Market Roundup
• Canada GDP (MoM) (Jan): 0.1%, 0.0% forecast, 0.2% previous
• Canada GDP (MoM) (Feb): 0.2%, 0.1% forecast, 0.1% previous
• US Redbook (YoY): 6.9%, 6.7% previous
• US S&P/CS HPI Composite - 20 n.s.a. (MoM) (Jan): -0.1%, -0.1% previous
• US S&P/CS HPI Composite - 20 n.s.a. (YoY) (Jan): 1.2%, 1.4% forecast, 1.4% previous
• US House Price Index (MoM) (Jan): 0.1%, 0.1% forecast, 0.3% previous
• US House Price Index (YoY) (Jan): 1.6%, 1.9% previous
• US S&P/CS HPI Composite - 20 s.a. (MoM) (Jan): 0.2%, 0.5% previous
• US House Price Index (Jan): 441.0, 440.7 previous
• US Chicago PMI (Mar): 52.8, 54.8 forecast, 57.7 previous
• US CB Consumer Confidence (Mar): 91.8, 87.8 forecast, 91.0 previous
• US JOLTS Job Openings (Feb): 6.882M, 6.890M forecast, 7.240M previous
• New Zealand Building Consents (MoM) (Feb): 2.7%, 2.0% previous
• Australia Judo Bank Manufacturing PMI (Mar): 49.8, 50.1% forecast, 51.0 previous
• Australia AIG Construction Index (Mar): -31.4, -8.2 previous
Looking Ahead Economic Data (GMT)
• 02:45 China Caixin Manufacturing PMI (MoM) (Mar) 51.6 forecast, 52.1 previous
•06:30 Australia Commodity Prices (YoY) 2.7% previous
•07:30 China Retail Sales (YoY) (Feb) 1.5% forecast,-1.1% previous
Looking Ahead Events And Other Releases (GMT)
•No Events Ahead
Currency Summaries
EUR/USD : The euro strengthened on Tuesday as dollar dipped on hopes that the U.S.-Israel war with Iran may not last as long as some feared. U.S. President Donald Trump told aides he is willing to end the military campaign against Iran even if the crucial Strait of Hormuz shipping artery remains largely closed with unclear plans to get it reopened at a later date, the Wall Street Journal reported on Monday, citing administration officials.The greenback has benefited from a safe-haven bid since the conflict began in late February, and as a net energy exporter, the U.S. is also relatively better positioned to handle oil disruptions than other nations.U.S. job openings fell more than expected in February and hiring dropped to the lowest level in nearly six years, government data showed on Tuesday.This week's main U.S. economic focus will be Friday's jobs report for March. It is expected to show that employers added 60,000 jobs during the month, according to the median estimate of economists polled by Reuters, following an unexpected loss of 92,000 jobs in February. Immediate resistance can be seen at 1.1619(50%fib), an upside break can trigger rise towards 1.1673 (Higher BB).On the downside, immediate support is seen at 1.1555(SMA20), a break below could take the pair towards 1.1521(38.2%fib).
GBP/USD:The British pound edged higher against the dollar on Tuesday as hopes of de-escalation in the Middle East conflict boosted risk appetite. U.S. President Donald Trump told aides he was willing to end the military campaign against Iran, even if the Strait of Hormuz remained largely closed.U.S. Defense Secretary Pete Hegseth said the next few days in the Iran war would be decisive and warned Tehran that the conflict would intensify if it did not make a deal. .On the data front, UK gross domestic product increased by 0.1% in the October-to-December period, the Office for National Statistics said. Growth in the third quarter was also confirmed at 0.1%, the Office for National Statistics said.UK households put more money aside with the savings ratio increasing by 0.8 percentage points to 9.9%, the ONS said. The pound strengthened 0.33% to $1.3228. It is on track for a 1.9% monthly loss, the worst since October, and 1.8% quarterly drop. Immediate resistance can be seen at 1.3285(Daily high), an upside break can trigger rise towards 1.3360(38.2%fib).On the downside, immediate support is seen at 1.3186(23.6%fib), a break below could take the pair towards 1.3146(Lower BB).
USD/CAD: The Canadian dollar edged higher against its U.S. counterpart on Tuesday, recovering from a near four-month low, as data showing surprising growth in Canada's economy at the start of the year offset safe-haven demand for the U.S. dollar. Canadian GDP rose by 0.1% in January on a monthly basis, eclipsing estimates for a flat reading. An advance estimate showed the economy expanding by a further 0.2% in February.Money markets have priced in 41 basis points of tightening from the BoC this year, down from the 70 basis points expected just a few days ago. The loonie was trading 0.1% higher at 1.3915 per U.S. dollar, after touching its weakest intraday level since December 4 at 1.3966. For the month, the currency was down 2%, marking its biggest monthly decline since December 2024..Immediate resistance can be seen at 1.3967 (23.6%fib), an upside break can trigger rise towards 1.4016 (Higher BB).On the downside, immediate support is seen at 1.3885(38.2%fib), a break below could take the pair towards 1.3815(50%fib).
USD/JPY: The U.S. dollar dipped against yen on Tuesday after Japanese officials stepped up threats to intervene in the currency to stem recent weakness, with Finance Minister Satsuki Katayama on Tuesday repeating Tokyo's readiness to respond "on all fronts" against volatile moves.Katayama also labelled recent yen falls as speculative for the first time since the Middle East war began, shifting focus back to currency short-sellers as policymakers braced for a triple market selloff driven by fresh inflationary concerns.The Japanese yen rose 0.55% against the greenback to 158.84 per dollar. On the data front, the Tokyo core consumer price index (CPI), which excludes volatile costs of fresh food, rose 1.7% in March from a year earlier, data showed, slowing from a 1.8% rise in February. Immediate resistance can be seen at 160.00(Psychological level) an upside break can trigger rise towards 160.48(23.6%ib) .On the downside, immediate support is seen at 158.59(38.2%fib) a break below could take the pair towards 156.84 (50%fib).
Equities Recap
European stocks rose on Tuesday despite surging oil prices, supported by reports that U.S. President Donald Trump may end the Iran war even if the Strait of Hormuz remains largely closed.
UK's benchmark FTSE 100 closed up by 0.48 percent, Germany's Dax ended up by 0.52 percent, France’s CAC finished the day up by 0.57 percent.
Wall Street surged Tuesday on hopes of easing Middle East tensions, which had driven oil prices and inflation fears higher.
Dow Jones closed down by 2.49 percent, S&P 500 closed up by 2.91 percent, Nasdaq settled up by 3.83 percent.
Commodities Recap
Gold climbed on Tuesday but is still set for its biggest monthly drop since October 2008, as ongoing inflation worries and expectations of higher interest rates tied to the Iran‑related tensions weighed on the metal.
Spot gold was up 3.2% to $4,652.31 per ounce by 1:31 p.m. EDT (1731 GMT), highest level since March 20. U.S. gold futures settled 2.7% higher at $4,678.60.
Brent futures for June delivery settled down more than $3 on Tuesday following unconfirmed media reports that Iran's president said the country was ready to end the war, assuming some guarantees were put into place.
The Brent June contract settled down $3.42 at $103.97 per barrel.Brent crude futures for May settled up $5.57, or 4.94%, at $118.35 per barrel, while U.S. crude futures settled down $1.50 or 1.46% at $101.38..
