America’s Roundup: Dollar strengthens as Trump hints at tariff flexibility, Wall Street ends higher, Gold dips, Oil rise for second consecutive week

Market Roundup

• Canada Core Retail Sales (MoM) (Jan)   0.2%,-0.1% forecast,2.9% previous         

• Canada New Housing Price Index (MoM) (Feb)  0.1%,0.0% forecast, -0.1% previous                        

• Canada Retail Sales (MoM) (Jan) -0.6%, -0.4% forecast,  2.6% previous   

• Canada Retail Sales (MoM) (Feb)  -0.4%, -0.6%   previous                                                            

•EU Consumer Confidence (Mar)  -14.5, -13.0 forecast, -13.6 previous    

•   U.S. Baker Hughes Oil Rig Count 486, 487 previous                     

•   U.S. Baker Hughes Total Rig Count 593, 592 previous 

Looking Ahead Economic Data(GMT)

•  No Economic Data

Looking Ahead Events And Other Releases(GMT)

• No Events Ahead

Currency Summaries

EUR/USD: The euro slipped on Friday as the dollar strengthened after Trump said there will be flexibility on tariffs and that his top trade chief plans to speak with his Chinese counterpart next week. The president also reiterated his plan to use duties as a way to narrow the U.S. trade deficit with China.Markets have been under pressure in recent weeks as changing announcements about the timing and size of tariffs have clouded the outlook for corporate profits as well as the Federal Reserve's monetary policy path Major central banks highlighted an uncertain growth outlook amid Trump’s shifting trade policies and rising tensions. This week, the Federal Reserve and Bank of England held interest rates steady. Additional, reciprocal U.S. tariffs are expected from April 2.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 slipped lower on Friday as the dollar strengthened after President Trump suggested that upcoming April tariffs may be less severe than feared.This week's market sentiment was shaped by global central bank decisions, with policymakers expressing concerns over U.S. trade policies. The Bank of England held rates at 4.5%, warning against expectations of future cuts amid economic uncertainty.Next week, UK inflation data and the government's half-yearly budget update will be in focus. Sterling eased 0.19% to $1.2943.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 weakened against the U.S. dollar on Friday as retail sales declined in early 2025 and tariff uncertainty lingered, though it remained on track for a modest weekly gain.Retail sales fell 0.6% in January, following a December boost from a temporary sales tax break, while a preliminary estimate for February showed a further 0.4% decline.The Canadian 10-year yield remained nearly unchanged at 3.016%, while the spread over the 2-year yield widened to 49.6 basis points, its highest since February 2022. The loonie was trading 0.1% lower at 1.4340 per U.S. dollar , after trading in a range of 1.4314 to 1.4373. For the week, the currency was up 0.2%, which would be its third straight weekly gain.Immediate resistance can be seen at 1.4566(23.6%fib), an upside break can trigger rise towards 1.4538 (Higher BB).On the downside, immediate support is seen at 1.4293(38.2%fib), a break below could take the pair towards 1.4120 (Lower BB)

 USD/JPY: he dollar strengthened against the yen on Friday after President Trump signaled flexibility on the new round of tariffs expected next month. Markets now await details on Trump’s reciprocal tariffs, set for April 2. A series of central bank meetings dominated markets this week, with the Fed, BOJ, and BOE all holding rates steady. Policymakers remained cautious, with Fed Chair Powell citing "unusually elevated" uncertainty due to Trump’s trade policies. Meanwhile, Japan's services PPI, updated PMI, and Q1 Tankan report next week will be closely watched for signs of shifting price trends and economic conditions  Immediate resistance can be seen at 149.82(38.2%fib) an upside break can trigger rise towards 151.50(61.8%fib). On the downside, immediate support is seen at 148.11(38.2%fib) a break below could take the pair towards 147.34(Lower BB).

Equities Recap          

European shares declined on Friday, mirroring global stock markets, as trade tensions and geopolitical conflicts fueled uncertainty.

UK's benchmark FTSE 100 closed down by  0.83 percent, Germany's Dax ended up by 1.47 percent, France’s CAC finished the day down by 0.29 percent.

Wall Street inched higher on Friday after President Trump signaled flexibility on the new tariffs set for early next month.

Dow Jones closed up by 0.08 %percent, S&P 500 closed down  by 0.08 % percent, Nasdaq settled down  by  0.52% percent.

Commodities Recap

Gold dropped 1% on Friday as a stronger dollar and profit-taking pressured prices, though geopolitical risks and Fed rate cut expectations kept it on track for a third straight weekly gain.

Spot gold was down 1% at $3,015.43 an ounce at 01:43 p.m. ET (1743 GMT). U.S. gold futures settled 0.7% lower at $3,021.40. Bullion has gained 1% so far this week.

Oil prices rose on Friday, securing a second straight weekly gain, as new U.S. sanctions on Iran and OPEC+’s latest output plan fueled expectations of tighter supply.

Brent crude futures rose 16 cents, or 0.2%, to settle at $72.16 a barrel. U.S. West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $68.28.