Market Roundup
• US Continuing Jobless Claims 1,870K ,1,900K forecast, 1,897K previous
• US Core PPI (YoY) (Feb) 3.4% , 3.6% forecast, 3.6% previous
• US Initial Jobless Claims220K, 226K forecast, 221K previous
• US Jobless Claims 4-Week Avg. 226.00K ,224.25K previous
• US PPI (YoY) (Feb) 3.2%,3.6% forecast, 3.7% previous
• US PPI (MoM) (Feb) 0.0%, 0.3% forecast, 0.4% previous
• US PPI ex. Food/Energy/Transport (YoY) (Feb) 3.3% ,3.4% previous
• US PPI ex. Food/Energy/Transport (MoM) (Feb) 0.2% ,0.3% previous
• US Building Permits (MoM) (Jan) -3.2% ,-5.3% forecast, 11.0% previous
• US 4-Week Bill Auction 4.225% ,4.230% previous
Looking Ahead Economic Data(GMT)
•No Data Ahead
Looking Ahead Events And Other Releases(GMT)
• No events Ahead
Currency Summaries
EUR/USD: The euro eased from recent against the dollar on Thursday as another round of tariff threats and uncertainty surrounding the proposed Ukraine ceasefire negatively impacted investor sentiment.U.S. President Donald Trump threatened to impose a 200% surcharge on alcohol imports from Europe and said he won't bend on Canada metals or April 2nd tariffs. Optimism surrounding Germany's spending plans diminished as prospective chancellor Friedrich Merz worked to garner support for his proposed changes to the country's debt brake . The euro was down 0.28% to $1.0856 against the dollar but near the five-month top of $1.09470 hit earlier in the week.Immediate resistance can be seen at 1.0959 (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 1.0697(50%fib).
GBP/USD: The British pound edged lower on Thursday as investors digested US economic data and awaited Friday’s UK GDP data. U.S. producer prices held steady in February, marking the first time in seven months that they remained unchanged. Additionally, a decrease in unemployment benefit claims last week suggests continued stability in the economy.The upcoming UK GDP figures, due for release on Friday, are expected to show a modest increase in the three-month growth rollover, rising to 0.3% from 0.1% in the prior report. This data is crucial in helping investors gauge the outlook for economic growth, and its impact could be pivotal in determining the next move for the pound Immediate resistance can be seen at 1.3003(23.6%fib), an upside break can trigger rise towards 1.3059(Higher BB).On the downside, immediate support is seen at 1.2876(March 11th low), a break below could take the pair towards 1.2822(38.2%fib).
USD/CAD: The Canadian dollar depreciated against the U.S. dollar on Thursday, impacted by declining oil prices and the latest escalation in the trade dispute between the United States and other countries, including Canada. On Wednesday, U.S. President Donald Trump's tariffs on all steel and aluminum imports came into effect, with reciprocal tariffs set to take place on April 2. As Canada exports around 75% of its goods to the U.S., including oil, the trade tensions weighed heavily on investor sentiment. U.S. crude futures dropped 1.6% to $66.55 a barrel as concerns grew that a global trade war could dampen demand.The loonie was trading 0.4% lower at 1.4425 per U.S. dollar. Immediate resistance can be seen at 1.4500(23.6%fib), an upside break can trigger rise towards 1.4339 (Higher BB).On the downside, immediate support is seen at 1.4321(38.2%fib), a break below could take the pair towards 1.4250 (March 6th low)
USD/JPY: The dollar dipped against the yen on Thursday as expectations that Bank of Japan (BOJ) is expected to keep rates steady at next week's policy meeting increased demand for yen .The Bank of Japan is expected to keep its key interest rate steady at its March 19 meeting, with over two-thirds of economists expecting a 25-basis-point hike to 0.75% in the third quarter, most likely in July. BOJ policymakers expect wage gains to broaden and underpin consumption, allowing the central bank to keep increasing its short-term policy rate from the current 0.5%.At GMT 08:23,the dollar was up 0.07% at 147.37 against Japanese yen. Immediate resistance can be seen at 148.00(Psychological level) an upside break can trigger rise towards 147.14(March 12th high). On the downside, immediate support is seen at 146.93(23.6%fib) a break below could take the pair towards 146.64(Lower BB).
Equities Recap
European stocks ended slightly lower on Thursday following U.S. President Donald Trump's threat to impose tariffs on alcoholic beverages from the European Union, intensifying the ongoing global trade war.
UK's benchmark FTSE 100 closed up by 0.02 percent, Germany's Dax ended down by 0.48 percent, France’s CAC finished the day down by 0.64 percent.
Wall Street closed sharply lower on Thursday as concerns over the escalating U.S. tariff war, which could reignite inflation and lead to a recession, overshadowed positive inflation data.
Dow Jones closed down by 1.30 %percent, S&P 500 closed down by 1.40 % percent, Nasdaq settled down by 1.96% percent.
Commodities Recap
Gold prices surged to a record high on Thursday, nearing the $3,000 per ounce mark. The rally was fueled by heightened tariff uncertainty and expectations of monetary policy easing by the U.S. Federal Reserve.
Spot gold climbed 1.6% to $2,979.76 an ounce, as of 13:55 ET (1755 GMT), after hitting its twelfth record peak this year earlier in the session.
Oil prices dropped more than 1% on Thursday as markets grappled with macroeconomic concerns, including the potential impact of U.S. tariff wars on global demand and uncertainty surrounding a U.S. proposal for a Russia-Ukraine ceasefire.
Brent futures settled $1.07, or 1.5%, lower at $69.88 a barrel. U.S. West Texas Intermediate crude futures fell $1.13, or 1.7%, to $66.55 a barrel.
