The economic news for today looks quite interesting.
The dollar rose to a fresh 38-year high against the Japanese yen on Wednesday on expectations that Japanese authorities may step in to bolster the currency, while global stock indexes were mostly lower.
The latest slide follows the Bank of Japan’s (BOJ) decision this month to delay tapering its peak bond purchases until its July meeting. of. In April, a fall to 160.245 per dollar was enough to prompt Tokyo to spend roughly 9.8 trillion yen to support the yen.
Gold prices slipped to their lowest level in more than two weeks weighed by a stronger dollar and higher bond yields, while traders looked forward to U.S. inflation data due later this week.
Copper prices drop towards their lowest level in more than two months under pressure from a stronger dollar, concerns about current demand in top metals consumer China, and rising stocks.
Crude Oil prices retreated from the day’s high as a surprise build in U.S. stockpiles fueled fears about slow demand from the top oil consumer, though worries a potential expansion of the Gaza war may disrupt Middle East supplies capped declines. The U.S. Energy Information Administration (EIA) reported a 3.6-million-barrel jump in the country’s crude oil stocks last week, surprising analysts polled by Reuters who had expected a 2.9-million-barrel drawdown.
MCX gold futures settled -0.53% to 71089.Silver settled +0.03% to 86965.Copper settled +0.35% to 845.20. Crude oil +0.50% at 6805. Natural gas +0.22% to 231.20.
Economic data and events scheduled today. What economic news will affect the market today?
Eurozone
At 1.30pm –
M3 Money Supply y/y. Data is foreseen at 1.5% from previous 1.3%.
Private Loans y/y. Data is foreseen at 0.3% from previous 0.2%.
Above mentioned economic news and data could have a neutral impact on the Euro.
U.K.
At 2.30pm- BOE Financial Stability Report.
At 3.00pm-
BOE Gov Bailey Speaks. FPC Meeting Minutes. FPC Statement
Above mentioned economic news and data could have a mixed impact on the pound.
US
At 6.00pm-
Final GDP q/q. Data is foreseen at 1.4% from previous 1.3%.
Unemployment Claims. Data is foreseen at 636K from previous 634K.
Core Durable Goods Orders m/m. Data is foreseen at 0.2% from previous 0.4%.
Durable Goods Orders m/m. Data is foreseen at -0.5% from previous 0.6%.
Final GDP Price Index q/q. Data is foreseen at 3% from previous 3%.
Goods Trade Balance. Data is foreseen at -96.0B from previous -99.4B.
At 7.30pm- Pending Home Sales m/m. Data is foreseen at 0.6% from previous -7.7%.
At 8.00pm- Natural Gas Storage. Previous was at 71B, forecast is at 53B.
Above data could have a volatile on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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