Market Roundup
• US ADP Nonfarm Employment Change (Feb): 63K, 50K forecast, 11K previous.
•Canada Reserve Assets Total (Feb): 128.1B, 128.7B previous.
•Canada Labor Productivity (QoQ) (Q4): -0.1%, -0.1% forecast, 1.1% previous.
•Canada Services PMI (Feb): 46.50, 45.80 previous.
• US S&P Global Services PMI (Feb): 51.7, 52.3 forecast, 52.7 previous.
• US S&P Global Composite PMI (Feb): 51.9, 52.3 forecast, 53.0 previous.
• US ISM Non-Manufacturing PMI (Feb): 56.1, 53.5 forecast, 53.8 previous.
• US ISM Non-Manufacturing Employment (Feb): 51.8, 50.3 previous.
• US ISM Non-Manufacturing Prices (Feb): 63.0, 68.3 forecast, 66.6 previous.
• US ISM Non-Manufacturing New Orders (Feb): 58.6, 53.5 forecast, 53.1 previous.
• US ISM Non-Manufacturing Business Activity (Feb): 59.9, 57.4 previous.
• US Cushing Crude Oil Inventories: 1.564M, 0.881M previous.
• US Crude Oil Imports: -0.019M, 0.412M previous.
Looking Ahead Economic Data (GMT)
•00:30 Australia Trade Balance (Jan): 3.780B forecast, 3.373B previous.
•00:30 Australia Exports (MoM) (Jan): 1.0% previous.
•00:30 Australia Imports (MoM) (Jan): -0.8% previous.
Looking Ahead Events And Other Releases (GMT)
•No events ahead
Currency Summaries
EUR/USD : The euro rebounded against the dollar on Wednesday after data showed Eurozone business activity accelerated in February.Final survey data from S&P Global showed private sector growth strengthened, with the HCOB Composite Output Index rising to a three-month high of 51.9 from 51.3 in January, matching the flash estimate. The index has stayed above the 50 mark for 14 consecutive months, signaling continued expansion. Growth was broad-based across manufacturing and services, with the Services PMI climbing to 51.9 from 51.6 previously. Following the data, the euro edged up 0.2% to $1.16135 after earlier hitting its weakest level since late November. Immediate resistance can be seen at 1.1697(50%fib), an upside break can trigger rise towards 1.1782(61.8%fib).On the downside, immediate support is seen at 1.1529(Daily low), a break below could take the pair towards 1.1499(23.6%fib).
GBP/USD: The British pound strengthened on Tuesday as traders capitalized on a retreating dollar, though caution persisted amid uncertainty over the long-term economic impact of the Middle East conflict.With investors focused on the U.S.-Israeli war with Iran and surging global energy prices, UK markets showed little reaction to Finance Minister Rachel Reeves’ budget update.The sharp rise in oil and natural gas prices since last week has pressured energy-importing currencies, leaving the euro, pound, and yen under strain. Sterling rose 0.33% to $1.3370, lifting off Tuesday's two-month low of $1.3255. On the data front, UK services sector grew for a 10th straight month in February, though new order growth slowed and job cuts continued, according to data from S&P Global.Immediate resistance can be seen at 1.3403(38.2%fib), an upside break can trigger rise towards 1.3459(Jan 2nd low).On the downside, immediate support is seen at 1.3248(23.6%fib), a break below could take the pair towards 1.3183(Dec 2nd low).
USD/CAD: The Canadian dollar strengthened against the U.S. dollar on Wednesday as hopes that the Middle East conflict may end sooner reduced safe-haven demand for the greenback. The U.S. dollar pulled back from multi-month highs after reports suggested Iranian operatives had contacted the U.S. to explore talks to end the conflict.Oil prices, a key export for Canada, rose 0.1% to $74.66 per barrel as the Middle East conflict continued to disrupt supply. On the data front, S&P Global data showed Canada’s services sector contracted for a fourth straight month in February amid weak activity and new business. The loonie was trading 0.2% higher at 1.3650 per U.S. dollar , after moving in a range of 1.3645 to 1.3700.Immediate resistance can be seen at 1.3647 (SMA 20), an upside break can trigger rise towards 1.3721 (50%fib).On the downside, immediate support is seen at 1.3613(38.2%fib), a break below could take the pair towards 1.3560 (Lower BB).
USD/JPY: The U.S. dollar dipped on Wednesday as investors unwound safe-haven positions amid growing hopes that the Middle East conflict could be shorter than initially feared. Market sentiment was bolstered by a report from the New York Times, which cited officials saying Iran’s Ministry of Intelligence had signalled to the U.S. Central Intelligence Agency a willingness to explore negotiations to end the conflict.Economic data also supported the dollar’s modest retreat. U.S. private employment increased by 63,000 jobs in February, marking the largest gain since July 2025, following a downward revision of January’s 11,000-job rise.The U.S. Dollar Index, which measures the currency against a basket of six major currencies, fell 0.3% to 98.83, after earlier reaching its strongest level since November 28. Immediate resistance can be seen at 158.29(Higher BB) an upside break can trigger rise towards 160.00(Psychological level) .On the downside, immediate support is seen at 156.72(38.2%fib) a break below could take the pair towards 155.44 (SMA 20).
Equities Recap
European shares bounced back on Wednesday following Tuesday’s sharp selloff, as investor fears over a prolonged Middle East conflict eased temporarily.
UK's benchmark FTSE 100 closed up by 0.80 percent, Germany's Dax ended up by 1.74 percent, France’s CAC finished the day up by 0.79 percent.
U.S. equities were higher on Wednesday as oil prices steadied after their dramatic two-day rally and a surge in cryptocurrencies encouraged investors to take on risk even while they cautiously monitored the Middle East
Dow Jones closed up by 0.49 percent, S&P 500 closed up by 1.29 percent, Nasdaq settled up by 1.01 percent.
Commodities Recap
Gold prices rose on Wednesday as escalating Middle East tensions boosted safe-haven demand, while a pause in the U.S. dollar’s rally also supported prices.
Spot gold was up 0.7% at $5,120.71 per ounce by 1831 GMT, after falling more than 4% on Tuesday.U.S. gold futures for April delivery settled 0.2% higher at $5,134.70.
Oil prices settled unchanged on Wednesday after a volatile session, as escalating U.S. and Israeli strikes against Iran intensified regional tensions and disrupted shipping through the Strait of Hormuz for a fifth straight day.
Brent crude settled flat at $81.40 per barrel, its highest level since January 2025, while U.S. West Texas Intermediate crude rose 10 cents (0.1%) to $74.66, marking its highest close since June for the second straight day.
