Market Roundup
• US S&P Global Manufacturing PMI (Mar): 52.4, 51.5 forecast, 51.6 previous
• US US S&P Global Services PMI (Mar): 51.1, 52.0 forecast, 51.7 previous
• US US S&P Global Composite PMI (Mar): 51.4, 51.9 previous
• US Richmond Manufacturing Index (Mar): 0, -8 forecast, -10 previous
• US Richmond Manufacturing Shipments (Mar): -2, -13 previous
• US Richmond Services Index (Mar): 9, -8 previous
Looking Ahead Economic Data (GMT)
• 00:30 Australia CPI (QoQ) (Q1): 0.6% previous
• 00:30 AU CPI (YoY) (Feb): 3.8% previous
• 00:30 AU Trimmed Mean CPI (QoQ) (Jan): 0.9% previous
• 00:30 AU Trimmed Mean CPI (YoY) (Feb): 3.4% previous
• 00:30 AU Weighted Mean CPI (QoQ) (Jan): 0.9% previous
• 00:30 AU Weighted Mean CPI (YoY) (Feb): 3.6% previous
• 00:30 AU Weighted Mean CPI (YoY) (Feb, alternate): 3.8 previous %
• 00:30 AU CPI Index Number (Feb): 101.33 previous
Looking Ahead Events And Other Releases (GMT)
•No Events Ahead
Currency Summaries
EUR/USD : The euro edged higher against dollar on Tuesday as investors remained doubtful the war in the Middle East could be quickly resolved, even though U.S. President Donald Trump delayed the bombing of Iranian power stations and energy infrastructure.Trump on Monday said that the U.S. and Iran had held "very good and productive" conversations about a "complete and total resolution of hostilities in the Middle East". Iran denied it had engaged in any direct negotiations.Survey data on Friday showed early signs that the war was starting to impact the global economy. Business activity in the euro zone and Britain fell to multi-month lows, suggesting Europe was already suffering economically from the conflict.The euro was last down 0.2% against the dollar at $1.1593 after gaining 0.4% in the previous trading session. Immediate resistance can be seen at 1.1615(SMA 20), an upside break can trigger rise towards 1.1653 (50%fib).On the downside, immediate support is seen at 1.1541(38.2%fib), a break below could take the pair towards 1.1487(March 23rd low).
GBP/USD: The British pound fell against the dollar on Tuesday, reversing some of its rise from the day before, as the Middle East war continues to hold sway over markets and as signs emerged that the conflict was starting to affect Britain's economy.Iran denied it had engaged in any direct negotiations, calling Trump's comments "fake news", which has put a cap on the pound's rebound against the dollar.British business activity grew at the slowest pace in six months in March, a survey showed on Tuesday, one of the first signs that war in the Middle East was having an impact on the British economy.Price pressures also showed signs of increasing, with manufacturers' input costs seeing the biggest month-on-month acceleration since 1992. Immediate resistance can be seen at 1.3458(50%fib), an upside break can trigger rise towards 1.3547(Higher BB).On the downside, immediate support is seen at 1.3384(SMA20), a break below could take the pair towards 1.3295(38.2%fib).
USD/CAD: The Canadian dollar on Tuesday as safe-haven demand for the greenback offset the potential boost to Canada's economy from higher oil prices.Dollar firmed as investors doubted the Middle East conflict would end quickly, while the price of oil , one of Canada's major exports, was trading 5.2% higher at $92.75 a barrel.Meanwhile, Canada’s factory activity bounced back last month, recovering from the early-year slump in auto sales caused by temporary shutdowns at Ontario vehicle plants for retooling.The price of oil, one of Canada's major exports, settled 10.3% lower at $88.13 a barrel, easing some concerns that higher inflation could lead to tighter monetary policy globally.Money markets now expect at least two rate hikes from the Bank of Canada this year, shifting from earlier expectations of steady policy before the conflict.Immediate resistance can be seen at 1.3780(38.2%fib), an upside break can trigger rise towards 1.3799(Higher BB).On the downside, immediate support is seen at 1.3723(50%fib), a break below could take the pair towards 1.3680(Lower BB)
USD/JPY: The US dollar edged higher on Tuesday as the Japanese yen weakened following softer-than-expected CPI data, which tempered bets on further BOJ rate hikes. Japan’s core inflation fell below the 2% target in February for the first time in nearly four years, with fuel subsidies offsetting higher import costs from a weak yen and rising oil prices. Core-core inflation rose 2.5%, slightly down from 2.6% in January, while headline inflation eased to 1.3% from 1.5%, driven by a 9.1% drop in energy costs.The BOJ ended its decade-long stimulus in 2024 and raised rates in stages, including in December. Governor Kazuo Ueda signaled the bank is ready to continue raising rates if underlying, demand-driven inflation stabilizes around the 2% target. Immediate resistance can be seen at 159.87(23.6%fib) an upside break can trigger rise towards 160.00(Psychological level) .On the downside, immediate support is seen at 159.01(Daily low) a break below could take the pair towards 158.08 (SMA 20).
Equities Recap
European shares closed higher on Tuesday after a volatile session, with investors balancing hopes for Middle East de-escalation against worries over long-term economic impacts.
UK's benchmark FTSE 100 closed down by 1.24 percent, Germany's Dax ended down by 0.94 percent, France’s CAC finished the day down by 0.65 percent.
Wall Street fell Tuesday as investors weighed rising oil prices against hopes for a U.S.–Israel–Iran deal, despite reports of more U.S. troops deployed.
Dow Jones closed down by 0.95 percent, S&P 500 closed up by 1.33 percent, Nasdaq settled down by 1.59 percent.
Commodities Recap
Gold prices extended their decline on Tuesday, weighed down by persistent Middle East tensions that fanned worries of inflation and expectations of higher interest rates globally.
Spot gold fell 0.4% to $4,389.26 per ounce by 2:11 p.m. ET (1811 GMT) after hitting its lowest since November on Monday.
Oil prices trimmed earlier gains in choppy post‑settlement trade after reports that the U.S. had sent Iran a 15‑point peace proposal to end the Middle East war.
Brent futures settled up $4.55, or 4.55%, at $104.49 a barrel. U.S. West Texas Intermediate climbed $4.22, or 4.79%, to $92.35.
In post-settlement trading, Brent pared earlier gains, up 13 cents, or 0.13%, from the previous session at $100.07 at 4:59 p.m. ET (2259 GMT). WTI was up 29 cents, or 0.33%, at $88.41.
