents, or 0.31%, to $70.78 a barrel. U.S. West Texas Intermediate crude (WTI) closed 26 cents, or 0.39%, higher at $67.16.
