FxWirePro: EUR/ NZD gains some upside momentum but still bearish 
Market Roundup
• HCOB France Manufacturing PMI (May) 48.9, 52.1 forecast, 52.8 previous
•HCOB France Services PMI (May): 42.9, 46.6 forecast, 46.5 previous.
•HCOB France Composite PMI (May): 43.5, 47.7 forecast, 47.6 previous.
•HCOB Germany Manufacturing PMI (May): 49.9, 51.0 forecast, 51.4 previous.
•HCOB Germany Services PMI (May): 47.8, 47.1 forecast, 46.9 previous.
•HCOB Germany Composite PMI (May): 48.6, 48.4 forecast, 48.4 previous.
•HCOB Eurozone Manufacturing PMI (May): 51.4, 51.7 forecast, 52.2 previous.
•HCOB Eurozone Services PMI (May): 46.4, 47.8 forecast, 47.6 previous.
•HCOB Eurozone Composite PMI (May): 47.5, 48.8 forecast, 48.8 previous.
•EU Current Account (Mar): 14.9B, 26.3B forecast, 25.6B previous.
•EU Current Account n.s.a. (Mar): 24.1B, 21.1B previous.
•UK S&P Global Services PMI (May): 47.9, 51.7 forecast, 52.7 previous.
•UK S&P Global Composite PMI (May): 48.5, 51.6 forecast, 52.6 previous.
•UK S&P Global Manufacturing PMI (May): 53.7, 52.9 forecast, 53.7 previous.
•EU Construction Output (MoM) (Mar): 0.78%, -0.77% previous.
•EU Labor Cost Index (YoY) (Q1): 3.30%, 3.30% previous.
Looking Ahead Economic Data (GMT)
•12:30 US Philadelphia Fed Manufacturing Index (May): 17.6 forecast, 26.7 previous.
•12:30 US Initial Jobless Claims: 210K forecast, 211K previous.
•12:30 US Philly Fed Employment (May): -5.1 previous.
•12:30 US Building Permits (Apr): 1.380M, 1.363M previous.
•12:30 US Housing Starts (Apr): 1.420M forecast, 1.502M previous.
•12:30 US Housing Starts (MoM) (Apr): 10.8% previous.
•12:30 US Continuing Jobless Claims: 1,790K forecast, 1,782K previous.
•12:30 US Philly Fed Business Conditions (May): 40.8 previous.
•12:30 US Philly Fed New Orders (May): 33.0 previous.
•12:30 US Philly Fed Prices Paid (May): 59.30 previous.
•12:30 US Philly Fed CAPEX Index (May): 35.20 previous.
•12:30 US Building Permits (MoM) (Apr): -11.4% previous.
•12:30 US Jobless Claims 4-Week Avg.: 203.75K previous.
•14:45 US S&P Global Manufacturing PMI (May): 53.8 forecast, 54.5 previous.
•14:45 US S&P Global Services PMI (May): 51.1 forecast, 51.0 previous.
•14:45 US S&P Global Composite PMI (May): 51.7 previous.
•15 :00 US Atlanta Fed GDPNow (Q2): 4.0% forecast, 4.0% previous.
•15 :00 EU Consumer Confidence (May): -21.0 forecast, -20.6 previous.
•15 :30 US Natural Gas Storage: 96B forecast, 85B previous.
Currency Summaries
EUR/USD : The euro edged lower on Thursday as dollar firmed slightly on hopes that Washington was nearing a deal with Tehran to end the war in the Middle East.U.S. President Donald Trump on Wednesday said negotiations with Tehran were in the final stages, while also warning of further attacks if Iran does not agree to a deal. Iran said it was reviewing Washington's latest position on ending the war after U.S. President Donald Trump suggested he was prepared to wait a few days to "get the right answers" from Tehran. The euro was down at $1.1623 after dipping to its weakest level on Wednesday since April 7 at $1.1583 before bouncing back . Immediate resistance can be seen at 1.1661(Daily high), an upside break can trigger rise towards 1.1705(SMA 20).On the downside, immediate support is seen at 1.1581(23.6%fib), a break below could take the pair towards 1.1526(April 7th low).
GBP/USD: Sterling eased on Thursday as traders digested some worse-than-expected surveys of British business activity. A survey on Thursday showed British companies suffering their most widespread drop in activity in more than a year due to the economic fallout from the Iran war and political uncertainty at home.Data company S&P Global's preliminary UK Composite Purchasing Managers' Index for May tumbled to 48.5, from 52.6 in April, its first sub-50.0 reading since April 2025 and far below the 51.6 median in a Reuters poll. A PMI below 50.0 indicates slowing activity.The figure overshadowed recent positive British data reads, including strong Q1 GDP figures last week and inflation figures on Wednesday.April's CPI figures on Wednesday showed inflation came in at 2.8% in April, down from 3.3% in March and below economists' expectations for a 3% reading. Immediate resistance can be seen at 1.3414(Daily high), an upside break can trigger rise towards 1.3475(38.2%fib).On the downside, immediate support is seen at 1.3321(38.2%fib), a break below could take the pair towards 1.3154(23.6%fib).
AUD/USD: Australian dollar eased on Thursday as a weaker-than-expected Australian labour market data weighed on Australian dollar. Australian employment unexpectedly fell in April, while the jobless rate rose to its highest level since late 2021, suggesting the labour market may be easing enough to reduce pressure for a near-term rate hike. Australian employment fell by 18,600 in April versus a revised 23,300 gain in March, well below expectations for a 15,000 increase, according to the Australian Bureau of Statistics. Full-time jobs dropped 10,700 after a sharp rise in the previous month, adding to signs of softening labour market conditions.The unemployment rate rose to 4.5%, the highest since November 2021, versus expectations for it to remain unchanged at 4.3%Immediate resistance can be seen at 0.7175(38.2%fib), an upside break can trigger rise towards 0.7196(SMA 20).On the downside, immediate support is seen at 0.7093(Lower BB), a break below could take the pair towards 0.7084(50%fib).
USD/JPY: The U.S. dollar edge higher on Thursday as investors were cautious of possible Japanese intervention to support the yen. Markets remain cautious about the possibility of Japanese Ministry of Finance intervention should the pair push sharply higher again. However, dip-buying demand continues to emerge amid hopes for easing tensions in the Middle East, contributing to softer crude oil prices, though traders remain unconvinced that a lasting resolution is close.On the data front, Japanese exports rose for an eighth consecutive month in April, beating market forecasts as resilient global demand helped offset major supply disruptions caused by the U.S.-Israeli conflict with Iran.Separate data showed, Japan’s manufacturing activity slowed slightly in May, while service sector growth stalled for the first time in over a year, as rising costs linked to the Middle East conflict hurt business confidence, a survey showed on Thursday. Immediate resistance can be seen at 159.08(38.2%fib) an upside break can trigger rise towards 159.00(Psychological level) .On the downside, immediate support is seen at 158.23(SMA 20) a break below could take the pair towards 157.78(50%fib ).
Equities Recap
European stocks fell on Thursday, while oil prices climbed after Reuters reported that Iran's Supreme Leader said the country's near-weapons-grade uranium should remain in Iran, rejecting a key U.S. demand and raising concerns over the progress of nuclear talks
At GMT (13:40) UK's benchmark FTSE 100 was last trading down at 0.42 percent, Germany's Dax was down by 0.75 percent, France’s CAC was down by 0.60 percent.
Commodities Recap
Gold eased on Thursday as a stronger U.S. dollar and elevated Treasury yields weighed on prices, while stalled Middle East peace talks kept oil prices high, fueling inflation concerns and supporting expectations for higher interest rates.
Spot gold was down 0.6% at $4,517.94 per ounce, as of 1118 GMT. On Wednesday, bullion rose more than 1% in U.S. trading hours after having hit its lowest level since March 30.U.S. gold futures for June delivery lost 0.4% at $4,518.70.
Oil prices rose over 1% on Thursday after Reuters reported that Iran’s Supreme Leader has issued a directive that the country’s near-weapons-grade uranium should not be sent abroad.
Brent crude futures gained $1.39, or 1.3%, to $106.41 a barrel by 1037 GMT, and U.S. West Texas Intermediate futures rose $1.56, or 1.6%, to $99.82. Both were trading lower before the report.
