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Global financial markets on April 24, 2025, are navigating a complex interplay of fading US-China trade deal optimism and persistent safe-haven demand, with gold holding above $3,300 and the Japanese Yen gaining traction. A modest US Dollar pullback, driven by Federal Reserve rate-cut expectations, contrasts with a positive risk tone fueled by easing Fed independence fears. Today’s US economic data, including Jobless Claims and Durable Goods Orders, alongside global flash PMI releases, are poised to shape market sentiment as trade tensions and economic uncertainties linger.
Current Level: Gold (XAU/USD) trades around $3,320, trimming intraday gains but holding above $3,300.
Market Dynamics: Fading optimism for a quick US-China trade deal, as US Treasury Secretary Scott Bessent denies unilateral tariff cuts, revives safe-haven demand. A modest USD downtick, with the DXY eroding recent gains, and Fed rate-cut bets (25 bps in June, three cuts by year-end) support gold. Positive risk sentiment, driven by Trump’s reaffirmed support for Fed Chair Jerome Powell, caps upside. The Fed’s Beige Book highlights tariff uncertainty and cooling labor markets, adding to economic concerns.
Technical Outlook: Support at $3,260 (overnight low); resistance at $3,367 (23.6% Fibonacci). RSI in positive territory suggests bullish potential, with US data (Jobless Claims, Durable Goods) key today.
Current Level: USD/JPY trades below 143.00, pressured by a stronger JPY.
Influencing Factors: Safe-haven JPY gains as US-China trade hopes fade, with Bessent’s cautious stance and Japan’s Finance Minister Katsunobu Kato criticizing US tariffs at the G7. BoJ’s rate-hike expectations, supported by broadening inflation, contrast with Fed’s dovish outlook, bolstering JPY. Japan’s PMI shows manufacturing contraction (48.5) but services growth (52.2), limiting JPY upside. US-Japan trade talks (set for April 30) add optimism but fail to dent JPY demand.
Technical View: Support at 142.00; resistance at 143.55. RSI indicates room for JPY gains, but positive risk tone may attract dip-buyers.
Current Level: AUD/USD stabilizes around 0.6390, supported by USD weakness.
Key Drivers: Australia’s Judo Bank PMI (Composite at 51.4) signals sustained expansion, lifting AUD. US-China trade uncertainties weigh on China’s outlook, but Trump’s assurance that tariffs won’t hit 145% supports AUD as a China-proxy. USD pressure from Fed rate-cut bets and mixed US PMI data (S&P Global Composite PMI showing slower growth) aids AUD/USD. RBA’s cautious stance on rate moves adds restraint.
Technical Outlook: Resistance at 0.6439; support at 0.6350 (nine-day EMA). RSI above 50 maintains bullish bias, with global PMIs in focus.
Current Level: EUR/USD hovers near 1.1340, up from a one-week low near 1.1326.
Market Dynamics: A USD pullback and positive risk tone from easing Fed independence fears support EUR/USD. ECB’s dovish stance (2.25% rate) and concerns over US tariffs (3% to 13% on EU goods) pressure EUR, but Eurozone PMI data today could lift sentiment if robust. US economic worries and Fed rate-cut expectations limit USD gains.
Technical Outlook: Support at 1.1326 (nine-day EMA); resistance at 1.1573 (April 21 high). RSI above 50 and bullish bias suggest potential to retest the ascending channel, but a break below 1.1326 could target 1.0944.
Current Level: GBP/USD rises to around 1.3270, snapping a two-day decline.
Key Drivers: USD selling pressure and mitigated tariff concerns (Trump’s softer stance) lift GBP/USD. BoE’s potential May rate cut (post-2.4% UK CPI) and Trump’s 10% tariffs on UK goods weigh on GBP sentiment. Positive risk tone and USD weakness provide tailwinds, with US data releases today critical for direction.
Technical View: Resistance at 1.3424 (April 22 high); support at 1.3200. RSI near 63.10 signals bullish momentum, with PMI data a key catalyst.
On April 24, 2025, markets reflect a cautious optimism tempered by renewed US-China trade concerns, with gold and the Japanese Yen benefiting from safe-haven flows. AUD/USD and EUR/USD hold firm despite a USD pullback, while GBP/USD gains on positive risk sentiment. USD/JPY remains under pressure from JPY strength, and EUR/JPY weakens amid trade jitters. Today’s US Jobless Claims, Durable Goods Orders, and global flash PMI data will drive short-term volatility, with trade negotiations and Fed policy expectations shaping broader trends. Investors stay alert for tariff-related developments.
Stay tuned for further updates.
