The U.S. dollar strengthen slightly on Monday, helped by a safe-haven bid as tensions rise in the Middle East, while sterling retreats ahead of this week’s Bank of England policy-setting meeting. Germany Inflation is one of the main triggers
The dollar index, which tracks the exchange rate against six other currencies, rose 0.24% to 104.5690.
The price of gold was reversed from neutral to positive, extending the gains of the previous session due to interest rates by the Federal Reserve. Last week, the US Federal Reserve’s preferred inflation gauge for June US PCE was in line with forecasts, but the key rate rose 0.2%, slightly above the 0.1% expected.
However, expectations for a rate cut remained unchanged and the market fully appreciated the cut at the September meeting and expects two more cuts before the end of the year.
Crude fell to its lowest level since early June, weighed down by lingering worries about demand in top consumer China. The latest data showed that China’s total fuel imports fell by 11% in the first half of 2024. Copper prices fell by more than half a percent as the market grew on concerns about demand in China.
MCX gold futures settled +0.12% to 68,268. Silver settled -0.10% to 81,287. Copper settled -0.68% to 791.20. Crude oil -1.96% at 6,351. Natural gas +1.65% to 172.90.
Economic data and events scheduled today (Germany Inflation)
Japan
At 5.00am- Unemployment Rate. Data is foreseen at 2.6% from previous 2.6%.
Above data could have a positive impact on the Yen.
Eurozone
At 11.00am-
French Consumer Spending m/m. Data is foreseen at -0.4% from previous 1.5%.
French Flash GDP q/q. Data is foreseen at 0.2%, from previous 0.2%.
All day- German Prelim CPI m/m. Data is foreseen at 0.3% from previous 0.1%.
At 12.30pm-
Spanish Flash CPI y/y. Data is foreseen at 3.1% from previous 3.4%.
Spanish Flash GDP q/q. Data is foreseen at 0.5% from previous 0.8%.
At 1.30pm-
Italian Prelim GDP q/q. Data is foreseen at 0.2% from previous 0.3%.
German Prelim GDP q/q. Data is foreseen at 0.1% from previous 0.2%.
At 2.30pm- Prelim Flash GDP q/q. Data is foreseen at 0.2% from previous 0.3%.
Above data could have a volatile impact on the Euro.
US
At 6.30pm-
S&P/CS Composite-20 HPI y/y. Data is foreseen at 7.4% from previous 7.2%.
HPI m/m. Data is foreseen at 0.2% from previous 0.2%.
At 7.30pm-
CB Consumer Confidence. Data is foreseen at 99.8 from previous 100.4
JOLTS Job Openings. Previous 8.14M.
Above data could have a volatile on the dollar.
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Commodity Samachar
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