Market Roundup
• Australia Current Account (Q4): -21.1B, -16.8B forecast, -18.3B previous.
• Australia Building Approvals (MoM) (Jan): -7.2%, 5.4% forecast, -14.9% previous.
• Australia Net Exports Contribution (Q4): -0.1%, -0.3% forecast, -0.1% previous.
• Australia Building Approvals (YoY) (Jan): 8.10%,16.40% previous.
• Australia Private House Approvals (Jan): 1.1%, 1.2% previous.
Looking Ahead Economic Data (GMT)
•10:00 Eurozone CPI (MoM) (Feb): -0.6% previous.
•10:00 Eurozone Core CPI (YoY) (Feb): 2.2%forecast, 2.2% previous.
•10:00 Eurozone HICP ex Energy & Food (YoY) (Feb): 2.1%.
•10:00 Eurozone CPI, n.s.a (Feb): 100.05 previous
•10:00 Eurozone Core CPI (MoM) (Feb): -1.1% previous
•10:00 Eurozone HICP ex Energy & Food (MoM) (Feb): -0.8% previous
•10:00 Greece Unemployment Rate (Jan): 7.5% previous
Looking Ahead Events And Other Releases (GMT)
•No Events Ahead
Currency Forecast
EUR/USD : The euro dipped on Tuesday as the widening Middle East conflict focused attention on countries dependent on energy imports and how central banks might respond to inflation pressures.The dollar benefited from safe-haven demand as the U.S. and Israeli air war against Iran spilled into neighbouring countries. The euro steadied after sliding more than 1% as doubts swirled about when oil shipments from the region would be restored. Crude prices climbed for a third day after Iran threatened to fire on ships trying to pass through the Strait of Hormuz. Europe and Japan are more exposed to higher energy costs than the U.S., which is a net energy exporter. Immediate resistance can be seen at 1.1872(38.2%fib), an upside break can trigger rise towards 1.1974(Jan 30th high).On the downside, immediate support is seen at 1.1783(SMA 20), a break below could take the pair towards 1.1724(50%fib).
GBP/USD: The pound dipped on Tuesday as investors assessed the implications of U.S. and Israeli strikes on Iran on energy prices and the global economy. U.S. President Donald Trump sought to justify a broad, open-ended war on Iran, saying on Monday the campaign was ahead of expectations.With no end to hostilities in sight, an official from Iran's Revolutionary Guards said on Monday that the Strait of Hormuz is closed to marine traffic and the country will fire on any ship trying to pass. Attention now turns to U.K. Chancellor Rachel Reeves, who will deliver the annual budget update on Tuesday.Updated economic projections will be released, with investors particularly focused on the inflation outlook and its implications for Bank of England policy.Immediate resistance can be seen at 1.3517(38.2%fib), an upside break can trigger rise towards 1.3591(38.2%fib).On the downside, immediate support is seen at 1.3323(61.8%fib), a break below could take the pair towards 1.3267(Lower BB).
AUD/USD: The Australian dollar retreated on Tuesday as investors cautiously assessed escalating tensions in the Middle East, keeping risk appetite subdued.The conflict broadened to Lebanon and Iraq, with reports that two drones struck the U.S. embassy in Riyadh, heightening geopolitical uncertainty. Donald Trump said the response to the Riyadh embassy attack would be revealed soon, adding to market anxiety. Attention now turns to Australia’s Q4 GDP data due Wednesday, with Reuters polling economists for growth of 0.6% quarter-on-quarter and 2.2% year-on-year, figures that could shape near-term RBA policy expectations. Immediate resistance can be seen at 0.7139(23.6%fib), an upside break can trigger rise towards 0.7162(Higher BB).On the downside, immediate support is seen at 0.7037(38.2%fib), a break below could take the pair towards 0.6700(Psychological level)
USD/JPY: The U.S. dollar dipped on Monday as investors assessed the implications of U.S. and Israeli strikes on Iran on energy prices and the global economy.Israel struck Hezbollah targets in Lebanon after rocket attacks, while Iran continued missile and drone strikes on Gulf states. Qatar also halted LNG production, triggering precautionary shutdowns of regional oil and gas facilities. Japan’s Katayama said financial officials are closely monitoring markets with a strong sense of urgency and noted that Japan reached a shared understanding with the U.S. last year regarding potential currency intervention.Meanwhile, Bank of Japan Governor Kazuo Ueda did not mention monetary policy in a speech on Tuesday, a day after BOJ Deputy Governor Ryozo Himino said market volatility would not prevent a rate increase. Immediate resistance can be seen at 159.30(23..6%fib) an upside break can trigger rise towards 160.00(Psychological level) .On the downside, immediate support is seen at 156.14 (38.2%fib) a break below could take the pair towards 154.34 (SMA 20).
Equities Recap
Asian stocks selloff in stocks deepened on Tuesday as investors considered the implications of U.S. and Israeli strikes on Iran on energy prices and the global economy..
Japan’s Nikkei 225 was down by 3.38% , South Korea’s KOSPI was down at 7.24 %, China A50 was down at 0.14%
Commodities Recap
Gold prices eased on Tuesday, pulled back by a stronger dollar, while investors assessed the impact of an escalating U.S. and Israeli air war against Iran.
Spot gold was down 0.4% at $5,305.23 per ounce, as of 0646 GMT. In the previous session, bullion climbed to its highest point in more than four weeks after the U.S. and Israel launched strikes on Iran over the weekend.
Brent crude rose over $3 on Tuesday for a third straight session as the escalating U.S.–Israeli conflict with Iran and risks to shipping through the Strait of Hormuz fueled fears of Middle East supply disruptions.
Brent crude futures were at $80.89 a barrel, up $3.15, or 4.1%, by 0745 GMT. On Monday, the contract surged to as high as $82.37, its highest since January 2025, though it pared those gains to settle 6.7% higher.
