America’s Roundup :Dollar recovers, Wall Street ends lower, Gold retreats, Oil posts biggest weekly decline since 2023

Market Roundup

• US Average Hourly Earnings (YoY) (Mar) 3.8%, 3.9% forecast, 4.0% previous

• US Average Weekly Hours (Mar) 34.2, 34.2 forecast, 34.2 previous

• US Government Payrolls (Mar) 19.0K, 1.0K previous

• US Manufacturing Payrolls (Mar) 1K, 4K forecast, 8K previous

• US Nonfarm Payrolls (Mar) 228K, 137K forecast, 117K previous

•US Participation Rate (Mar) 62.5%, 62.4% previous

• US Private Nonfarm Payrolls (Mar) 209K, 127K forecast, 116K previous

• US U6 Unemployment Rate (Mar) 7.9%, 8.0% previous

• US Unemployment Rate (Mar) 4.2%, 4.1% forecast, 4.1% previous

• Canada Avg Hourly Wages Permanent Employee (Mar) 3.5%, 4.0% forecast

• Canada Employment Change (Mar) -32.6K, 10.4K forecast, 1.1K previous

• Canada Full Employment Change (Mar) -62.0K, -19.7K previous

• Canada Part Time Employment Change (Mar) 29.5K, 20.8K previous

• Canada Participation Rate (Mar) 65.2%, 65.3% previous

• Canada Unemployment Rate (Mar) 6.7%, 6.7% forecast, 6.6% previous

•U.S. Baker Hughes Oil Rig Count 489 483 forecast, 484  previous

•U.S. Baker Hughes Total Rig Count 590 , 592 previous

Looking Ahead Economic Data(GMT)

•No Data Ahead

Looking Ahead Events And Other Releases (GMT)

• 09:15 ECB's Schnabel Speaks 

Currency Summaries

EUR/USD: The euro declined on Friday as the dollar rebounded after Federal Reserve Chairman Jerome Powell acknowledged the impact of larger-than-expected U.S. tariffs and signaled a cautious tone on future easing. Powell stated that tariffs increased the risk of higher inflation and slower growth, emphasizing the difficult path ahead for policymakers at the U.S. central bank.His comments followed data earlier in the day showing that nonfarm payrolls rose by 228,000 jobs in March, following a downwardly revised 117,000 increase in February, well above the 135,000 forecast. The unemployment rate edged up to 4.2% from 4.1%.The euro was last down 0.95% to $1.10947. It had jumped 1.8% on Thursday  its biggest daily rise since November 2022   reaching as high as $1.1147, a level not seen since September 30. Immediate resistance can be seen at 1.1079(38.2%fib), an upside break can trigger rise towards 1.1156(Daily high).On the downside, immediate support is seen at 1.0935(50%fib), a break below could take the pair towards 1.0865(19th March low).

GBP/USD: Sterling declined on Friday as the dollar rebounded following Federal Reserve Chairman Jerome Powell's cautious stance on easing, despite tariffs affecting growth projections. Powell's comments came amid concerns over slumping global growth after China imposed retaliatory tariffs.Powell stated that tariffs increased the risk of higher inflation and slower growth, pointing out the challenging path ahead for U.S. policymakers. He also mentioned that the Fed has time to wait for more data. His remarks followed a jobs report showing that non-farm payrolls rose by a surprisingly strong 228,000 jobs in March, while the unemployment rate edged up to 4.2% from 4.1%. Sterling declined 1.61% to $1.2889, after pushing as high as $1.3207 a day earlier .Immediate resistance can be seen at 1.3109(23.6%fib), an upside break can trigger rise towards 1.3211(April 3rd high).On the downside, immediate support is seen at 1.2864(38.2%fib), a break below could take the pair towards 1.2829(Lower BB).

 USD/CAD: The Canadian dollar weakened against the U.S. dollar on Friday as oil prices dropped sharply, and domestic data revealed the global trade war starting to impact the Canadian labor market. Canadian employment fell by 33,000 in March, marking the first decrease in over three years, and the unemployment rate ticked up to 6.7%, as uncertainty around trade tariffs affected hiring.Oil prices, a key export for Canada, plunged 7.5% to $61.93 per barrel, continuing their steep decline from the previous day, as China retaliated in the escalating global trade war with the United States.Investors now see a 65% likelihood that the Bank of Canada will continue its interest rate cuts at the upcoming policy decision on April 16, up from 50% before the data was released. Immediate resistance can be seen at 1.4211(38.2%fib), an upside break can trigger rise towards 1.4405(23.6%fib).On the downside, immediate support is seen at 1.4052(50%fib), a break below could take the pair towards 1.3912(61.8%fib)
 USD/JPY: The dollar strengthened against the yen on Friday after Federal Reserve Chairman Jerome Powell acknowledged the impact of larger-than-expected U.S. tariffs and adopted a cautious tone on future easing. Powell stated that tariffs raised the risk of higher inflation and slower growth, emphasizing the challenging path ahead for U.S. policymakers. Powell said the Fed has time to wait for more data to decide how monetary policy should respond, but the central bank's focus will be on ensuring that inflation expectations remain anchored, particularly if Trump's import taxes touch off a more persistent jump in price pressures .Immediate resistance can be seen at 147.14(38.2%fib) an upside break can trigger rise towards 148.00(Psychological level). On the downside, immediate support is seen at 144.43(23.6%fib) a break below could take the pair towards 144.00(Psychological level).

Equities Recap

European shares slumped on Friday as China's retaliation to sweeping U.S. tariffs intensified fears of a global recession triggered by the trade war.

UK's benchmark FTSE 100 closed down by  4.95  percent, Germany's Dax ended down by 4.95  percent, France’s CAC finished the day down by 4.26 percent.                                

Wall Street plummeted for a second day on Friday   as the escalating global trade war triggered the biggest losses since the pandemic.

Dow Jones closed down by 5.50 %percent, S&P 500 closed down by 5.97% percent, Nasdaq settled down  by  5.82% percent.

Commodities Recap

Gold dropped over 3% on Friday, wiping out earlier gains, as investors sold off bullion to offset losses from a broader market meltdown caused by escalating trade war fears and concerns about a global recession.

Spot gold was down 2.9% at $3,024.2 an ounce as of 1:44 p.m. EDT (1744 GMT), after hitting a session low of $3,015.29 earlier in the session.  . For the week, gold was down 1.9%.

Oil prices tumbled 7% on Friday, hitting their lowest in over three years, as China increased tariffs on U.S. goods, intensifying the trade war and prompting investors to price in a higher recession risk.

Oil prices dropped 7% on Friday, reaching their lowest in over three years, as China increased tariffs on U.S. goods, escalating the trade war and prompting investors to price in a higher recession risk.

Brent futures settled $4.56, or 6.5%, lower at $65.58 a barrel, while U.S. West Texas Intermediate crude futures lost $4.96, or 7.4%, to end at $61.99.