US economic data will drag volatile momentum in dollar again.
Global commodities prices witnessed a smart recovery from the day’s low and settled with somewhat positive node on Thursday. Comex gold prices up by 0.89% settled a $1923.90 and Silver by 0.94%, settled at $23.8750, as a sharp drop in stock markets as weak corporate earnings and softer-than-expected economic data pushed up concerns over a looming economic slowdown.
Crude oil prices recovered from the day’s low 6352 and settled 6550, up 0.61% Brent Crude oil rose 0.3% to $86.53 a barrel, while West Texas Intermediate crude futures rose 0.6% to $81.08 a barrel by 21:23 ET (02:23 GMT). Both contracts were up for a second consecutive session, and were set to gain up to 1.7% this week.
Today, economic data series start from German PPI m/m, scheduled to release at 12.30pm (forecast is at -1.2% as compared to previous month reading -3.9%), which expected to be positive for Euro while at same time UK Retail Sales m/m (forecast is at 0.5% as compared to the previous month reading -0.40%), expected to provide some support to the GBP and metals prices.
At 3.30 pm – ECB President Lagarde Speaks may lead some volatile momentum for the dollar and Euro.
Furthermore, at 7.PM- Canada Core Retail Sales m/m (forecast -0.6% as compared to previous reading 1.7%)and Retail Sales m/m(forecast -0.5% as compared to previous reading 1.4%) which may lead some correction in Metals prices  as both data are expected to be lower.
At 8.30 pm – US Existing Home Sales (forecast 3.95M as compared to previous reading 4.09m) expected to have negative impact on dollar
We expect that Dollar may remain volatile during European trading session, and further it’s likely to trade downside during evening session based on the above economic data forecast.
Source: Forex Factory
