India and US inflation data will be key drive
India and US inflation data will be key drive today. Global commodity market had a slightly negative trade yesterday. Where, Bullions remained negative. Metal and Energy prices close on mixed somewhat
nodes.
Gold saw a selling pressure as market remained cautious ahead of U.S inflation data, which will give more cues. The Federal Reserve recently signaled that it plans to keep raising interest rates even as inflation softened in recent months.
MCX Gold Future settled at 56497, down 0.43%.
Crude oil recovered from the day’s low 6495 and settled at 6646 as compared to previous day’s close of 6556. As news that Russia plans to cut crude production and short-term demand concerns ahead of U.S. inflation data. The outage of an oil export terminal after the earthquake in Turkey also supported
recent gains.
Copper future recovered by 0.74% and settled at 772.10, while Aluminum, Zinc closed slightly negative amid renewed optimism over an economic recovery in China, the world’s largest copper importer.
Today, the Economic calendar starts at 5.20am with Japan GDP data. Data foreseen slightly positive at 0.5% Vs previous -0.2%,which could have positive impact for Yen.
At 11.55am – India WPI data will bring volatility in the domestic market. Expectation 4.54% lower from previous 4.95%.
At 12.45pm – German WPI m/m is due to release. Data foreseen higher at 1.2% from previous month -1.6%, which could have a positive impact on Euro and for bullion.
On same time – UK Claimant Count Change data is due to release. Data foreseen slightly lower at 17.9k from previous 19.7k, which could have a positive impact on Pound.
At 3.30pm- Flash GDP q/q is due to release. Data foreseen unchanged at 0.1% from the previous month reading, which could have a neutral impact on Euro and Bullion.
At 7.00pm – U.S. CPI m/m and core CPI data to be released. Both data foreseen slightly higher at 0.5% from previous -0.1%, and 0.4%, from 0.3%, respectively. This might have a significant positive impact on the dollar.
At 9: 30pm – FOMC Member Logan Speaks will have strong impact on dollar and crude oil price.