Global Market Snapshot 31st March 2025

Last week, the U.S. financial markets remained relatively calm for most of the week, but headed into the weekend with a sharp sell-off in stocks, a drop in Treasury yields, and gold prices hitting all-time highs—clear signs that investors are seeking safety. With risk appetite under pressure, global investors have shifted into defensive mode ahead of the U.S. government’s expected announcement of reciprocal tariffs on April 2.

This heightened urgency, coupled with the potential for retaliatory moves by trade partners, has added significant uncertainty to the market outlook. Until the full implications of these tariffs—and possible countermeasures—are known, risk-off sentiment is likely to dominate the U.S. markets in the short term.

In contrast, European markets have shown resilience throughout March, particularly in Germany and the UK, where equities outperformed their U.S. counterparts. However, this outperformance may come under pressure if the trade conflict expands to impact key European export sectors.

Weekly Trend Forecasts

EUR/USD

• Last week, the EUR/USD experienced choppy downward movement before bouncing back slightly to end at 1.0829.
  
• This week’s outlook is neutral.
  
• Resistance: 1.0955 — A breakout above this level could signal an end to the consolidation phase and a shift to a bullish trend.
  
• Support: 1.0729 — A break below this level would turn the trend bearish.
  

USD/JPY

• The USD/JPY reached as high as 151.22 before a steep pullback.
  
• The outlook this week leans bearish.
  
• Support: 146.53 — A break below this level may restart the downtrend from 158.86, targeting the 139.56 support.
  
• Resistance: 151.30 — A breakout here would shift the trend bullish.
  

GBP/USD

• The pair consolidated just below 1.3015 last week, showing relative stability.
  
• The outlook for this week remains neutral.
  
• Support: 1.2717 — A break below this may lead to a deeper price correction.
  
• Resistance: 1.3015 — A breakout above this level could resume the uptrend from 1.2099.
  

USD/CHF

• The USD/CHF traded sideways above 0.8755 last week with no significant directional momentum.
  
• The outlook remains neutral.
  
• Resistance: 0.8925 — A break above this could end the consolidation and initiate a bullish trend.
  
• Support: 0.8755 — A drop below this level would likely resume the downtrend from 0.9200.
  

AUD/USD

• The pair traded in a tight range last week, reflecting a consolidation phase.
  
• This week’s outlook remains neutral.
  
• Support: 0.6185 — A break below this would confirm the end of the corrective move from 0.6087 and may trigger a deeper decline.
  
• Resistance: 0.6408 — A breakout above would shift the trend bullish.
  

USD/CAD

• The USD/CAD saw choppy downward movement followed by a recovery last week.
  
• The trend remains range-bound for now.
  
• Resistance: 1.4542 — A breakout here would signal the end of consolidation and a return to the uptrend.
• Support: 1.4149 — A break below this would turn the trend bearish, targeting 1.3948.