Global markets advanced Tuesday on rising Fed easing expectations. Revised U.S. labor data showed 911,000 fewer jobs through March, reinforcing weak August payrolls and lifting bets on a September rate cut, with some anticipating 50 bps. The 10-year Treasury yield held near 4.08% ahead of inflation reports.
A federal judge blocked President Trump from removing Fed Governor Lisa Cook, easing independence concerns. Meanwhile, Trump urged the EU to impose tariffs up to 100% on China and India over Russian oil, vowing U.S. alignment as talks with Putin yielded little progress on Ukraine.
In Asia, Japan’s Nikkei 225 and South Korea’s KOSPI gained, with chipmakers leading. Singapore and Australia posted modest advances, while India’s Nifty futures rose. Chinese equities lagged after August CPI fell 0.4% and PPI slid 2.9%, marking 35 months of deflation despite state stimulus.
| Time | Cur. | Event | Forecast | Previous |
| 12:00 | EUR | German Buba Vice President Buch Speaks | ||
| 12:30 | USD | PPI (MoM) (Aug) | 0.3% | 0.9% |
| 14:30 | USD | Crude Oil Inventories | 2.415M | |
| 17:00 | USD | 10-Year Note Auction | 4.255% | |
| 17:00 | USD | Atlanta Fed GDPNow (Q3) | 3.0% | 3.0% |
EUR/USD trades near 1.1700 in Wednesday’s Asian session, extending a 0.5% drop from the previous day. The U.S. Dollar found support despite markets pricing over 93% odds of a 25 bps Fed cut next week. Focus turned to labor data revisions, with the March 2025 NFP benchmark expected to show 911,000 fewer jobs, highlighting labor market weakness. Attention now shifts to U.S. inflation releases, with August PPI due Wednesday and CPI on Thursday, key for shaping the Fed’s next move.
Resistance is at 1.1750, with key support at 1.1660.
| R1: 1.1750 | S1: 1.1660 |
| R2: 1.1775 | S2: 1.1620 |
| R3: 1.1780 | S3: 1.1580 |
The yen held near 147.3 per dollar on Wednesday after sharp swings earlier in the week. Investors awaited U.S. inflation data that could guide next week’s Fed decision, with markets pricing a cut and some even a 50 bps move after downward revisions to employment figures. In Japan, manufacturer sentiment hit a three-year high in September, supported by easing trade tensions after a tariff deal with the U.S. Politically, markets continued to weigh Prime Minister Shigeru Ishiba’s resignation, which followed party divisions and pressure after last year’s election defeat.
For USD/JPY, the nearest resistance is at 149.50, while the immediate support is at 146.70.
| R1: 149.50 | S1: 146.70 |
| R2: 150.90 | S2: 145.80 |
| R3: 154.50 | S3: 144.00 |
Gold held near $3,620 in Wednesday’s Asian session, pausing after a pullback from record highs. Expectations of Fed rate cuts this year continue to support demand, alongside trade uncertainty and political tensions in France and Japan. A stronger U.S. dollar and upbeat equities may cap gains, with focus now on the PPI report.
Gold is currently facing resistance around $3,670, with strong support near $3,615.
| R1: 3670 | S1: 3615 |
| R2: 3700 | S2: 3560 |
| R3: 3730 | S3: 3500 |
The British pound climbed above $1.35 on Wednesday, lifted by U.S. dollar weakness after August’s Nonfarm Payrolls showed only 22,000 jobs versus the 75,000 forecast, while unemployment rose to 4.3%, the highest since 2021. The data strengthened expectations of a Fed cut this month, with markets pricing in about 66 bps of easing in 2025. Despite gains, sterling remains on track for a 0.3% weekly drop amid fiscal concerns before November’s Autumn Budget. BoE Governor Andrew Bailey noted “considerably more doubt” over the timing of UK rate cuts, adding caution to sentiment.
The first resistance is seen at 1.3600, with nearby support beginning at 1.3440.
| R1: 1.3600 | S1: 1.3440 |
| R2: 1.3680 | S2: 1.3350 |
| R3: 1.3770 | S3: 1.3300 |
Silver rose toward $41 in Wednesday’s Asian session, supported by a weaker US Dollar and geopolitical risks after Israel reportedly struck Hamas leaders in Doha. Safe-haven demand strengthened further as annual revisions to US Nonfarm Payrolls showed a 911,000-job drop, pointing to a weaker labor market and increasing Fed cut expectations. Markets now await US PPI data for direction.
The first resistance at $41.50 and support at $40.40.
| R1: 41.50 | S1: 40.40 |
| R2: 42.20 | S2: 39.60 |
| R3: 43.40 | S3: 38.20 |
Global markets on Friday leaned cautiously constructive as traders positioned for a possible Fed rate cut next week, persistent tightness in precious metals, and rising expectations of a BOJ shift.
Detail Dovish Wave Lifts Metals as Yen Tightens (12.04.2025)Markets on Thursday leaned toward a dovish global outlook, lifting precious metals and reshaping major currency moves.
Detail Gold Climbs, Yen Recovers on Soft US Signals (12.03.2025)Rate-cut expectations overtook Wednesday trading.
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