Today’s economic news looks quite interesting.
The dollar index rose against other currencies on Thursday. The currency was supported after the first week of U.S. jobless claims fell more than expected, pushing Treasury rates higher and uncertainty about Federal policy. Reserve. Strong stocks are limiting the dollar’s gains today.
US weekly initial unemployment claims fell -17,000 to 233,000, showing a stronger labor market than expectations of 240,000. Weekly continuing claims rose +6,000 to a 3-1/2 year high of 1.875 million, right on expectations.
EUR/USD down on dollar strength. Also, a jump in European nat-gas prices to an 8-month high today may weigh on Eurozone economic prospects and is negative for the euro.
Gold rose for a second day early Thursday, even as the dollar and interest rates rose after a smaller-than-expected rise last week on initial jobless claims. and concerns about the health of the labor market this week.
Crude Oil edged higher early on Thursday, rising for a third day as strong summer demand in the United States and geopolitical risks top concerns over slowing economies in the U.S. and China.
MCX gold futures settled +1.01% to 69,704. Silver settled +2.22% to 80,613. Copper settled +0.42% to 774.15. Crude oil +1.50% at 6,422. Natural gas +1.93%. to 179.80.
Economic data and events scheduled today. What economic news will affect the market today?
China
China
At 7.00am-
CPI y/y. Data is foreseen at 0.3% from previous 0.2%
PPI y/y. Data is foreseen at -0.9% from previous -0.8%.
Above data could have a positive impact on the Yuan.
Eurozone
At 11.30am- German Final CPI m/m. Data is foreseen at 0.3% from previous 0.3%.
At 2.30pm- Italian Trade Balance. Data is foreseen at 5.55B from previous 6.43B.
Above mentioned economic news and data could have a negative impact on the EURINR.
Canada
At 6.00pm-
Employment Change. Data is foreseen at 26.9K from previous -1.4K.
Unemployment Rate. Data is foreseen at 6.5% from previous 6.4%.
Above mentioned economic news and data could have a negative impact on the Dollar.
US
At 6.00pm- Mortgage Delinquencies. Data is foreseen at 241k from previous 249k.
Above data could have a neutral impact on the US dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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