Market Roundup
• Swiss Unemployment Rate s.a. (May) 3.0%, 3.0% forecast, 3.0% previous
•Swiss Unemployment Rate s.a. (May) 3.0%, 3.0% forecast, 3.0% previous
•Spanish Industrial Production (YoY) (Apr) 2.0%, 2.0% forecast, 1.9% previous
•EU HCOB Eurozone Construction PMI (May) 43.7, 41.7 previous
•HCOB France Construction PMI (May) 39.6, 38.1 previous
•HCOB Germany Construction PMI (May) 42.4, 42.1 previous
• HCOB Italy Construction PMI (May) 49.4, 44.8 previous
•EU Retail Sales (YoY) (Apr) 1.0%, 0.3% forecast, 2.1% previous
•EU Retail Sales (MoM) (Apr) -0.4%, -0.3% forecast, 0.8% previous
•US Initial Jobless Claims 225K, 214K forecast, 212K previous
•US Nonfarm Productivity (QoQ) (Q1) 0.3%, 0.8% forecast, 1.8% previous
•US Unit Labor Costs (QoQ) (Q1) 1.8%, 2.3% forecast, 4.4% previous
•US Continuing Jobless Claims 1,777K, 1,780K forecast, 1,785K previous
•US Jobless Claims 4-Week Avg. 214.75K, 208.25K previous
Looking Ahead Economic Data (GMT)
•16:00 US 4-Week Bill Auction 3.630% previous
•16:00 US 8-Week Bill Auction 3.615% previous
Looking Ahead Events And Other Releases (GMT)
• No Events Ahead
Currency Summaries
EUR/USD : The euro edged higher on Thursday as investors assessed whether developments in the Middle East would lead towards a peace deal to end the months-long conflict. Israel and Lebanon agreed to implement a ceasefire to end hostilities, the Trump administration said on Wednesday, boosting hopes for a broader deal to end the Iran conflict.The Republican-led U.S. House of Representatives approved a resolution to block U.S. President Donald Trump from continuing the war against Iran, reflecting growing concern among members of his party about the three-month-old conflict.Oil prices eased on Thursday, as the ceasefire between Lebanon and Israel boosted hopes of a U.S.-Iran peace deal.Immediate resistance can be seen at 1.1648(May 25th high), an upside break can trigger rise towards 1.1693(SMA 20).On the downside, immediate support is seen at 1.1577(23.6%fib), a break below could take the pair towards 1.1561(Lower BB).
GBP/USD: The pound trading in tight range on Thursday as markets remained focused on the uncertain outcome of U.S.-Iran peace talks.Israel and Lebanon agreed to implement a ceasefire to end hostilities, the Trump administration said on Wednesday, bolstering hopes of a broader deal.But that came after Iran earlier struck Kuwait's airport and the U.S. military carried out strikes near the Strait of Hormuz, underscoring how shaky the weeks-long U.S.-Iran ceasefire has become.Britain's currency has been pulled in different directions since the start of the Iran war and is down around 0.5% since February 27 against the dollar but up roughly 1.5% versus the euro.Immediate resistance can be seen at 1.3463(SMA 20), an upside break can trigger rise towards 1.3526(50%fib).On the downside, immediate support is seen at 1.3416(Daily low), a break below could take the pair towards1.3382(61.8%fib).
AUD/USD: Australian dollar traded in narrow range on Thursday as investors continued to assess developments in the Middle East and their potential impact on global markets.Iranian attacks on Kuwait damaged its airport and injured dozens on Wednesday while the U.S. military carried out strikes near the Strait of Hormuz, straining a shaky ceasefire and dimming hopes for a diplomatic halt to the war. The United States announced that Lebanon and Israel had agreed to a ceasefire, financial markets remain skeptical about the durability of the arrangement.On the data front, The Australian Bureau of Statistics reported the balance on goods recorded a surplus of A$1.8 billion ($1.28 billion) in April, bang in line with market forecasts. March had seen the first deficit since 2017 at A$1.0 billion. Immediate resistance can be seen at 0.7170(38.2%fib), an upside break can trigger rise towards 0.7189(SMA 20).On the downside, immediate support is seen at 0.7104(Lower BB), a break below could take the pair towards 0.7088(50%fib).
USD/JPY: The dollar dipped slightly on Thursday as yen gained on a possible trigger for another round of intervention by Japanese authorities. The yen has now surrendered the gains made following Tokyo's ¥11.7 trillion intervention last month aimed at supporting the currency.The latest decline prompted fresh warnings from officials, with Prime Minister Sane Takaichi reiterating that the government is prepared to act against excessive exchange-rate volatility if needed.Meanwhile, Bank of Japan Governor Kazuo Ueda said the central bank would consider the costs and benefits of raising interest rates if inflation risks become more significant than the downside risks to economic growth . Immediate resistance can be seen at 159.74(Daily high) an upside break can trigger rise towards 160.00(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 shares were steady on Thursday as investors weighed Middle East developments and the possibility of a peace deal, while Remy Cointreau gained after announcing a turnaround plan.
UK's benchmark FTSE 100 was last trading up at 0.05 percent, Germany's Dax was up by 0.36 percent, France’s CAC was up by 0.85 percent.
Commodities Recap
Gold prices gained more than 1% on Thursday as oil prices fell and the dollar weakened, while bond yields also declined on easing expectations around the Iran conflict.
Spot gold was up 1.7% at $4,505.35 per ounce as of 9:05 a.m. EDT (1305 GMT).
Oil prices rose around 2% on Wednesday as Middle East hostilities flared again, while stalled U.S.–Iran talks showed little sign of progress.
Brent futures settled up $1.81, or 1.89%, at $97.81 a barrel, while U.S. West Texas Intermediate crude climbed $2.26, or 2.41%, to $96.02.
