Market Roundup
•French Consumer Spending (MoM) (Sep): 0.3%, 0.0% forecast, 0.2% previous.
•French GDP (YoY) (Q3): 0.9%, 0.6% forecast, 0.7% previous.
•French GDP (QoQ) (Q3): 0.5%, 0.2% forecast, 0.3% previous.
•German Unemployment Change (Sep): -1K, 8K forecast, 13K previous.
•Swedish Business Confidence (Oct): 104.30, 100.00 previous.
•Swedish Consumer Confidence (Oct): 96.8, 93.3 previous.
•German Unemployment Rate (Oct): 6.3%, 6.3% forecast, 6.3% previous.
•German Unemployment (Oct): 2.973M, 2.976M previous.
•German Unemployment n.s.a. (Oct): 2.910M, 2.955M previous.
•Italian GDP (YoY) (Q3): 0.4%, 0.6% forecast, 0.4% previous.
•Italian GDP (QoQ) (Q3): 0.0%, 0.1% forecast, -0.1% previous.
•German GDP (YoY) (Q3): 0.3%, 0.3% forecast, 0.2% previous.
•German GDP (QoQ) (Q3): 0.0%, 0.0% forecast, -0.3% previous.
•German CPI (YoY) (Oct): 2.3%, 2.7% previous.
•German CPI (MoM) (Oct): 0.3%, 0.2% previous.
•German CPI (MoM) (Oct): 0.3%, 0.4% previous.
•German CPI (YoY) (Oct): 2.2%, 2.4% previous.
•German CPI (YoY) (Oct): 2.6%, 2.6% previous.
•German CPI (MoM) (Oct): 0.4%, 0.1% previous.
•Eurozone Business and Consumer Survey (Oct): 96.8, 95.7 forecast, 95.6 previous.
•Eurozone Business Climate (Oct): -0.46, -0.73 previous.
•Eurozone Consumer Confidence (Oct): -14.2, -14.2 forecast, -14.9 previous.
•Eurozone Consumer Inflation Expectation (Oct): 21.9, 24.0 previous.
•Eurozone Selling Price Expectations (Oct): 7.5, 7.1 previous.
•Eurozone Services Sentiment (Oct): 4.0, 3.3 forecast, 3.7 previous.
•Eurozone GDP (YoY) (Q3): 1.3%, 1.2% forecast, 1.5% previous.
•Eurozone GDP (QoQ) (Q3): 0.2%, 0.1% forecast, 0.1% previous.
•Eurozone Industrial Sentiment (Oct): -8.2, -10.0 forecast, -10.1 previous.
•Eurozone Unemployment Rate (Sep): 6.3%, 6.3% forecast, 6.3% previous.
Looking Ahead Economic Data(GMT)
•12:30 US Core PCE Prices (Q3): 2.6% previous.
•12:30 US GDP (QoQ) (Q3): 3.0% forecast, 3.8% previous.
•12:30 US GDP Price Index (QoQ) (Q3): 2.9% forecast, 2.1% previous.
•12:30 US GDP Sales (Q3): 7.5% previous.
•12:30 US PCE Prices (Q3): 2.1% previous.
•12:30 US Real Consumer Spending (Q3): 2.5% previous.
•12:30 Canadian Average Weekly Earnings (YoY) (Aug): 3.31% previous.
•15:30 US 4-Week Bill Auction: 3.945% previous.
•15:30 US 8-Week Bill Auction: 3.900% previous.
•13:15 EU Deposit Facility Rate (Oct) 2.00% forecast, 2.00% previous.
•13:15 EU ECB Marginal Lending Facility 2.40% previous.
Looking Ahead Events And Other Releases(GMT)
•13:15 EU ECB Monetary Policy Statement
Currency Summaries
EUR/USD : The euro edged lower against the dollar on Thursday as traders remained cautious ahead of the European Central Bank’s policy decision later in the day. The European Central Bank (ECB) is widely expected to keep interest rates unchanged for a third consecutive meeting on Thursday, as policymakers take comfort in a period of low inflation and steady growth despite global trade uncertainties. The ECB had previously lowered rates by a total of two percentage points through June but has since paused its tightening cycle, signaling little urgency to shift policy as inflation remains at target — a balance few major central banks, including the Fed, BoE, and BoJ, have achieved.Economists largely anticipate no rate change this month, though President Christine Lagarde is expected to maintain a cautious tone. She is unlikely to rule out further easing, given that the economic impact of the evolving U.S. tariff landscape continues to create uncertainty across the Eurozone. Immediate resistance can be seen at 1.1662(50%fib), an upside break can trigger rise towards 1.1728(Oct 17th high).On the downside, immediate support is seen at 1.1561(61.8%fib), a break below could take the pair towards 1.1523(Lower BB).
GBP/USD: The pound hovered near a 5-1/2-month low against the dollar on Thursday as investors assessed the trade agreement between U.S. President Donald Trump and Chinese President Xi Jinping. Trump announced he would trim tariffs on China in exchange for Beijing resuming U.S. soybean purchases, maintaining rare earth exports, and tightening controls on fentanyl trade. However, with few concrete details and limited confirmation from China, market sentiment remained cautious. While the deal was broadly seen as a positive development, traders were wary given the history of previous trade talks ending in renewed tensions. Sterling last traded at $1.3197, near Wednesday’s 5-1/2-month low. Immediate resistance can be seen at 1.3250(38.2%fib), an upside break can trigger rise towards 1.3335(50%fib).On the downside, immediate support is seen at 1.3166(Lower BB), a break below could take the pair towards 1.3144(23.6%fib).
AUD/USD: The Australian dollar retreats against dollar on Thursday after U.S. President Donald Trump's long-awaited meeting with his Chinese counterpart met expectations but gave investors few new reasons for trade optimism.After a near two-hour meeting with President Xi Jinping, Trump said he had agreed to reduce tariffs on China to 47% in exchange for Beijing resuming U.S. soybean purchases, keeping rare earths exports flowing and cracking down on the illicit trade of fentanyl. The trade conflict had reignited earlier this month after Beijing expanded restrictions on exports of rare-earth minerals—critical components in high-tech manufacturing, where China dominates global supply. Immediate resistance can be seen at 0.6612(38.2%fib), an upside break can trigger rise towards 0.6647(SHIgher BB).On the downside, immediate support is seen at 0.6545(50%fib), a break below could take the pair towards 0.6535(SMA 20)
USD/JPY: The U.S. dollar rose sharply on Wednesday as the yen weakened following the Bank of Japan’s decision to keep interest rates unchanged.As widely expected, the BOJ maintained short-term rates at 0.5% but reiterated its commitment to gradually raising borrowing costs if the economy continues to perform in line with its projections. Board members Naoki Tamura and Hajime Takata dissented once again, repeating their earlier proposals from September to lift rates to 0.75%.In its quarterly outlook report released on Thursday, the central bank slightly raised its growth forecast for the fiscal year ending March 2026 and upgraded its inflation projection for fiscal 2026. At a post-meeting press conference, BOJ Governor Kazuo Ueda also offered little detail on when the central bank could next raise rates.Immediate resistance can be seen at 154.27(23.6%fib) an upside break can trigger rise towards 155.00 (Psychological level) .On the downside, immediate support is seen at 151.92 (38.2%fib) a break below could take the pair towards 150.21 (50%fib).
Equities Recap
European shares slipped on Thursday as the Fed’s expected rate cut dampened hopes for another in December, while investors assessed earnings and awaited the ECB decision.
At (GMT 12:20 ),UK's benchmark FTSE 100 was last trading down at 0.61 percent, Germany's Dax was down 0.15 France’s CAC was down by 0.80 percent.
Commodities Recap
Gold prices surged 2% on Thursday, supported by a weaker dollar following the Federal Reserve’s rate cut, while lingering uncertainty over the outcome of the U.S.–China trade deal boosted demand for the safe-haven metal.
Spot gold climbed 1.3% to $3,980.00 per ounce as of 1109 GMT. U.S. gold futures for December delivery slipped 0.2% to $3,991.50 per ounce.
Oil prices dipped on Thursday as investors weighed prospects of a potential U.S.–China trade truce after President Donald Trump agreed to lower tariffs on Chinese goods following his meeting with President Xi Jinping in South Korea.
Brent crude futures fell 42 cents or 0.65% to $64.50 a barrel by 1136 GMT. U.S. West Texas Intermediate crude futures dropped by 38 cents or 0.63% to $60.10.
