Market Roundup
• New Zealand ANZ Business Confidence (Oct) 58.1, 49.6 previous
• New Zealand NBNZ Own Activity (Oct) 44.6%, 43.4% previous
• New Zealand Australia Export Price Index (QoQ) (Q3) -0.9%, -4.5% previous
•Australia Import Price Index (QoQ) (Q3) -0.4% -0.3%forecast,-0.8% previous
Looking Ahead Economic Data(GMT)
•06:30 French Consumer Spending (MoM) (Sep) 0.0% forecast, 0.1% previous
•06:30 French Consumer Spending (MoM) 0.0% forecast, 0.1% previous
•06:30 French GDP (YoY) (Q3) 0.6% forecast,0.8% previous
•06:30 French GDP (QoQ) (Q3) 0.2% forecast, 0.3% previous
•08:00 Spanish CPI (YoY) (Oct) 2.9% forecast ,3.0% previous
•08:00 Spanish CPI (MoM) (Oct) -0.3% previous
•08:55 German Unemployment Change (Oct): 8K forecast, 14K previous
•08:55 German Unemployment (Oct): 2.976M
•08:55 German Unemployment n.s.a. (Oct): 2.955M
•09:00 Italian GDP (YoY) (Q3): 0.6% forecast, 0.4% previous
•09:00 Italian GDP (QoQ) (Q3): 0.1% forecast, -0.1% previous
•08:55 German Unemployment Change (Oct): 8K forecast, 14K previous
•08:55 German Unemployment Rate (Oct): 6.3% forecast, 6.3% previous
•08:55 German Unemployment n.s.a. (Oct): 2.955M previous
•09:00 Italian GDP (YoY) (Q3): 0.6% forecast, 0.4% previous
•09:00 Italian GDP (QoQ) (Q3): 0.1% forecast, -0.1% previous
•10:00 EU Business and Consumer Survey (Oct): 95.7 forecast, 95.5 previous
•10:00 EU Business Climate (Oct): -0.76 previous
•10:00 EU Consumer Confidence (Oct): -14.2 forecast, -14.2 previous
•10:00 EU Consumer Inflation Expectation (Oct): 24.0 previous
•10:00 EU Selling Price Expectations (Oct): 6.9 previous
•10:00 EU Services Sentiment (Oct): 3.3 forecast, 3.6 previous
•10:00 EU GDP (YoY) (Q3): 1.2% forecast, 1.5% previous
•10:00 EU GDP (QoQ) (Q3): 0.1% forecast, 0.1% previous
•10:00 EU Industrial Sentiment (Oct): -10.0 forecast, -10.3 previous
•10:00 EU Unemployment Rate (Sep): 6.3% forecast, 6.3% previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Forecast
EUR/USD : The euro edged higher on Thursday as traders trimmed bets of another U.S. rate cut this year while also awaiting further details of the outcome of a meeting between U.S. President Donald Trump and China's leader Xi Jinping.Trump said a trade deal with China could be signed on Thursday as he met with Xi in South Korea, while the Chinese president similarly told his U.S. counterpart that trade negotiators from the world's two largest economies had reached a basic consensus on a deal.While the highly anticipated meeting concluded without much fanfare and reaction in currencies was largely muted, the overall market mood was buoyant as investors bet on a further thaw in icy trade relations between the two nations. The euro was up 0.13% at $1.1616, having weakened 0.43% in the previous session. Immediate resistance can be seen at 1.1662(50%fib), an upside break can trigger rise towards 1.1728(Oct 17th high).On the downside, immediate support is seen at 1.1561(61.8%fib), a break below could take the pair towards 1.1523(Lower BB).
GBP/USD: The pound held near 5 ½ month low on Thursday as dollar held gains as traders trimmed bets of another U.S. rate cut this year and awaited more details on a potential U.S.-China trade deal.. In the broader market, there was muted reaction after a highly anticipated meeting between U.S. President Donald Trump and China's leader Xi Jinping in South Korea as investors waited on further details of the outcome. Still, the overall market mood was buoyant as investors bet on a further thaw in icy trade relations between the two nations.Trump said a trade deal with China could be signed on Thursday, while the Chinese president similarly told his U.S. counterpart that trade negotiators from the world's two largest economies had reached a basic consensus on a deal. Immediate resistance can be seen at 1.3250(38.2%fib), an upside break can trigger rise towards 1.3335(50%fib).On the downside, immediate support is seen at 1.3166(Lower BB), a break below could take the pair towards 1.3144(23.6%fib).
AUD/USD: The Australian dollar firmed on Thursday as hopes of progress in U.S.–China trade discussions underpinned risk appetite and supported the Aussie.U.S. President Donald Trump met Chinese President Xi Jinping at a South Korean air base on Thursday to discuss a potential truce in the ongoing trade war between the world’s two largest economies.Trump has voiced optimism about striking a deal with Xi during their talks on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, encouraged by Wednesday’s breakthrough in trade negotiations with South Korea.The trade war flared up again this month after Beijing moved to sharply expand restrictions on exports of rare-earth minerals, key components in high-tech manufacturing where China holds a dominant position.Given Australia’s strong export ties to China, investors often treat the Australian dollar as a liquid proxy for global trade sentiment and risk appetite. Immediate resistance can be seen at 0.6617(38.2%fib), an upside break can trigger rise towards 0.6660(Sep 17th high).On the downside, immediate support is seen at 0.6579(Daily low), a break below could take the pair towards 0.6547(38.2%fib)
USD/JPY: The U.S. dollar strengthened on Wednesday as the yen weakened following the Bank of Japan’s decision to keep interest rates unchanged.As widely expected, the BOJ maintained short-term rates at 0.5% but reiterated its commitment to gradually raising borrowing costs if the economy continues to perform in line with its projections. Board members Naoki Tamura and Hajime Takata dissented once again, repeating their earlier proposals from September to lift rates to 0.75%.In its quarterly outlook report released on Thursday, the central bank slightly raised its growth forecast for the fiscal year ending March 2026 and upgraded its inflation projection for fiscal 2026. The BOJ also said it expects underlying inflation to reach its 2% target in the latter half of the three-year projection period through March 2027, maintaining the same guidance as in its July report.Immediate resistance can be seen at 153.27(23.6%fib) an upside break can trigger rise towards 154.00 (Psychological level) .On the downside, immediate support is seen at 151.58 (38.2%fib) a break below could take the pair towards 151.00 (Psychological level).
Equities Recap
Asian stocks advanced in morning trading on Thursday after the Federal Reserve cut interest rates and U.S. and Chinese leaders met to thrash out a trade deal
South Korea’s KOSPI up up 0.82 % ,China’sA50 traded down 0.17 ,Japan’s Nikkei 225 was up 0.49%
Commodities Recap
Gold prices edged higher on Thursday, supported by a mild retreat in the U.S. dollar, as investors awaited the outcome of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping, where the two leaders were expected to discuss a potential trade deal.
Spot gold was up 0.2% at $3,937.88 per ounce, as of 0235 GMT. U.S. gold futures for December delivery slipped 1.2% to $3,950.70 per ounce.
Oil prices held steady in early Thursday trading, retaining most of the previous session’s gains, as investors awaited the U.S.–China trade talks later in the day in hopes of progress that could ease tensions weighing on the global economic outlook.
Brent crude futures fell 3 cents, or 0.05%, to $64.89 a barrel by 0032 GMT, while U.S. West Texas Intermediate crude futures fell 11 cents, or 0.18%, to $60.37.
