Today’s economic news looks quite interesting.
The dollar index is down more than half a percent compared to its peers. The currency fell to a one-week low after Treasury yields fell on the US PPI report in July, raising the Fed rate target at the meeting. of the September FOMC.
Tuesday’s rise in stocks eased demand for the dollar. The dollar rose on Tuesday evening after comments from Atlanta Federal Reserve President Bostick, who said he would be open to supporting a rate cut by the central bank through the end of the year.
US July PPI final demand eased to +2.2% y/y from +2.7% y/y in June, a smaller increase than expectations of +2.3% y/y. Also, July PPI ex-food and energy eased to +2.4% y/y from +3.0% y/y in June, better than expectations of +2.6% y/y.
Gold prices held steady on Tuesday near July highs as the dollar and Treasury yields fell after U.S. producer price data boosted expectations for a rate cut. by the Federal Reserve in September.
Oil prices are down about 1% since Iran has yet to attack Israel. Oil prices hit a three-week high on Monday amid fears that Iran was about to attack Israel in response to Israel’s assassination of a Hamas leader in Iran last month. Oil stocks are the focus today.
Copper pulled back from today’s highs, ending up nearly half a percent, and copper prices jumped early in the morning after a weaker dollar. The price of copper rose after falling to a five-month low last week – a drop due to a rise in London Metal Exchange inventories and supplies and continued growth in Chinese exports in weak domestic demand.
Commodity Closing on MCX
MCX gold futures settled -0.50% to 70,699. Silver settled -0.70% to 81,049. Copper settled -0.51% to 786.25. Crude oil -0.99% at 6,596. Natural gas -1.47%. to 181.00.
Economic data and events scheduled today. What economic news will affect the market today?
New Zealand
At 7.30am
Official Cash Rate. Expect to keep at 5.50% from the previous 5.50%.
RBNZ Monetary Policy Statement. RBNZ Rate Statement
At 8.30pm- RBNZ Press Conference
Above meeting and press conference could have a volatile impact on the dollar.
Eurozone
At 12.15pm – French Final CPI m/m. Data is foreseen at 0.1% from the previous 0.1%.
At 2.30 pm-
Flash Employment Change q/q. Data is foreseen at 0.2% from the previous 0.3%.
Flash GDP q/q. Data is foreseen at 0.3% from previous 0.3%.
Industrial Production m/m. Data is foreseen at 0.4% from previous -0.6%.
Above data could have a volatile impact on the Euro.
U.K.
At 11.30am-
CPI y/y. Data is foreseen at 2.3% from previous 2%.
Core CPI y/y. Data is foreseen at 3.4% from previous 3.5%.
PPI Input m/m. Data is foreseen at -0.3% from previous -0.8%.
PPI Output m/m. Data is foreseen at 0.1% from previous -0.3%.
RPI y/y. Data is foreseen at 3.4% from previous 2.9%.
Above mentioned economic news and data could have a volatile impact on the pound
US
At 6.00pm-
Core CPI m/m. Data is foreseen at 0.2% from previous 0.1%.
CPI m/m. Data is foreseen at 0.2% from previous -0.1%.
CPI y/y. Data is foreseen at 3.0% from previous 3.0%.
At 8.00- Crude Oil Inventories.
Above mentioned economic news and data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Also Read: Bears Tighten Their Grip on Nifty: Market Faces Fresh Downturn, Spotlight: USD’s Global Reserve Decline Amid BRICS Rise
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