Australia’s Inflation: Latest Economic data and Insights – Most emerging market currencies fell on Tuesday as sentiment remained weak as investors looked at risks from the escalation of tensions in the Middle East after Hezbollah and Israel clashed over the weekend.
The Federal Reserve’s consumer confidence index rose to a six-month high, from 101.9 in July to 103.3 in August. The Federal Housing Agency showed on Tuesday that the US home price index decreased by 0.1 percent in June, below the market consensus of a 0.2 percent increase.
As oil prices closed, the euro and pound hit record highs, helping them hit multi-month highs in recent trading.
Crude oil prices slipped slightly on Tuesday after rebounding more than 7% over the previous three sessions on supply concerns prompted by fears of widening Middle East conflict and potential shutdown of Libyan oil fields.
Gold prices eased and consolidating near record highs reached last week, as investors sought clarity on the magnitude of an imminent interest rate cut from the Federal Reserve ahead of an inflation report due this week.
Copper prices rose to their highest in nearly six weeks on Tuesday, with buying triggered by expectations of an imminent interest rate cut in the United States, a weaker dollar and signs of improving demand in top consumer China.
Commodity Closing on MCX
MCX gold futures settled +0.08% to 72122. Silver settled +0.09% to 85658. Copper settled 0.65% to 819.10. Crude oil -2.05% at 6353. Natural gas -3.70%. to 158.60.
Major Economic Data and Event scheduled today
Australia
At 7.00am –
CPI y/y. Data is foreseen at 3.4% from the previous 3.8%.
Construction Work Done q/q. Data is foreseen at 0.8% from previous -2.9%.
Above data could have a mixed impact on the dollar.
Eurozone
At 1.30pm-
M3 Money Supply y/y. Data is foreseen at 2.7% from the previous 2.2%.
Private Loan’s y/y. Data is foreseen at 0.5% from the previous 0.3%.
Above data could have a volatile impact on the Euro.
UK
At 5.45pm- MPC Member Mann Speaks.
Above data could have a mixed impact on the pound.
US
At 10.45am- FOMC Member Waller Speaks.
At 8.00- Crude Oil Inventories.
Above data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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