The dollar extended last week’s slide on Monday, touching five-week lows against major peers. Federal Reserve Chairman Jerome Powell’s comments supported a rate cut in September. Will Canadian CPI and US Sales Data Impact Markets?
Powell said that three U.S. inflation indicators for the second quarter of this year provide some confidence “that the pace of price increases will return to the Fed’s target in a sustainable manner.
Gold prices gained slightly as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues.
Crude oil remained under pressure as weak economic news from China, the world’s second-largest crude consumer, weighed on crude prices Monday. Also, improved prospects for Donald Trump to win the US presidential election in November weighed on oil prices due to the expectation that Trump would pursue pro-US drilling policies if elected.
Copper prices drops near to one and half percent as weak demand prospects in top consumer China were emphasized by slow economic growth, weak lending numbers and rising inventories.
China’s economy grew 4.7% in the second quarter, its slowest since the first quarter of 2023. That was below a 5.1% consensus forecast and the previous quarter’s 5.3% expansion.
MCX gold futures settled +0.28% to 73471.Silver settled -0.58% to 92572. Copper settled -1.48% to 855.40. Crude oil -0.62% at 6847. Natural gas -5.46% to 185.30.
Economic data and events scheduled today. Will Canadian CPI and US Sales Data Impact Markets?
Eurozone
At 2.30pm –
Italian Trade Balance. Data is foreseen at 3.55B from previous 4.81B.
Trade Balance. Data is foreseen at 18.0B from previous 19.4B.
ZEW Economic Sentiment. Data is foreseen at 48.1 from previous 51.3.
German ZEW Economic Sentiment. Data is foreseen at 41.2 from previous 47.5.
All day – ECOFIN Meetings.
Above data could have a volatile impact on the Euro.
US
At 6.00pm-
Core Retail Sales m/m. Data is foreseen at 0.1%. Previous was at -0.1%.
Retail Sales m/m. Data is foreseen at -0.3% from previous 0.1%.
Import Prices m/m. Data is foreseen at 0.2% from previous -0.4%.
At 7.30pm-
Business Inventories m/m. Previous was at 0.4%. Forecast is 0.3%.
NAHB Housing Market Index. Data is foreseen at 43 from previous 43.00.
Above data could have a volatile on the dollar.
Canada
At 6.00pm-
CPI m/m. Data is foreseen at 0.1% from previous 0.6%.
Median CPI y/y. Data is foreseen at 2.7% from previous 2.8%.
Trimmed CPI y/y. Data is foreseen at 2.8% from previous 2.9%.
Common CPI y/y. Data is foreseen at 2.4% from previous 2.4%.
Above data could have a volatile impact on the dollar
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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