Market Roundup
•US Building Permits (Apr): 1.422M, 1.412M forecast, 1.467M previous.
•Canada Core Retail Sales (MoM) (Mar): -0.7%, -0.1% forecast, 0.6% previous.
•Canada Corporate Profits (QoQ): 2.7%, 2.1% previous.
•Canada Retail Sales (MoM) (Mar): 0.8%, 0.7% forecast, -0.4% previous.
•Canada Retail Sales (MoM) (Apr): 0.5%, 0.8% previous.
•US New Home Sales (MoM) (Apr): 10.9%, 2.6% previous.
•US New Home Sales (Apr): 743K, 694K forecast, 670K previous.
•US Baker Hughes Oil Rig Count: 465, 473 forecast, 473 previous.
•US Baker Hughes Total Rig Count: 566, 576 previous.
Looking Ahead Economic Data(GMT)
•No Data Ahead
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro climbed as investors moved away from the U.S. dollar amid fresh trade war concerns sparked by President Donald Trump. Trump proposed a 50% tariff on imports from the European Union effective June 1, raising fears about the broader effects on global trade and economic growth. He also criticized the EU for difficult negotiations and threatened to impose a 25% tariff on Apple iPhones manufactured outside the U.S., as well as on Samsung and other smartphone brands. On Thursday, the Republican-controlled U.S. House of Representatives passed a sweeping tax and spending bill that would add trillions of dollars to the country's debt. The euro rose 0.8% against the dollar to $1.1363 and was on track for its biggest weekly rise in six weeks. Immediate resistance can be seen at 1.1383(23.6%fib), a n upside break can trigger rise towards 1.1450(Higher BB).On the downside, immediate support is seen at 1.1268(38.2%fib), a break below could take the pair towards 1.1163(50%fib).
GBP/USD: The British pound strengthened on Friday, buoyed by stronger-than-expected UK retail sales and ongoing investor caution around the U.S. dollar. April retail sales rose 1.2% month-on-month, significantly above economists’ forecast of a 0.2% gain, according to the Office for National Statistics. The increase, aided by favorable weather, marked the fourth straight monthly rise—last seen in 2020 after the first COVID-19 lockdown. March sales were also revised up to a 0.1% gain. Additionally, data showed improved household sentiment in May, suggesting that resilient consumer spending could remain a bright spot in the UK’s otherwise sluggish economic outlook. Sterling strengthened 0.9% against the dollar. For the week, the pound was up 1%, posting its largest weekly gain in five weeks.Immediate resistance can be seen at 1.3538(Daily high), an upside break can trigger rise towards 1.3582(23.6%fib).On the downside, immediate support is seen at 1.3390(38.2%fib), a break below could take the pair towards 1.3315(April 30th low).
USD/CAD: The Canadian dollar climbed to a seven-month peak against the U.S. dollar on Friday, buoyed by stronger-than-expected retail sales data and a weaker greenback. The U.S. dollar declined broadly after President Donald Trump announced plans for steep tariffs on Apple products and European Union goods, heightening fears of slower economic growth. Canadian retail sales rose 0.8% in March, surpassing forecasts, while early estimates point to a further 0.5% gain in April, reinforcing expectations that the Bank of Canada may hold off on interest rate changes. The loonie was trading 1% higher at 1.3712 per U.S. dollar , its strongest intraday level since October 10.Immediate resistance can be seen at 1.3817 (38.2%fib), an upside break can trigger rise towards 1.3866 (Daily high).On the downside, immediate support is seen at 1.3695(Lower BB), a break below could take the pair towards 1.3652(23.6%fib)
USD/JPY: The U.S. dollar fell sharply against the Japanese yen on Friday as safe-haven demand for the yen surged amid mounting fears over President Donald Trump's sweeping tax cuts and the expanding U.S. debt burden. Trump's threat to impose a 50% tariff on European Union imports and a 25% levy on Apple iPhones and other smartphones made outside the U.S. further unsettled markets. This marked the latest escalation in a turbulent week, which began with Moody’s downgrading the U.S. credit rating and continued with the House of Representatives narrowly passing Trump’s tax legislation. The tax plan is projected to add nearly $4 trillion to the current $36 trillion U.S. federal debt. The dollar sank 1% versus the Japanese yen. Immediate resistance can be seen at 144.12 (Daily high)an upside break can trigger rise towards 144.67(38.2%fib) .On the downside, immediate support is seen at 141.22(23.6%fib)a break below could take the pair towards 141.28(Lower BB)
Equities Recap
European shares ended sharply lower on Friday after U.S. President Donald Trump escalated trade tensions by threatening steep tariffs on the European Union and tech giant Apple, reviving fears of a global trade war and rattling investor confidence..
UK's benchmark FTSE 100 closed down by 0.24percent, Germany's Dax ended down by 1.54 percent, France’s CAC finished the day down by 1.65 percent.
U.S. stocks declined on Friday, capping off a losing week, as President Donald Trump's call for 50% tariffs on European imports reignited global trade fears and triggered renewed market volatility.
Dow Jones closed down by 0.61 %percent, S&P 500 closed down by 0.67% percent, Nasdaq settled down by 1.00% percent.
Commodities Recap
Gold prices surged over 2% on Friday, marking their strongest weekly gain in six weeks, as investors turned to the safe-haven metal amid renewed tariff threats from U.S. President Donald Trump and a weakening dollar.
Spot gold gained 2.1% to $3,362.70 an ounce by 1356 ET (1756 GMT). Bullion rose 5.1% this week to touch an over two-week high.
Oil prices rose on Friday as U.S. buyers increased positions ahead of the three-day Memorial Day weekend, driven by concerns over the latest nuclear talks between American and Iranian negotiators.
Brent crude futures settled at $64.78 a barrel, up 34 cents, or 0.54%. U.S. West Texas Intermediate crude futures finished at $61.53, up 33 cents, or 0.54%.
