Market Roundup
• Australia Judo Bank Services PMI (Mar) 51.6, 51.2 forecast,50.8 previous
•Japan Foreign Bonds Buying -5.9B, -233.7B previous
•Japan Foreign Investments in Japanese Stocks -450.4B , -1,200.6B previous
•Australia Exports (MoM) (Feb) -3.6%, 0.8% previous
•Australia Imports (MoM) (Feb) 1.6%,-0.4% previous
•Australia Trade Balance (Feb) 2.968B ,5.380B forecast,5.156B previous
•Japan au Jibun Bank Services PMI (Mar) 50.0,49.5 forecast, 53.7 previous
• China Caixin Services PMI (Mar) 51.9, 51.5 forecast, 51.4 previous
•Swiss CPI (YoY) (Mar) 0.3%, 0.5% forecast, 0.3% previous
•Swiss CPI (MoM) (Mar) 0.0%, 0.1% forecast, 0.6% previous
Looking Ahead Economic Data(GMT)
•08:30 UK S&P Global Composite PMI (Mar) 52.0 forecast, 50.5 previous
•08:30 UK S&P Global Services PMI (Mar) 53.2 forecast, 51.0 previous
• 09:00 French 10-Years OAT Auction 3.51% previous
• 09:00 French 30-Years OAT Auction 3.66% previous
• 09:00 French 8-Year OAT Auction3.23% previous
•09:00 EU PPI (MoM) (Feb) 0.3% forecast, 0.8% previous
•09:00 EU PPI (YoY) (Feb) 1.8% previous
Looking Ahead Events And Other Releases(GMT)
• 10:00 ECB's Schnabel Speaks
Currency Forecast
EUR/USD: The euro rose against the dollar on Thursday after President Donald Trump unveiled harsher-than-expected tariffs on U.S. trading partners, sending shockwaves through the markets. Trump announced a 10% baseline tariff on all imports to the U.S., along with higher duties on some of the country’s largest trading partners. Set to take effect on April 9, the tariffs are expected to target around 60 countries. This move escalates the trade war Trump reignited upon returning to the White House, fueling concerns that a full-scale trade war could slow global economic growth and drive up inflation. EU chief Ursula von der Leyen called the tariffs a significant blow to the global economy and warned that the 27-member bloc was ready to implement countermeasures if talks with the U.S. fail. Immediate resistance can be seen at 1.0993(23.6%fib), an upside break can trigger rise towards 1.1023(Higher BB).On the downside, immediate support is seen at 1.0866(38.2%fib), a break below could take the pair towards 1.0764(50%fib).
GBP/USD: The British pound gained ground on Thursday as the dollar weakened after U.S. President Donald Trump announced a broad set of reciprocal tariffs. On Wednesday, Trump revealed a 10% minimum tariff on most imported goods to the U.S., along with significantly higher duties on products from dozens of countries, escalating the trade war and raising concerns about inflation and potential global economic slowdown. Thenew tariffs further intensify the trade war Trump reignited upon returning to the White House, unsettling markets as fears grow that a full-scale trade war could stall both U.S. and global economic growth. Investors are also concerned that retaliatory measures from U.S. trading partners could drive up prices. Immediate resistance can be seen at 1.3141(Daily high), an upside break can trigger rise towards 1.3203(23.6%fib).On the downside, immediate support is seen at 1.3030(38.2%fib), a break below could take the pair towards 1.2907(50%fib).
AUD/USD: The Australian dollar initially fell but regained most of ground on Thursday as President Donald Trump's unexpectedly aggressive stance on reshaping global trade unsettled investors.U.S. President Donald Trump unveiled a sweeping set of reciprocal tariffs that were particularly heavy on China and its main trading partners. On Wednesday, Trump announced a 10% baseline tariff on all imports to the U.S., along with higher duties on several other countries. Investors had been bracing for these tariffs over the past week, Washington's latest punitive measures turned out to be more aggressive than expected. Immediate resistance can be seen at 0.6313(50%fib), an upside break can trigger rise towards 0.6358(March 20th high).On the downside, immediate support is seen at 0.6258(38.2%fib), a break below could take the pair towards 0.6232(Lower BB).
USD/JPY: The dollar slipped lower on Thursday as investors sought the safe-haven yen after Trump unleashed more aggressive-than-expected import tariffs, escalating the global trade war. Trump imposed a 10% baseline tariff on imports, with much higher rates for certain trading partners, especially in Asia. China was hit a 34% tariff, Japan 24%, Vietnam 46%, and South Korea 25%, while the European Union was hit with a 20% levy. Trump's actions are likely to intensify the global trade war, potentially slowing down global economic growth. At GMT 07:55 The dollar was last trading down 1.41% to 147.10. Immediate resistance can be seen at 149.00(Psychological level) an upside break can trigger rise towards 150.10(38.2%fib). On the downside, immediate support is seen at 147.09(23.6%fib) a break below could take the pair towards 146.83(Daily low).
Equities Recap
Asian stocks fell on Thursday as investors scrambled for the safety of bonds, gold and the yen, fearing new U.S. tariffs have intensified a trade war threatening to tip the world into recession.
Japan’s Nikkei was down 2.37% , and South Korea's KOSPI was down by 0.76%, Hang Seng was down by 1.51%.
Commodities Recap
Gold fell on Thursday as traders took profits after prices reached a record high, driven by a surge in safe-haven demand following U.S. President Donald Trump's aggressive import tariffs, which intensified the ongoing global trade war.
Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57.U.S. gold futures fell 0.7% to $3,145.00.
Oil prices dropped by up to 3% on Thursday after U.S. President Donald Trump unveiled broad new tariffs, raising concerns among investors that an escalating global trade war could hinder economic growth and reduce fuel demand.
Brent futures were down $1.97, or 2.63%, to $72.98 a barrel by 0635 GMT after dropping by as much as 3.2% earlier, the biggest daily percentage decline since March 5. U.S. West Texas Intermediate crude futures were down $2.01, or 2.80%, to $69.70
