Market Roundup
• Japan Foreign Bonds Buying -207.1B, -83.5B previous
• Japan Foreign Investments in Japanese Stocks -1,206.0B, -1,805.6B previous
Looking Ahead Economic Data(GMT
•09:00 Italian Trade Balance Non-EU (Feb): 0.25B previous
•09:00 EU M3 Money Supply (Feb): 16,754.9B previous
•09:00 M3 Money Supply YoY (Feb): 3.8% forecast,3.6% previous
•09:00 Loans to Non-Financial Corporations (Feb): 2.0% previous
•09:00 Private Sector Loans YoY (Feb): 1.4% forecast, 1.3% previous
Looking Ahead Events And Other Releases(GMT)
• German Buba Vice President Buch Speaks
Currency Forecast
EUR/USD: The euro initially dipped but recovered ground against the dollar on Thursday as investors assessed U.S. President Donald Trump new tariffs on all auto imports, ratcheting up a global trade war that risks fuelling inflation. Late on Wednesday, Trump announced plans for long-promised 25% tariffs on automotive imports that are set to go into effect on April 2, escalating a global trade war that risks fuelling inflation.Market participants are cautious of the broader impact of U.S. tariffs on Southeast Asia's trade-reliant economies. The euro was last up 0.22% at $1.0777 after touching a three-week low of $1.0733 in early trading. Immediate resistance can be seen at 1.0840(38.2%fib), an upside break can trigger rise towards 1.0958(23.6%fib).On the downside, immediate support is seen at 1.0741(50%fib), a break below could take the pair towards 1.0650(61.8%fib).
GBP/USD: The British pound edged higher on Thursday as dollar weakened after U.S. President Donald Trump announced new tariffs on auto imports.U.S. President Donald Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting next week, widening the global trade war.Data on Wednesday also showed UK inflation cooled to an annual rate of 2.8% in February from 3.0% in January. That was below analysts' expectations of 2.9%, although analysts warned energy prices and tax increases would push the rate back up towards 4% this year.Investor focus will now be on the reciprocal tariffs due to be announced next week. Trump indicated the measures may not be the like-for-like levies he has been pledging to impose. Immediate resistance can be seen at 1.3012(23.6%fib), an upside break can trigger rise towards 1.3072(Higher BB).On the downside, immediate support is seen at 1.2902(March 17th low), a break below could take the pair towards 1.2873(38.2%fib).
AUD/USD: The Australian dollar edged up against dollar on Thursday after Trump announced tariffs on all imported vehicles, escalating the global trade war.Late on Wednesday, Trump announced plans for long-promised 25% tariffs on automotive imports that are set to go into effect on April 2. Investors are waiting for further details of a wider range of tariffs Trump says he will levy on trading partners next week.On the data front, next key data release is the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) Price Index, scheduled for Friday.At GMT 07:11, The Australian dollar was last trading up 0.21 % to $0.6310. Immediate resistance can be seen at 0.6358(50%fib), an upside break can trigger rise towards 0.6383(Higher BB).On the downside, immediate support is seen at 0.6268(38.2%fib), a break below could take the pair towards 0.6214(Lower BB).
USD/JPY: The dollar eased against the yen on Wednesday as concerns over the potential impact of U.S. President Donald Trump's auto tariff announcement weighed on the dollar. U.S. President Donald Trump announced on Wednesday a 25% tariff on imported cars and light trucks starting next week, a move expected to drive up prices, hamper production, and significantly impact Japan's auto sector. Japan’s Prime Minister Shigeru Ishiba said all options were on the table in response to the U.S. tariffs. Canada said it could impose retaliatory duties, while the European Union expressed regret but was seeking negotiated solutions. Analysts have warned Trump's tariff plans could stoke U.S. inflation, with the Federal Reserve already pausing its policy easing cycle. Immediate resistance can be seen at 151.12(23.6%fib) an upside break can trigger rise towards 151.52(Higher BB). On the downside, immediate support is seen at 149.81(38.2%fib) a break below could take the pair towards 148.68(50%fib).
Equities Recap
Asian equities edged lower on Thursday as new auto tariffs imposed by U.S. President Donald Trump pressured South Korean automakers.
Japan's Nikkei 225 was down 0.71% , South Korea's KOSPI was down 1.39%,Hang Seng was up by 0.68%,
Commodities Recap
Gold prices climbed on Thursday as U.S. auto tariffs heightened global trade tensions ahead of the April 2 reciprocal tariff deadline.
Spot gold was up 0.5% at $3,033.20 an ounce, as of 0535 GMT. U.S. gold futures gained 0.6% to $3,039.00.
Oil prices inched higher on Thursday amid concerns over tighter global supply following U.S. tariff threats on Venezuelan oil buyers and earlier sanctions on Iranian exports, while traders assessed the impact of Trump’s auto tariffs.
Brent crude futures gained 7 cents, or 0.1%, at $73.86 a barrel. U.S. West Texas Intermediate crude futures rose 10 cents, or 0.1%, to $69.75 a barrel at 0406 GMT.
