April 16, 2025 14:14 Forexlive Latest News Market News
Here’s a summary of the other calls for 2025 on China GDP:
This article was written by Justin Low at www.forexlive.com.
April 16, 2025 13:14 Forexlive Latest News Market News
The readings are more or less in line with estimates, with the headline being a touch softer than expected. The market was pricing in ~80% odds of a rate cut for next month, so this won’t do anything to derail that considering the other factors in play.
Looking at the details, services inflation (in core terms) did show some slowing as it went down from 5.0% last month to 4.7% in March.
This article was written by Justin Low at www.forexlive.com.
April 16, 2025 12:25 Forexlive Latest News Market News
It’s not looking good for the dollar again with both the euro and franc pretty much erasing losses from yesterday already. EUR/USD is up 0.6% to 1.1345 while USD/CHF is down 0.9% to 0.8150 levels and threatening to fall back to the Friday and Monday lows.
Elsewhere, USD/JPY is down 0.5% to 142.50 while the commodity currencies are holding a slight advance against the greenback today. AUD/USD is seen up 0.1% to 0.6348 despite the negative risk rhetoric in play.
In case you missed it, the US moved to ban Nvidia from selling its H20 chips to China earlier here. That’s the big headline weighing on the risk mood but also there’s still no signs of any progress towards a Trump-Xi call. And so, the dance continues. All the while, markets will be left to think about the economic pain and ramifications from tariffs.
As for the dollar itself, there are a multitude of reasons why it is continuing to fall out of favour in this period.
This article was written by Justin Low at www.forexlive.com.
April 16, 2025 12:00 Forexlive Latest News Market News
S&P 500 futures are down 0.9% and Nasdaq futures down 1.6% as we come to terms with the headline above. US-China tensions continue to boil and that remains the biggest wildcard for trading sentiment at this stage. As things stand, there’s no indications of either side coming to the negotiating table still.
The thing about all of this is that with each passing day, market players will really have to think about the ramifications of all these tariffs and restrictions. It is clear that all of this is going to have a negative impact on the global economy. But I reckon there is still some quarter in the market that is hoping that things don’t go too far, so as to not worry about thinking at all.
However, even with this just lasting two to three months there is going to be a major hit to the economic landscape. And just like any earthquake, the aftershocks are also still something to be wary about. There might be trade deals but it might not be as simple as turning on and off the tariffs button. If the 10% reciprocal tariffs do stay, that’s still a major blow. And this is not even discussing what is happening with China at the moment.
I will admit that I myself may not even have a full grasp of the extent of the pain this could have on the global economy. But it’s all about reading sentiment when it comes to trading, and I would argue that you can’t just ignore the economic pain and fallout from the trade war even if things do not get much worse. Because at present, it is already bad enough.
I mean, hard data doesn’t lie. And this is one of the early indications of that.
As traders, we make decisions based on expectations. But this is one of those rare occasions where you can’t just factor in expectations on how the trade war is developing, but also expectations on what this could all do to the global economy even if just for the short-term.
Taking that into consideration, I’ll go back to the question that needs to be asked at this stage. Are we shifting more to a risk landscape of selling on rallies rather than buying on dips? Perhaps. With every day that passes, we are moving one step closer. At least until the turbulence goes away and we have more clarity on the damage that is done.
This article was written by Justin Low at www.forexlive.com.
April 16, 2025 11:39 Forexlive Latest News Market News
As for 2026, ANZ sees the Chinese economy expanding by 4.3% – down from their previous projection of 4.5%. Despite the downgrade, the 4.2% growth projection is still on the higher side. UBS is expecting a figure of 3.4% and Goldman Sachs 4.0%.
This article was written by Justin Low at www.forexlive.com.
April 16, 2025 11:30 Forexlive Latest News Market News
Uncertain global economic landscape? US-China trade tensions still not looking to be resolved? Yuan devaluation on the cards? The US dollar struggling on a multitude of reasons? Markets continuing to look shaky and fragile? Those are just some reasons why gold is continuing to be favoured in this environment. And all of those factors are all playing out at one go. That is not to mention major central banks also still buying up the precious metal:
For now, the fate of gold will rest on US-China trade tensions for the most part. As long as that continues to persist and create more turbulence for the world economy and markets, it will continue to be hard to find arguments against gold considering the current landscape.
In just the first four months, gold has nearly matched its surging gains from 2024 already with it being up ~25% year-to-date.
You’re a wild night with a hell of a view,There ain’t no place, ain’t no place like you.
This article was written by Justin Low at www.forexlive.com.
April 16, 2025 11:00 Forexlive Latest News Market News
A bombshell Nvidia developments, better-than-expected Chinese economic data and a cautious Bank of Japan Governor were the highlights of the session. Those and the surging gold price.
An early most jarring development came from Nvidia, which said it will take a US$5.5 billion charge this quarter after the U.S. government imposed an indefinite ban on exports of its H20 chips to China. Part of new licensing requirements for sales to China and other nations. The news sent Nvidia shares sharply lower in after-hours trade, dragging down S&P 500 and Nasdaq futures.
Compounding the tech pressure, a Reuters report suggested that major three U.S. chip equipment makers each stand to lose around $350 million annually due to the Trump administration’s tariffs, while smaller players could also face millions in extra costs.
In monetary policy, Bank of Japan Governor Kazuo Ueda told Sankei that Trump’s tariffs have pushed the economy close to a BoJ ‘bad scenario’, warning that the central bank may need to respond if the impact worsens. While reiterating the BOJ’s data-dependence, he signaled a rate hike in May is now less likely (that’s my take on his remarks, you may find different), adding that both upside and downside risks to inflation are under close watch.
China’s Q1 GDP grew 5.4% year-on-year, matching the previous quarter and exceeding expectations. The surprise beat was accompanied by March data showing strong, much stronger than expected, retail sales and industrial output, though economists caution the full weight of U.S. tariffs has yet to be felt. Chinese officials are widely expected to unveil further stimulus measures in coming months to soften the blow and safeguard jobs.
On the Chinese currency front, the PBOC set the yuan reference rate at 7.2133, the weakest fix since September 2023. The damping today was once again greater than 1000 pips, the PBoC is still guiding CNY lower at a gradual pace.
Regional equity markets mostly remained under pressure, Japanese, mainland China, and Hong Kong indexes lower.
Major FX was characterised by a weaker US dollar on the session. EUR, JPY, GBP all rising. AUD, NZD and CAD lagged.
As I update USD/JPY has dropped back towards 142.50, down from above 143.25 earlier in the session. Governor Ueda’s hints aat a May pause not holding back the yen today at all today it seems.
Gold soared higher, another record high price his today:
This article was written by Eamonn Sheridan at www.forexlive.com.
April 16, 2025 11:00 ICMarkets Market News
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could make a bearish continuation toward the 1st support. Additionally, the price is below the bearish Ichimoku cloud, which suggests a bearish trend
Pivot: 100.25
Supporting reasons: Identified as a pullback resistance that aligns close to the 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 99.00
Supporting reasons: Identified as a swing low support, indicating a potential area where the price could stabilize once again.
1st resistance: 101.37
Supporting reasons: Identified as a pullback resistance that aligns with the 50% Fibonacci retracement, indicating a potential level that could cap further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could fall toward the pivot and potentially make a bullish bounce off this level to rise toward the 1st resistance. Additionally, the price is above the bullish Ichimoku cloud, which suggests a bullish trend
Pivot: 1.1200
Supporting reasons: Identified as a pullback support that aligns with the 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 1.0949
Supporting reasons: Identified as an overlap support, indicating a potential area where the price could stabilize once more.
1st resistance: 1.1526
Supporting reasons: Identified as a pullback resistance that aligns with the 100% Fibonacci projection, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price could potentially make a bullish bounce off the pivot and rise toward the 1st resistance.
Pivot: 160.44
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 158.36
Supporting reasons: Identified as an overlap support that aligns with the 61.8% Fibonacci retracement, indicating a potential area where the price could stabilize once again.
1st resistance: q68.26
Supporting reasons: Identified as a multi swing high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could fall toward the pivot and potentially make a bullish bounce off this level to rise toward the 1st resistance.
Pivot: 0.8529
Supporting reasons: Identified as an overlap support that aligns with the 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 0.8448
Supporting reasons: Identified as a pullback support, indicating a potential area where the price could stabilize once more.
1st resistance: 0.8717
Supporting reasons: Identified as a multi-swing high resistance, indicating a potential level that could cap further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could make a bullish breakout of the pivot and rise toward the 1st resistance. Additionally, the price is above the bullish Ichimoku cloud, which suggests a bullish trend
Pivot: 1.3203
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 1.3040
Supporting reasons: Identified as a pullback support, acting as a potential level where the price could stabilize once again.
1st resistance: 1.3342
Supporting reasons: Identified as a resistance that aligns with the 127.2% Fibonacci extension, indicating a potential level that could cap further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could rise toward the pivot and potentially make a bearish reversal off this level to fall toward the 1st support.
Pivot: 189.97
Supporting reasons: Identified as an overlap resistance that aligns with the 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 184.95
Supporting reasons: Identified as a swing low support, indicating a potential level where the price could stabilize once more.
1st resistance: 194.70
Supporting reasons: Identified as an overlap resistance, indicating a potential level that could cap further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could rise towards the pivot in the short term before reversing off and falling towards 1st support
Pivot: 0.8370
Supporting reasons: Identified as a pullback resistance that aligns with the 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 0.8105
Supporting reasons: Identified as a multi-swing low support, indicating a potential level where the price could stabilize once again.
1st resistance: 0.8597
Supporting reasons: Identified as a swing high resistance, indicating a potential level that could cap further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bearish
Price could make a bullish continuation toward the 1st resistance.
Pivot: 142.01
Supporting reasons: Identified as a swing low support that aligns with the 78.6% Fibonacci projection and the 100% Fibonacci projection, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 139.85
Supporting reasons: Identified as an overlap support, suggesting a potential area where the price could stabilize once more.
1st resistance: 144.39
Supporting reasons: Identified as a pullback resistance, indicating a potential level that could cap further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could rise toward the pivot and potentially make a bearish reversal off this level to fall toward the 1st support.
Pivot: 1.4063
Supporting reasons: Identified as a pullback resistance that aligns with a 50% Fibonacci retracement, indicating a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.
1st support: 1.3839
Supporting reasons: Identified as a swing-low support, indicating a key level where the price could stabilize once more.
1st resistance: 1.4165
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price has made a bullish bounce off the pivot and could potentially rise toward the 1st resistance.
Pivot: 0.6340
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend.
1st support: 0.6267
Supporting reasons: Identified as a pullback support, suggesting a potential area where the price could stabilize once again.
1st resistance: 0.6416
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price has made a bullish bounce off the pivot and could potentially rise toward the 1st resistance.
Pivot: 0.5887
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to resume the uptrend.
1st support: 0.5828
Supporting reasons: Identified as an overlap support, suggesting a potential area where the price could stabilize once more.
1st resistance: 0.6024
Supporting reasons: Identified as a swing-high resistance, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price could fall toward the pivot and potentially make a bullish bounce off this level to rise toward the 1st resistance.
Pivot: 39,318.40
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound.
1st support: 36,918.19
Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where the price could stabilize once again.
1st resistance: 41,268.90
Supporting reasons: Identified as a pullback resistance that aligns close to a 78.6% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price could fall toward the pivot and potentially make a bullish bounce off this level to rise toward the 1st resistance.
Pivot: 20,301.00
Supporting reasons: Identified as an overlap support that aligns close to a 50% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound.
1st support: 19,507.15
Supporting reasons: Identified as a multi-swing-low support that aligns close to a 78.6% Fibonacci retracement, indicating a key level where the price could stabilize once more.
1st resistance: 21,505.00
Supporting reasons: Identified as a swing-high resistance that aligns with a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Neutral
Price could fall toward the pivot and potentially make a bullish bounce off this level to rise toward the 1st resistance.
Pivot: 5,242.95
Supporting reasons: Identified as an overlap support that aligns close to a 38.2% Fibonacci retracement, indicating a potential area where buying interests could pick up to stage a minor rebound.
1st support: 4,878.15
Supporting reasons: Identified as a multi-swing-low support, indicating a potential level where the price could stabilize once again.
1st resistance: 5,508.00
Supporting reasons: Identified as a pullback resistance that aligns close to a 50% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could fall toward the pivot and potentially make a bullish bounce off this level to rise toward the 1st resistance.
Pivot: 83,233.82
Supporting reasons: Identified as an overlap support, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 79,497.37
Supporting reasons: Identified as a swing-low support that aligns close to a 61.8% Fibonacci retracement, indicating a potential level where the price could stabilize once more.
1st resistance: 88,428.80
Supporting reasons: Identified as a multi-swing-high resistance that aligns close to a 78.6% Fibonacci projection, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price could rise toward the pivot and potentially make a bearish reversal off this level to fall toward the 1st support.
Pivot: 1,765.71
Supporting reasons: Identified as a pullback resistance that aligns close to a 23.6% Fibonacci retracement, indicating a potential area where selling pressures could intensify.
1st support: 1,438.35
Supporting reasons: Identified as a swing-low support, indicating a potential level where the price could stabilize once again.
1st resistance: 1,940.48
Supporting reasons: Identified as an overlap resistance that aligns with a 38.2% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bearish
Overall momentum of the chart: Bearish
Price has reversed close to the pivot and could potentially fall toward the 1st support.
Pivot: 62.70
Supporting reasons: Identified as a swing-high resistance, indicating a potential area where selling pressures could intensify. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.
1st support: 58.85
Supporting reasons: Identified as a swing-low support that aligns with a 50% Fibonacci retracement, indicating a key level where the price could stabilize once more.
1st resistance: 65.96
Supporting reasons: Identified as a pullback resistance that aligns close to a 61.8% Fibonacci retracement, indicating a potential area that could halt any further upward movement.
Potential Direction: Bullish
Overall momentum of the chart: Bullish
Price could fall toward the pivot and potentially make a bullish bounce off this level to rise toward the 1st resistance.
Pivot: 3167.82
Supporting reasons: Identified as a pullback support, indicating a potential area where buying interests could pick up to stage a rebound.
1st support: 3057.82
Supporting reasons: Identified as a pullback support, acting as a potential level where price could stabilize once again.
1st resistance: 3295.43
Supporting reasons: Identified as a resistance that aligns with the 100% Fibonacci projection and the 161.8% Fibonacci extension, indicating a potential area that could halt any further upward movement.
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The post Wednesday 16th April 2025: Technical Outlook and Review first appeared on IC Markets | Official Blog.
April 16, 2025 11:00 ICMarkets Market News
IC Markets Asia Fundamental Forecast | 16 April 2025
What happened in the U.S. session?
After registering a large decline of -20 in the previous month, the New York Empire State Manufacturing Index contracted for the second successive month with a reading of -8.1 in April, better than the forecast of -14.5. Manufacturing activity declined modestly as categories such as new orders and shipments edged lower while input and selling prices both surged at the fastest pace in over two years. Due to the current backdrop of trade policy uncertainties, firms turned pessimistic about the outlook, with the future general business conditions index falling to -7.4, its second-lowest reading on record. The dollar index (DXY) failed to rise above 100.30 during this session, highlighting the lacklustre demand for the greenback.
What does it mean for the Asia Session?
China releases its key macroeconomic data on its latest GDP figures as well as industrial production and retail sales activity. Given the growing uncertainty surrounding global trade policies, we could see China’s economic output slow noticeably while consumer spending falters. A huge miss in these figures would no doubt heap intense downward pressures on crude oil prices, which have already shed well over 20% at their lowest point over the last couple of weeks.
The Dollar Index (DXY)
Key news events today
Retail Sales (12:30 pm GMT)
Fed Chairman Powell’s Speech (5:30 pm GMT)
What can we expect from DXY today?
After experiencing a sharp decline of 1.2% in the prior month, consumer spending in the U.S. rebounded in February with a small gain of 0.2% MoM, well below forecasts of a 0.6% rise – seven of the report’s 13 categories saw declines. Retail sales are now anticipated to jump strongly in March, rising 1.4% MoM – a result that could provide some much-needed relief for the greenback.
Later on, Federal Reserve Chairman Jerome Powell will be speaking about the economic outlook at the Economic Club of Chicago. Following the recent developments on tariff announcements and suspensions between the U.S. and its key trading partners, markets will be looking to see if Powell can shed some light on how the ongoing trade uncertainties would impact the Fed’s decision-making process going into the FOMC meeting in early May.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
Gold (XAU)
Key news events today
Retail Sales (12:30 pm GMT)
Fed Chairman Powell’s Speech (5:30 pm GMT)
What can we expect from Gold today?
After experiencing a sharp decline of 1.2% in the prior month, consumer spending in the U.S. rebounded in February with a small gain of 0.2% MoM, well below forecasts of a 0.6% rise – seven of the report’s 13 categories saw declines. Retail sales are now anticipated to jump strongly in March, rising 1.4% MoM – a result that could provide some much-needed relief for the greenback.
Later on, Federal Reserve Chairman Jerome Powell will be speaking about the economic outlook at the Economic Club of Chicago. Following the recent developments on tariff announcements and suspensions between the U.S. and its key trading partners, markets will be looking to see if Powell can shed some light on how the ongoing trade uncertainties would impact the Fed’s decision-making process going into the FOMC meeting in early May.
Next 24 Hours Bias
Strong Bullish
The Australian Dollar (AUD)
Key news events today
No major news events.
What can we expect from AUD today?
The Aussie rallied on Tuesday as it reached a high of 0.6383, fuelled by pronounced weakness in the greenback. This currency pair pulled back quite sharply as it tumbled toward 0.6320 in early trading on Wednesday. However, the upward momentum for the Aussie remains intact and it looks set to climb above 0.6350 once again.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
Significant weakness in the greenback propelled the Kiwi beyond the threshold of 0.5900 to hit a high of 0.5943 on Tuesday. However, this currency pair ran out of steam overnight as it dipped under this threshold. Strong tailwinds continue to keep the Kiwi elevated as it rose above 0.5900 once more as Asian markets came online on Wednesday.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
Following U.S. President Donald Trump’s announcement that certain consumer electronics will be exempt from steep tariffs on Chinese imports, concerns regarding escalating trade tensions between the U.S. and China have somewhat alleviated, providing some much-needed relief to financial markets. Demand for safe-haven assets such as the yen tapered off noticeably over the past couple of days as USD/JPY found its footing around 142.50. However, overhead pressures have not completely vanished for this currency pair.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Euro (EUR)
Key news events today
CPI (9:00 am GMT)
What can we expect from EUR today?
The final CPI report for March is expected to show inflationary pressures easing for the second consecutive month in the Euro Area. Services inflation slowed to a 33-month low while energy costs declined, based on the preliminary estimates. Despite consumer inflation moderating lower, demand for the Euro is likely to remain robust, keeping it above 1.1300.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Swiss Franc (CHF)
Key news events today
No major news events.
What can we expect from CHF today?
Demand for safe-haven assets such as the Swiss franc tapered off noticeably over the past couple of days following U.S. President Donald Trump’s announcement that certain consumer electronics will be exempt from steep tariffs on Chinese imports. This recent development alleviated some concerns regarding escalating trade tensions between the U.S. and China and provided some much-needed relief to financial markets. USD/CHF has found a temporary floor above 0.8100 for now but overhead pressures remain in place.
Central Bank Notes:
Next 24 Hours Bias
Weak Bearish
The Pound (GBP)
Key news events today
CPI (6:00 am GMT)
What can we expect from GBP today?
After accelerating in the prior month, consumer inflation in the U.K. eased slightly in February as both headline and core CPI rose at a slower pace. The forecasts for March point to a second consecutive month of abating price pressures, suggesting a continued moderation of consumer inflation, which could function as a near-term headwind for the pound. Cable surged past 1.3200 on Tuesday, fueled by the ongoing weakness in the greenback, and the upward momentum continued as Asian markets came online on Wednesday.
Central Bank Notes:
Next 24 Hours Bias
Medium Bullish
The Canadian Dollar (CAD)
Key news events today
BoC Interest Rate Decision (1:45 pm GMT)
BoC Press Conference (2:30 pm GMT)
What can we expect from CAD today?
After reducing its overnight rate by 25 basis points (bps) bringing it down to 2.75% in March, the Bank of Canada (BoC) is now widely expected to hold rates at current levels. This would mark the first pause in eight meetings, where a total of 225 bps had been cut since last June. This pause is likely influenced by the ongoing trade policy uncertainties between the U.S. and its major trading partners such as Canada, nudging the BoC to embark on a ‘wait-and-see’ approach as developments unfold. Governor Tiff Macklem commences his press conference 45 minutes after the rate announcement where he could provide further insights on the decision-making process taken by the Governing Council that led them to today’s outcome.
Central Bank Notes:
Next 24 Hours Bias
Weak Bullish
Oil
Key news events today
EIA Crude Oil Inventories (2:30 pm GMT)
What can we expect from Oil today?
After declining by 1.1M in the prior week, the API stockpiles added 2.4M barrels of crude to storage, missing market forecasts of a decline of 1.7M barrels. The latest report highlighted the ongoing weakness in U.S. crude oil demand as inventories rose in eight out of the past 12 weeks to weigh on oil prices. WTI oil hovered around $61.50 per barrel for most parts of Tuesday. Although prices have somewhat stabilized this week, overhead pressures for this commodity remain in place.
Next 24 Hours Bias
Weak Bearish
The post IC Markets Asia Fundamental Forecast | 16 April 2025 first appeared on IC Markets | Official Blog.
April 16, 2025 10:00 ICMarkets Market News
Markets Pull Back on Tariff Confusion – Dow Down 0.4%
Financial markets took a bit of a breath in trading yesterday after a couple of hard weeks of volatility to assess exactly where we stand with tariffs and what the possible impact is. The major U.S. stock indices all drifted lower — the Dow dropped 0.38%, the S&P 0.17%, and the Nasdaq finished marginally off, losing just 0.05%. Treasury yields also experienced a relatively quiet day, the 2-year closing flat at 3.845%, while the 10-year lost 4.1 basis points to move down to 4.333%. The dollar edged higher against most of the majors, with the DXY up 0.36% to 100.17. Oil contracts also traded in their tightest ranges for a while, Brent gaining just 0.01% to $64.89 and WTI dropping 0.32% to $61.33 a barrel, whilst gold pushed back towards all-time highs again, gaining 0.6% on the day to close at $3,229.24.
Gold Pushing for More Records
Gold prices moved back higher again overnight and look like they could challenge the $3,245.28 high that was set a few days ago in the coming sessions. Global uncertainty over the last few months has enabled the world’s favourite safe-haven product to climb over 24% this year, and that has increased since “Liberation Day.” However, some in the market are preparing for a sharp turnaround if conditions change. One question for gold traders is just how much downside has been priced into this gold move — and then they are looking at how far it can fall back if we see global growth concerns retract. Overnight, President Trump called on China to come to the negotiation table, and if that were to happen — and lower tariffs, or even the removal of tariffs, were to occur — then we could see gold prices drop, and drop hard. As always in these markets, traders will continue to monitor newswires for updates and will have to react quickly to fresh developments.
Busy Calendar Day Ahead for Traders
Market volatility dropped considerably over the last few sessions, and investors will now get the chance to have a look at the underlying fundamentals with a full calendar day ahead. The Asian session will have a strong focus on Chinese markets, with the usual big monthly data drop due midway through the session: GDP (exp +5.2%), Industrial Production (exp +5.9%), and Retail Sales (exp +4.2%) will be the main focus, and anything significantly off expectations should see further moves in Chinese markets. The U.K. is again in focus at the European open, with the key CPI data (exp +2.7%) due out, and traders are expecting more moves for the pound on the release. However, the New York session looks set to be the busiest, with U.S. Retail Sales (exp +1.3%, Core +0.4%) due for release early in the day, followed by the key interest rate update from the Bank of Canada, where rates are expected to be held at 2.75%. To add more fuel to the fire, we are also set to hear from Fed Chair Jerome Powell later in the session when he speaks in Chicago.
The post General Market Analysis – 16/04/25 first appeared on IC Markets | Official Blog.
April 16, 2025 10:00 ICMarkets Market News
The Bank of Canada is set to deliver its latest interest rate decision later today, and Canadian dollar traders are bracing for potential volatility following the announcement. The central bank is expected to keep rates on hold, despite lower-than-anticipated inflation data released yesterday—CPI rose only 2.3% compared to the forecast of 2.7%. This subdued inflation is largely attributed to concerns that upcoming U.S. tariffs may add inflationary pressure in the coming months. Nevertheless, the market is still pricing in a 35% chance of another rate cut, which could trigger significant market moves if it materializes.
USDCAD has experienced a volatile month, driven by tariff developments from the U.S. and substantial moves in the oil market. The pair has depreciated over 4%, falling from a high of 1.4415 to a yearly low of 1.3833 just a few days ago. It is now trading just over 100 pips above that low and appears primed for movement following the central bank’s announcement. A rate cut would likely push the pair higher within its recent range, and given recent volatility, that push could be substantial. However, a rate hold with a more hawkish tone—due to anticipated tariff-driven inflation—could extend the recent downside and test new lows.
Resistance 2: 1.4317 – Trendline Resistance
Resistance 1: 1.4059 – 200-Day Moving Average
Support 1: 1.3833 – Trendline Support and 2025 Low
Support 2: 1.3657 – Long-Term Trendline Support
The post Trade USDCAD on the Bank of Canada Interest Rate Decision first appeared on IC Markets | Official Blog.
April 16, 2025 09:40 Forexlive Latest News Market News
China stats bureau deputy head:
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This article was written by Eamonn Sheridan at www.forexlive.com.