BOE Speaks, Canada Inflation in Focus today
FX Update
The U.S. dollar retreated nearly half percent from multi-month peaks on Monday on expectations the Federal Reserve would slow its pace of easing, on profit-taking.
U.S. President-elect Donald Trump’s new administration is beginning to take shape with nominations to health and defense roles last week, but two key positions for financial markets, Treasury Secretary and Trade Representative, are yet to be filled.
A light data schedule in Europe and the U.S. on yesterday saw Wall Street close mixed.
Crude Oil:
Crude oil prices edged up over 2% after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world’s second-largest consumer, and forecasts of a global oil surplus weighed on markets.
Gold:
Gold prices rebounded, having posted losses in the previous six sessions, with gains driven by a pause in the dollar’s rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Copper:
Most base metals prices were trading higher, boosted by dip-buying from physical consumers, but a strong dollar and sluggish Chinese demand capped gains.
Prices action (MCX)
Gold 75047 (+1.49%), Silver 90513 (+2.37%), Copper 804.80 (+1.21%) Crude Oil 5819 (+2.65%) Natural gas 247.80 (+4.34%).
Major Economic Data and Event scheduled today (BOE Speaks, Canada Inflation in Focus today)
Australia
At 6.00am- Monetary Policy Meeting Minutes.
Above data could have a negative impact on the dollar.
UK
At 3.30 pm- Monetary Policy Report Hearings.
Above event could have a mixed impact on the Pound.
Eurozone
At 2.30pm- Current Account. Data is foreseen at 27.0B from previous 31.5B.
At 3.30pm-
Final Core CPI y/y. Data is foreseen at 2.7% from previous 2.7%.
Final CPI y/y. Data is foreseen at 2.0% from previous 2.0%.
Tentative – German Buba Monthly Report
Above data could have a volatile impact on the Euro.
Canada
At 7.00pm-
CPI m/m. Data is foreseen at 0.3% from previous -0.4%.
Median CPI y/y. Data is foreseen at 2.2% from previous 2.3%.
Trimmed CPI y/y. Data is foreseen at 2.4% from previous 2.4%.
Common CPI y/y. Data is foreseen at 2.1% from previous 2.1%.
Core CPI y/y. Previous 0.0%.
Above data could have a volatile impact on the Canadian dollar.
US
At 7.00pm-
Building Permits. Data is foreseen at 1.44M from previous 1.43M.
Housing Starts. Data is foreseen at 1.34M from previous 1.35M.
At 11.40pm- FOMC Member Schmid Speaks
Above data could have a volatile impact on the dollar.
Until then, Happy Trading!
Commodity Samachar Securities
We Decode the Language of the Markets
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