The dollar index is slightly higher as government bond yields strengthen. The dollar’s gains accelerated after the euro fell, as ECB President Lagarde said risks to the economic outlook had receded. and Canadian retail sales are in focus
Weekly US jobless claims rose +20,000 to 243,000, showing less than expected 229,000 in the labor market also rose +20,000 to a 2-1/2 year high of 1.867 million weaker than expected labor market of 1.856 million.
The July Philadelphia US Fed business outlook rose to +12.6 to 13.9, better than expected from 2.9.
The euro fell as the European Central Bank (ECB) kept its key interest rate steady as expected, while the dollar rose after US jobs and manufacturing data.
The ECB left rates unchanged at 4.25% and gave no insight into its next move, arguing that domestic price pressures remain high and inflation will be above its target well into next year, leaving the market to decipher comments from President Christine Lagarde for clues on the central bank’s next move.
Gold pushed back to a record high early as expectations for lower U.S. interest rates offset rising treasury yields and a rebounding dollar.
Crude prices turned lower after stocks erased an early rally and retreated, which undercuts confidence in the economic outlook and energy demand.
Copper prices edged lower as worries about weak demand in China and rising inventories balanced a slide in the dollar. Also weighing on copper prices have been rising inventories, highlighting excess supply in the market. LME stocks have nearly doubled since the start of June, climbing to their highest since September 2021.
MCX gold futures settled +0.02% to 74155.Silver settled -0.18% to 91772. Copper settled -1.49% to 827.90. Crude oil +0.90% at 6973. Natural gas +4.28% to 177.80
Economic data and events scheduled today are in focus
UK
At 11.30am-
Retail Sales m/m. Data is foreseen at -0.6% from previous 2.9%.
Public Sector Net Borrowing. Data is foreseen at 10.8B. Previous was at 14.1B.
Above data could have a volatile impact on the pound.
Eurozone
At 11.30am- German PPI m/m. Data is foreseen at 0.1% from previous 0.0%.
At 1.30pm-Current Account. Data is foreseen at 34.6B from previous 38.6B.
Above data could have a volatile impact on the Euro.
US
At 8.10pm- FOMC Member Williams Speaks.
At 10.30pm- FOMC Member Bostic Speaks.
Above data could have a volatile on the dollar.
Canada
At 6.00pm-
Core Retail Sales m/m. Data is foreseen at -0.5% from previous 1.8%.
Retail Sales m/m. Data is foreseen at -0.5% from previous 0.7%.
IPPI m/m. Data is foreseen at 0.2% from previous 0.0%.
RMPI m/m. Data is foreseen at -0.7% from previous -1.0%.
Above data could have a volatile impact on the dollar
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Also Read : Copper fell on lack demand from China, pressure likely to continue Nifty smashes records: IT stocks lead the charge!
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