Market Roundup
• Australia Manufacturing & Services PMI (Mar): 46.60, 47.00 forecast, 52.40 previous
• Australia Judo Bank Services PMI (Mar): 46.3, 46.6 forecast, 52.8 previous
•Japan Household Spending YoY (Feb): -1.8%, -0.8% forecast, -1.0% previous
•Japan Household Spending MoM (Feb): 1.5%, 2.6% forecast, -2.5% previous
•Japan Foreign Reserves USD (Mar): 1,374.7B, 1,410.7B previous
Looking Ahead Economic Data (GMT)
• 08:00 EU HCOB Eurozone Services PMI (Mar): 50.1 forecast, 51.9 previous
• 08:00 EU HCOB Eurozone Composite PMI (Mar): 50.5 forecast, 51.9 previous
• 08:00 UK S&P Global Composite PMI (Mar): 51.0 forecast, 53.7 previous
• 08:00 UK S&P Global Services PMI (Mar): 51.2 forecast, 53.9 previous
Looking Ahead Events And Other Releases (GMT)
•No Events Ahead
Currency Forecast
EUR/USD : The euro edged higher against dollar on Tuesday as traders counted down to a U.S.-imposed deadline for Iran to reopen the Strait of Hormuz to shipping or face attacks on its infrastructure.War in the Middle East and the closure of the chokepoint in the Persian Gulf have sent energy prices soaring and driven investors to dollars as the most effective safe haven, pushing the greenback higher, especially in Asia.Hope for some sort of deal or breakthrough held off further dollar buying over Easter, but markets were jittery and there were few sellers of dollars ahead of U.S. President Donald Trump's 8 p.m. Eastern Time (0000 GMT) deadline. Immediate resistance can be seen at 1.1560(38.2%fib), an upside break can trigger rise towards 1.1629 (April 1st high).On the downside, immediate support is seen at 1.1417(SMA 20), a break below could take the pair towards 1.1401(Lower BB).
GBP/USD: The British pound edged lower Tuesday as dollar firmed slightly ahead of a deadline set by U.S. President Donald Trump for Iran to reopen the Strait of Hormuz.Iran and Israel traded attacks on Tuesday as Tehran defiantly refused to reopen the strait and accept a ceasefire deal on the eve of Trump's deadline to agree to his demands or get taken out.Oil extended gains, holding above $110 a barrel. Elevated oil prices have fuelled global inflation concerns. While gold typically benefits during periods of inflationary pressure, higher interest rates reduce its appeal as a non‑yielding asset. Investors now await minutes of the Federal Reserve's March policy meeting on Wednesday, as well as U.S. inflation indicators, including Personal Consumption Expenditures and Consumer Price Index data later this week.. Immediate resistance can be seen at 1.3269(April 6th high), an upside break can trigger rise towards 1.3303(SMA 20).On the downside, immediate support is seen at 1.3182(23.6%fib), a break below could take the pair towards 1.3153(Lower BB).
AUD/USD: The Australian dollar edged lower as trading was subdued as investors remained cautious amid lingering U.S.-Iran tensions. The pair is struggling to gain momentum, reflecting broader risk-off sentiment in global markets.WTI crude oil continued to trade above $113 a barrel in Asian sessions, with spot premiums reaching all-time highs. Iran rejected Pakistan’s ceasefire proposal, as U.S. President Trump’s Tuesday deadline for a deal looms. Market participants remain wary of escalating conflict risks that could disrupt global energy flows. On the data front, Australia’s household spending for February rose 0.3% month-on-month, unchanged from January. While steady, the data is now seen as less market-moving given larger macro and geopolitical concerns. Immediate resistance can be seen at 0.6945(50%fib), an upside break can trigger rise towards 0.6990(SMA 20).On the downside, immediate support is seen at 0.6862(61.8%fib), a break below could take the pair towards 0.6810(Higher BB).
USD/JPY: The U.S. dollar edged lower against yen as the yen weakened on soft Japan household spending data, though intervention fears helped limit losses. Japanese household spending in February fell 1.8% from a year earlier, internal affairs ministry data showed on Tuesday, versus the median market forecast for a 0.7% fall.On a seasonally adjusted, month-on-month basis, spending increased 1.5%, less than an estimated 2.6% rise. Meanwhile, the Iran conflict is raising concerns that Japan’s economy could face significant pressure, given its heavy reliance on Middle Eastern oil imports. Immediate resistance can be seen at 159.82(Daily high) an upside break can trigger rise towards 160.00(Psychological level) .On the downside, immediate support is seen at 158.99(SMA20) a break below could take the pair towards 158.08(38.2%fib).
Equities Recap
Asian equities was mixed on Tuesday as investors remained cautious ahead of U.S. President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz, with ongoing uncertainty around the conflict weighing on risk appetite.
Japan’s Nikkei 225 was up by 0.21% , Hang Seng was up at 0.70 %, China A50 was down at 0.16 %
Commodities Recap
Gold prices were muted on Tuesday as nervy investors stayed on the sidelines ahead of a deadline set by U.S. President Donald Trump for Iran to reopen the Strait of Hormuz.
Spot gold edged 0.1% higher to $4,651.34 per ounce by 0702 GMT, while U.S. gold futures for June delivery fell 0.2%to $4,676.50.
Oil prices extended gains on Tuesday as a U.S. deadline loomed for Iran to reopen the Strait of Hormuz, with President Donald Trump threatening attacks on key infrastructure if it fails to comply.
Brent crude futures rose $1.74, or 1.6%, to $111.51 a barrel by 0530 GMT, while U.S. West Texas Intermediate crude futures were up $3.45, or 3.1%, at $115.86.
