Global Market Snapshot 28th April 2025

Global Risk Appetite Rebounds as Markets Rally

Last week, global risk sentiment improved significantly, leading to notable gains across major stock markets worldwide. Negotiations between the United States and several Asian countries on various trade issues progressed steadily and positively. Meanwhile, European markets also posted a strong and encouraging rebound, suggesting that the massive sell-off seen in April may have bottomed out.

Despite persistent policy uncertainties, U.S. equities followed the global upswing. Increasingly, the market consensus seems to be that the peak of the tariff crisis has passed and that the economic outlook may gradually become clearer.

Heading into this week, although the stock market rally reflects an overall recovery in risk appetite, international investors’ interest in U.S. assets remains somewhat muted. This hesitation stems partly from ongoing doubts about U.S. policy consistency and the uncertainty surrounding trade negotiations. Until President Trump provides a clearer policy direction and U.S. stocks demonstrate more stable technical signals, U.S. markets may continue to lag behind the broader global economic recovery.

Weekly Trend Forecast

EUR/USD

• Last week, EUR/USD briefly climbed toward 1.1574 before retreating.
  
• This week, the pair is expected to remain in a consolidation phase.
  
• Support: 1.1261 — a break below this level could shift the trend bearish.
  
• Resistance: 1.1574 — a breakout above this high could trigger a stronger upward move.

USD/JPY

• USD/JPY fell to 139.84 last week before staging a V-shaped rebound.
  
• The 4-hour MACD shows bullish convergence, suggesting a short-term bottom may have formed.
  
• This week, the pair is expected to continue climbing, but gains could be capped at 146.50.
  
• Support: 141.55 — a break below this could lead back to a test of the 139.84 low.

GBP/USD

• GBP/USD edged up to 1.3423 last week before pulling back, signaling a potential short-term top.
  
• This week, the outlook is neutral.
  
• Support: 1.3201 — falling below this level could turn the trend bearish.
  
• Resistance: 1.3423 — a sustained break above could spark a larger rally.

USD/CHF

• USD/CHF initially fell through last week’s support level before rebounding, suggesting a short-term bottom.
  
• The pair may continue to rise this week, but gains could be capped at 0.8575.
  
• Support: 0.8193 — a break below this could trigger a retest of the 0.8039 temporary low, with risk of deeper declines if breached.

AUD/USD

• AUD/USD held within a high consolidation range last week.
  
• This week, the pair is expected to maintain a neutral, sideways trend.
  
• Support: 0.6320 — staying above this could allow the pair to build momentum for a move higher.
  
• Resistance: 0.6440 — a breakout above this could resume the uptrend starting from 0.5912. A breakdown below 0.6320, however, would suggest the rally has ended and shift the trend downward.

USD/CAD

• USD/CAD hovered around the temporary low of 1.3778 last week.
  
• The 4-hour MACD shows bullish convergence, hinting that a short-term bottom may be in place.
  
• This week, the pair is expected to rebound, but upside could be limited by resistance at 1.4025.
  
• Support: 1.3778 — a break below this could resume the downtrend from 1.4544.