Market Roundup
• France CPI (MoM) (Apr): 1.0%, 1.0% forecast, 1.0% previous.
• France HICP (MoM) (Apr): 1.2%, 1.2% forecast, 1.1% previous.
• France HICP (YoY) (Apr): 2.5%, 2.5% forecast, 2.0% previous.
• France CPI (YoY) (Apr): 2.2%, 2.2% forecast, 1.7% previous.
• France CPI NSA (MoM) (Apr): 1.00%, 1.00% previous.
• France CPI NSA (YoY) (Apr): 2.20%, 1.70% previous.
• Eurozone GDP (QoQ) (Q1): 0.1%, 0.1% forecast, 0.2% previous.
• Eurozone GDP (YoY) (Q1): 0.8%, 0.8% forecast, 1.2% previous.
• Eurozone Industrial Production (MoM) (Mar): 0.2%, 0.3% forecast, 0.2% previous.
•US PPI (MoM) (Apr): 1.4%, 0.5% forecast, 0.7% previous.
•US Core PPI (MoM) (Apr): 1.0%, 0.3% forecast, 0.2% previous.
•US PPI ex. Food/Energy/Transport (MoM) (Apr): 0.6%, 0.2% previous.
•US PPI (YoY) (Apr): 6.0%, 4.9% forecast, 4.3% previous.
•US PPI ex. Food/Energy/Transport (YoY) (Apr): 4.4%, 3.7% previous.
•US Core PPI (YoY) (Apr): 5.2%, 4.3% forecast, 4.0% previous.
Looking Ahead Economic Data (GMT)
•15:30 US Crude Oil Inventories: -2.000M forecast, -2.313M previous.
•15:30 US Cushing Crude Oil Inventories: -0.648M previous.
•15:30 US EIA Weekly Refinery Utilization Rates (WoW): 0.5% previous.
•15:30 US EIA Refinery Crude Runs (WoW): -0.042M previous.
•15:30 US Distillate Fuel Production: -0.024M previous.
•15:30 US Crude Oil Imports: 1.415M previous.
•15:30 US Gasoline Inventories: -2.550M forecast, -2.504M previous.
•15:30 US EIA Weekly Distillates Stocks: -2.990M forecast, -1.294M previous.
Looking Ahead Events And Other Releases (GMT)
•18:15 US FOMC Member Kashkari Speaks
•18:30 Canada BOC Summary of Deliberations
•20:00 EU ECB's Lane Speaks
•20:15 EU ECB President Lagarde Speaks
Currency Summaries
EUR/USD : The euro dipped on Wednesday investors watchied developments around the Middle East conflict and U.S. President Donald Trump's visit to China. Markets were in "wait-and-see" mode as attention turns to U.S. President Donald Trump's summit with Chinese counterpart Xi Jinping in Beijing later this week.Trump said he would urge China's Xi Jinping to "open up" to U.S. business on his way to a summit in Beijing. On the data front,Eurozone economic growth slowed further in the first quarter of 2026 as higher energy costs, weak industrial activity, and lingering geopolitical uncertainty continued weighing on momentum.According to Eurostat’s flash estimate, seasonally adjusted GDP rose just 0.1% qoq in the Eurozone, down from 0.2% growth in Q4 of 2025. Across the broader European Union, GDP increased 0.2% qoq, unchanged from the previous quarter.. Immediate resistance can be seen at 1.1748(SMA 20), an upside break can trigger rise towards 1.1801(50%fib).On the downside, immediate support is seen at 1.1701(61.8%fib), a break below could take the pair towards 1.1651(Lower BB).
GBP/USD: Sterling fell against dollar on Wednesday as domestic political uncertainty and questions over Prime Minister Keir Starmer's future weighed on sentiment.Investors, already unsettled by the Middle East impasse and rising oil prices, are contending with fresh uncertainty over the government's leadership, with a stream of headlines casting doubt on Starmer's ability to stay at the helm.Meanwhile, U.S. President Donald Trump's state visit to China for talks with Chinese President Xi Jinping is in focus. Investors were also worried that a potential successor to Starmer might advocate for increased spending, despite Britain's already strained finances. Trump told reporters he does not need Beijing's help to end the war with Iran, but the high-stakes meeting is expected to include discussions on trade, Taiwan and Iran. Immediate resistance can be seen at 1.3563(50%fib), an upside break can trigger rise towards 1.3625(Higher BB).On the downside, immediate support is seen at 1.3501(May 12th low), a break below could take the pair towards 1.3430(61.8%fib).
AUD/USD: Australian dollar edged lower on Wednesday after data showed wage growth in Australia slowed during the first quarter.Australia’s wage price index increased 0.8% in Q1, in line with market expectations and unchanged from the previous quarter, while annual wage growth eased to 3.3% from 3.4%. Private sector wage growth also slowed to its weakest pace in nearly four years, indicating easing wage pressures in the economy.Investors are now turning their attention to the upcoming U.S.-China meeting in Beijing, where trade, technology, artificial intelligence, and broader business relations are expected to dominate discussions. Any improvement in ties between the two countries could provide support for the Australian dollar given Australia’s close trade relationship with China.Meanwhile, Australia’s 2026/27 budget projected slightly narrower deficits, introduced significant housing tax proposals, and largely maintained the view that inflation management remains the responsibility of the Reserve Bank of Australia. Immediate resistance can be seen at 0.7269(23.6%fib), an upside break can trigger rise towards 0.7283(Higher BB).On the downside, immediate support is seen at 0.7190(SMA 20), a break below could take the pair towards 0.7090(50%fib).
USD/JPY: The U.S. dollar strengthened against yen on Wednesday as dollar was supported by stronger-than-expected US inflation data that reduced expectations for Federal Reserve interest rate cuts.US consumer inflation rose 3.8% in April, above forecasts of 3.7% and the highest since May 2023, as surging energy prices tied to the Middle East conflict added to price pressures. A sudden move stronger on Tuesday had stoked speculation of a "rate check" by authorities, which is often a precursor to a currency intervention.Japan recent foreign exchange intervention may have kept the yen from sliding below the 160-per-dollar mark but it is unlikely to have a lasting effect in propping up the sagging currency, former Bank of Japan Governor Haruhiko Kuroda said on Wednesday. Immediate resistance can be seen at 158.00(38.2%fib) an upside break can trigger rise towards 158.36(Higher BB) .On the downside, immediate support is seen at 156.70(Daily low) a break below could take the pair towards 155.82(Lower BB).
Equities Recap
European shares rose on Wednesday, recovering from the previous session’s sharp losses as oil prices eased after a fragile truce held between Washington and Tehran despite stalled peace talks.
At GMT (13:50) UK's benchmark FTSE 100 was last trading up at 0.41 percent, Germany's Dax was up by 0.58 percent, France’s CAC was up by 0.12 percent.
Commodities Recap
Gold prices fell for a second straight session on Wednesday as war-driven inflation concerns reduced expectations for interest rate cuts, while investors also focused on the upcoming Trump-Xi meeting.
Spot gold was down 0.6% to $4,686.99 per ounce at 09:05 a.m. EDT (1305 GMT). U.S. gold futures gained 0.2% to $4,694.70.
Oil prices were little changed on Wednesday as investors monitored the fragile Middle East ceasefire and awaited the high-stakes meeting between Donald Trump and Xi Jinping in Beijing.
Brent crude futures were down 14 cents, or 0.1%, to $107.63 a barrel at 1328 GMT. Meanwhile U.S. West Texas Intermediate futures edged up 44 cents, or 0.4%, to $102.62.
