Market Roundup
• Canada Housing Starts (Sep) 279.2K, 258.0K forecast,244.5K previous
•US Philadelphia Fed Manufacturing Index (Oct) -12.8,8.6 forecast,23.2 previous
•US Philly Fed Business Conditions (Oct) 36.2, 31.5 previous
•US Philly Fed CAPEX Index (Oct) 25.20, 12.50 previous
•US Philly Fed Employment (Oct) 4.6, 5.6 previous
•US Philly Fed New Orders (Oct) 18.2, 12.4 previous
•US Philly Fed Prices Paid (Oct) 49.20,46.80 previous
•US NAHB Housing Market Index (Oct) 37, 33 forecast,32 previous
•US Natural Gas Storage 80B, 76B forecast, 80B previous
•US 4-Week Bill Auction 4.030%, 4.030% previous
•US 8-Week Bill Auction 3.960%, 3.955% previous
•US Crude Oil Inventories 3.524M, 0.300M forecast, 3.715M previous
Looking Ahead Economic Data(GMT)
• 23:50 Japan Foreign Bonds Buying -926.6B previous
•23:50 Japan Foreign Investments in Japanese Stocks 2,479.9 previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Forecast
EUR/USD : The euro rose higher on Thursday as French Prime Minister Sebastien Lecornu’s government survived two no-confidence votes, easing short-term political uncertainty. Lecornu won crucial support from the Socialist Party by pledging to suspend President Emmanuel Macron’s controversial pension reform until after the 2027 presidential election. The euro also gained following U.S. President Donald Trump’s announcement that he plans to meet Russian President Vladimir Putin in Budapest to discuss ending the war in Ukraine, after what he described as a productive phone call on Thursday. Ukrainian President Volodymyr Zelenskiy is set to meet Trump in Washington on Friday. The euro hit a one-week high and was up 0.37% at $1.1690. Immediate resistance can be seen at 1.1689(SMA 20), an upside break can trigger rise towards 1.1760(38.2%fib).On the downside, immediate support is seen at 1.1638(38.2%fib), a break below could take the pair towards 1.1600(Psychological level)
GBP/USD: The British pound strengthened on Thursday as British pound was supported by encouraging economic growth data for August, and comments from Bank of England official Catherine Mann indicating a preference for holding interest rates steady. The pound benefited from these supportive signals as investors balanced the outlook for both monetary and fiscal policy in the UK.UK Finance Minister Rachel Reeves emphasized her desire for a larger fiscal buffer but cautioned that next month’s budget will involve difficult trade-offs, reflecting the challenges of managing public finances amid sluggish growth and persistent inflation. Market participants are also watching closely for remarks from BOE Chief Economist Hue Pill, scheduled to speak on Friday, which could provide further guidance on the central bank’s policy stance and influence short-term sterling momentum. Immediate resistance can be seen at 1.3576(38.2%fib), an upside break can trigger rise towards 1.3608(Higher BB).On the downside, immediate support is seen at 1.3398(50%fib), a break below could take the pair towards 1.3241(61.8%fib).
USD/CAD: The Canadian dollar edged lower against its U.S. counterpart on Thursday as oil prices fell and investors worried about the toll U.S. tariffs are taking on Canada's economy.. On Tuesday, the currency touched a six-month low at 1.4079.Canada is a major producer of oil , which settled 1.4% lower at $57.46 a barrel, its lowest level in five months. Wall Street was pressured by signs of weakness in regional banks, while the U.S. dollar, opens new tab posted declines for a third straight day against a basket of major currencies. Domestic housing data for September was mixed. Canadian home sales fell 1.7% last month from August, ending a string of increases that began in April, while housing starts rose 14%. The loonie was trading 0.1% lower at 1.4050 per U.S. dollar, after moving in a range of 1.4023 to 1.4060. Immediate resistance can be seen at 1.4040(23.6 %fib), an upside break can trigger rise towards 1.4080(Higher BB).On the downside, immediate support is seen at 1.3981(Daily low), a break below could take the pair towards 1.3948(38.2%fib).
USD/JPY: The U.S. dollar dipped against Japanese yen on Thursday as renewed U.S.-China tensions weighed on greenback. Investors this week have stayed focused on the simmering U.S.-China trade spat, with Washington on Wednesday criticizing China's expanded rare earth export controls as a threat to global supply chains.Meanwhile, Donald Trump said he and Russian President Vladimir Putin agreed on Thursday to another summit to discuss ending the war in Ukraine, one day before the U.S. president was due to speak with Ukrainian leader Volodymyr Zelenskiy. Bank of Japan Deputy Governor Shinichi Uchida is scheduled for comments on Friday, though political developments will also be closely monitored. Immediate resistance can be seen at 153.87(38.2%fib) an upside break can trigger rise towards 152.00 (Psychological level) .On the downside, immediate support is seen at 149.6 (SMA 20) a break below could take the pair towards 149.04 (50%fib).
EquitiesRecap
European shares staged a modest recovery on Monday, rebounding from Friday’s selloff as U.S. President Donald Trump softened his aggressive stance on China trade.
UK's benchmark FTSE 100 closed up by 0.12 percent, Germany's Dax ended up by 0.38 percent, France’s CAC finished the day up by 0.38percent.
Wall Street stocks closed lower on Thursday, while gold prices surged, as falling financial shares and ongoing U.S.-China trade tensions weighed on investor sentiment.
Dow Jones closed down by 0.65 percent, S&P 500 ended down by 0.63 percent, Nasdaq finished the day by 0.47 percent.
Commodities Recap
Gold hit a record high for the fourth straight session on Thursday and soared past $4,300 an ounce as investors flocked to the safe-haven metal on brewing U.S.-China trade tensions and the U.S. government shutdown, with rate cut bets fueling the momentum.
Spot gold was up 2.6% at $4,316.99 per ounce as of 4:07 p.m. ET (2007 GMT) after bullion touched a record high of $4,318.75 earlier.
Oil prices dropped more than 1% on Thursday after U.S. President Donald Trump announced that he and Russian President Vladimir Putin plan to meet in Hungary to discuss ending the war in Ukraine, raising uncertainty over global energy supplies.
Brent crude futures settled 85 cents, or 1.37%, lower at $61.06 a barrel. U.S. West Texas Intermediate futures closed 81 cents, or 1.39%, lower at $57.46. Those were the lowest settlements for both benchmarks since May 5.
