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14/03/2025 - 08:29 UTCThe US dollar posted another small recovery against most major currencies on Thursday, with the USDX up by around 0.25% on the iFOREX platform. February's inflation numbers offered a mixed picture with overall figures being encouragingly low, but underlying trends suggested inflation might linger. This uncertainty was compounded by renewed tariff threats from President Trump, even as China's central bank took steps to support financial stability.
In response to growing economic challenges, China’s central bank, the People’s Bank of China (PBoC), announced on Thursday plans to introduce additional monetary measures aimed at stimulating growth. These steps include possible interest rate cuts and efforts to keep the yuan stable amid a volatile global economic landscape.
The main U.S. indices ended sharply lower on Thursday, with the US 500 retreating 1.21% on the iForex platform. The US Tech 100 fell more than 1.50%, dragged down by losses in tech and megacap stocks, while the US 30 also experienced a significant decline. The broad selloff was driven by escalating concerns over the U.S. tariff war, as new trade tensions between the U.S. and its global partners overshadowed cooler inflation data.
In corporate news, quarterly earnings from BMW are due today. BMW has lowered its 2025 profit margin forecast for its automotive division, citing the significant impact of recently imposed U.S. tariffs. The company now expects margins of 5-7%, below analyst expectations, with existing tariffs alone accounting for a one-percentage-point reduction. This adjustment reflects concerns about escalating trade tensions, including potential further U.S. tariffs on European imports.
Bitcoin extended its losses on Thursday, on track to drop more than 4% for the week, as it was weighed down by escalating trade tensions stemming from U.S. President Donald Trump’s tariff decisions. Investors were also adopting a cautious stance ahead of the Federal Reserve’s meeting next week. These developments have fueled fears of a potential U.S. recession, prompting investors to pull back from riskier assets like cryptocurrencies.
Market focus turns to the upcoming German Harmonized Index of Consumer Prices (HICP) inflation figures for February, which are due early today. Later today, the U.S. data docket will wrap up a busy week with the release of the University of Michigan (UoM) Consumer Sentiment Index and UoM’s Consumer Inflation Expectations.
The EUR/USD slipped approximately 0.3% on Thursday as European markets braced for an extended standoff with the United States over trade tariffs. The Trump administration’s 25% import tax on steel and aluminum has triggered retaliatory measures from several key trading partners, including the European Union (EU). In response, the EU has announced tariffs targeting iconic American products such as Harley-Davidson motorcycles and U.S. distilled whiskey, prompting a sharp reaction from President Donald Trump.
In a move that rattled markets, President Trump took to social media on Thursday, threatening to slap a 200% tariff on all European wines and champagne.
Gold prices soared on Thursday as growing uncertainty over U.S. trade policies and rising expectations of a Federal Reserve (Fed) rate cut fueled demand for the precious metal.
The gold rally appears poised to continue as President Donald Trump escalates trade tensions with both U.S. allies and adversaries in an effort to narrow the country’s trade deficit. The administration’s shifting stance on tariffs—imposing and then reconsidering duties on imports—has reinforced gold’s status as a safe-haven asset, attracting investors seeking stability amid policy uncertainty.
With gold nearing the $3,000 threshold, traders will be closely monitoring the Fed’s stance on inflation and interest rates, as any dovish signals could further fuel the metal’s upward momentum.
Oil prices fell more than 1% on Thursday as investors weighed macroeconomic concerns, including escalating trade tensions and uncertainty surrounding a U.S. proposal for a Russia-Ukraine ceasefire.
According to the latest report from the International Energy Agency (IEA), global oil supply is projected to exceed demand by approximately 600,000 barrels per day (bpd) in 2025. The agency also revised its global demand growth forecast downward to 1.03 million bpd, 70,000 bpd lower than last month’s estimate, citing deteriorating macroeconomic conditions and heightened trade disputes.
Geopolitical factors also played a role in oil’s decline. On Thursday, Russian President Vladimir Putin signaled Moscow’s willingness to consider a U.S.-proposed ceasefire in Ukraine, but emphasized that any agreement must ensure lasting peace and address the root causes of the conflict.
The US 500 tumbled on Thursday, slipping into correction territory as escalating trade tensions overshadowed fresh signs of easing inflation.
U.S. producer prices cooled more than expected in February, with the Producer Price Index (PPI) remaining flat month-over-month and rising at a slower-than-anticipated annual rate. The data, coupled with Wednesday’s softer Consumer Price Index (CPI) report, suggests inflationary pressures may be moderating.
Markets took another hit as President Donald Trump reaffirmed his plans to impose global reciprocal tariffs starting April 2. The announcement follows his earlier threat of 200% tariffs on European alcohol imports, a move retaliating against the EU’s countermeasures on U.S. steel and aluminum tariffs.
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