Market Roundup
•US ADP Nonfarm Employment Change 155K, 118K forecast, 77K previous
•US Durables Excluding Defense (MoM) 0.8%, 0.8% forecast, 0.8% previous
•US Durables Excluding Transport (MoM) 0.7% ,0.7% previous
•US Factory Orders (MoM) 0.6%, 0.5% forecast, 1.7% previous
•US Factory Orders Ex Transportation (MoM) 0.4%, 0.7% forecast, 0.2% previous
•US Total Vehicle Sales 17.77M, 15.90M forecast, 16.00M previous
•US Crude Oil Inventories 6.165M, -0.400M forecast, -3.341M previous
•US Gasoline Inventories -1.551M, -1.900M forecast, -1.446M previous
Looking Ahead Economic Data(GMT)
•21:45 New Zealand Building Consents (MoM) (Feb) 2.6% previous
•22:00 Australia Judo Bank Services PMI (Mar) 51.2 forecasts, 50.8 previous
•23:50 Japan Foreign Bonds Buying -207.1B previous
•00:30 Australia Exports (MoM) (Feb) 1.3% previous
•00:30 Australia Imports (MoM) (Feb) -0.3% previous
•00:30 Australia RBA Financial Stability Review
•00:30 Australia Trade Balance (Feb) 5.380B forecast, 5.620B previous
•00:30 Japan au Jibun Bank Services PMI (Mar) 49.5 forecast ,53.7 previous
•01:45 China Caixin Services PMI (Mar) 51.5 forecast , 51.4 previous
Looking Ahead Events And Other Releases(GMT)
• 20:30 US FOMC Member Kugler Speaks
Currency Summaries
EUR/USD: The euro strengthened against the dollar on Wednesday as traders anxiously awaited details of U.S. President Donald Trump's tariff plans, set to be revealed later in the day, which could influence market sentiment in the near term. The specifics of Trump’s “Liberation Day” tariff plans, which are expected to take effect immediately after being announced at 2000 GMT, were still being finalized and kept under wraps. French industry minister Marc Ferracci stated that Europe would respond proportionally to Trump’s likely tariffs but would avoid escalating tensions. The uncertainty surrounding the size and scope of U.S. tariffs, along with the potential reactions from other countries, has unsettled market sentiment. The euro last bought $1.0802 . Immediate resistance can be seen at 1.0854(38.2%fib), an upside break can trigger rise towards 1.0969(23.6%fib).On the downside, immediate support is seen at 1.0741(50%fib), a break below could take the pair towards 1.0661(Lower BB).
GBP/USD: The British pound rose higher on Wednesday as investors awaited U.S. President Donald Trump's long-anticipated tariff announcement, which could further dampen the already sluggish UK economy. Trump is set to unveil sweeping new reciprocal tariffs on global trading partners later in the day, with the announcement scheduled for 2000 GMT (2100 BST) in the White House's Rose Garden. While the details on the size and scope of the tariffs are still unclear, The Washington Post reported on Tuesday that Trump’s team is considering raising duties on products by around 20% from nearly all countries. Meanwhile, Britain remains hopeful that any tariffs imposed by Trump could be reversed if both sides reach an agreement on a new economic partnership, according to the country’s business minister. Immediate resistance can be seen at 1.3007(23.6%fib), an upside break can trigger rise towards 1.3052(Higher BB).On the downside, immediate support is seen at 1.2849(38.2%fib), a break below could take the pair towards 1.2818(Lower BB).
USD/CAD: The Canadian dollar edged lower against its U.S. counterpart on Wednesday as investors globally awaited the announcement of sweeping new U.S. tariffs that could escalate a trade war. U.S. President Donald Trump has kept investors guessing on the details of the tariff plans, which were still being formulated ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. ET (2000 GMT).A separate 25% global tariff on U.S. auto imports is due to take effect on April 3. Canada sends about 75% of its exports to the United States, including autos and oil, and is expected to impose countermeasures. The Bank of Canada has said it needs to ensure higher prices from tariffs do not spread. Investors see a 56% chance the central bank will pause its interest rate cutting campaign at a policy decision on April 16. Immediate resistance can be seen at 1.4397 (38.2%fib), an upside break can trigger rise towards 1.4468(Higher BB).On the downside, immediate support is seen at 1.4251(50%fib), a break below could take the pair towards 1.4207 (Lower BB)
USD/JPY: The dollar strengthened against yen on Wednesday as demand the safe-haven yen waned ahead of the anticipated U.S. tariff announcement. Market uncertainty surrounded the tariffs, set to be revealed at 2000 GMT, which President Donald Trump has referred to as Liberation Day. While the White House confirmed the imposition of new tariffs, it did not disclose specifics on their size or scope. Trump's tariff policies could potentially drive up inflation, slow economic growth, and escalate trade tensions. Meanwhile, Bank of Japan Governor Kazuo Ueda cautioned that the new U.S. tariffs could significantly impact global trade and warned of a possible blow to global economic growth. Immediate resistance can be seen at 150.10(50%fib) an upside break can trigger rise towards 151.12(Higher BB). On the downside, immediate support is seen at 148.39(38.2%fib) a break below could take the pair towards 147.37(Lower BB).
Equities Recap
European stocks dropped on Wednesday as investors braced for U.S. President Donald Trump’s upcoming tariff announcements, which some fear could dampen global growth and trigger inflation.
UK's benchmark FTSE 100 closed down by 0.30 percent, Germany's Dax ended down by 0.73 percent, France’s CAC finished the day down by 0.22 percent.
U.S. stock indexes recovered from early losses on Wednesday afternoon, but attention remained fixed on U.S. President Donald Trump's impending announcement of sweeping tariffs later in the day.
At (GMT 20:12 )Dow Jones was up by 0.57 %percent, S&P 500 was up by 0.72% percent, Nasdaq was up by 0.95 % percent.
Commodities Recap
Gold prices climbed towards their record high on Wednesday, driven by safe-haven demand as markets prepared for U.S. President Donald Trump's upcoming tariff announcement.
Spot gold was up 0.4% at $3,123.05 an ounce at 01:46 a.m. EDT (1746 GMT). U.S. gold futures settled 0.6% higher at $3,166.20.
Oil prices inched higher on Wednesday as investors prepared for U.S. reciprocal tariffs set to be announced at 4 p.m. ET (2000 GMT), raising concerns over global trade tensions and potential impacts on crude demand.
Brent futures settled 46 cents higher, or 0.6%, at $74.95 a barrel. U.S. West Texas Intermediate crude futures gained 51 cents, or 0.7%, to $71.71.
