The economic news for today looks quite interesting.
The dollar fell against the euro on Monday as the single currency recovered from its lowest level in more than a month last week amid political turmoil in Europe.
EURUSD was up 0.25% to $1.07305, after touching a six-week low of $1.066775 last week following news of a snap parliamentary election in France. The dollar index traded at 105.330, down 0.18% .
Gold prices fell on higher Treasury yields, while investors awaited more US data and comments from Federal Reserve officials throughout the week for further clues on the outlook for monetary policy.
Copper prices fell to their lowest level in more than eight weeks on Monday on weak industrial data from China. The outlook for industrial metal demand was overshadowed by the latest data from China, where industrial production growth slowed to 5.6% in May, but 6% was expected. The biggest concerns of the world’s second largest economy continued to be the depression of the real estate market, high municipal debt and deflation.
Crude touched over two weeks high. A weaker dollar was bullish for energy prices. Crude also has a positive carryover from last Thursday when Russia vowed to cut back its crude production, which will keep global oil supplies tight.
MCX gold futures settled -0.72% to 71450.Silver settled -0.30% to 88820.Copper settled -0.83% to 849.65. Crude oil +1.46% at 6670. Natural gas -3.35% to 233.80.
Economic data and events scheduled today. What economic news will affect the market today?
Bank of Australia
At 10.00am-
Cash Rate. Expect to keep rate unchanged at 4.35%.
RBA Rate Statement.
At 11.00am- RBA Press Conference.
Above mentioned economic news and data could have a volatile impact on the dollar.
Eurozone
At 2.30pm.
Final Core CPI y/y. Data is foreseen at 2.9% from previous 2.9%
Final CPI y/y. Data is foreseen at 2.6% from previous 2.6%
German ZEW Economic Sentiment. Data is foreseen at 49.6 from previous 47.1
ZEW Economic Sentiment. Data is foreseen at 47.8 from previous 47.00
Above mentioned economic news and data could have a volatile impact on the Euro.
US
At 6.00pm-
Core Retail Sales m/m. Data is foreseen at 0.2%, previous was at 0.2%
Retail Sales m/m. Data is foreseen at 0.3%, previous was at 0.0%
At 6.45pm
Industrial Production m/m. Data is foreseen at 0.3% from previous 0.0%.
Capacity Utilization Rate. Previous was at 78.4%, forecast is 78.6%.
At 7.30pm-
Business Inventories m/m. Data is foreseen at 0.3% from previous -0.1%.
FOMC Member Barkin Speaks.
At 10.30pm- FOMC Member Kugler Speaks.
Above mentioned economic news and data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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