China Economic Numbers, UK Retail sales will in Focus today
Dollar Index
The US Dollar Index which tracks the USD against a basket of six currencies, has extended its rally for the fifth straight day, trading near 104.00. This rise follows ECB President Christine Lagarde’s concerns about the Euro zone’s economic outlook, fueling fears of further weakness in the region. Additionally, strong US data, including Retail Sales and weekly Initial Jobless Claims, have supported the USD.
Crude Oil:
Crude Oil prices inched up on Thursday, bouncing back from two-week lows, after data showed falling crude and fuel inventories in the United States. U.S. crude inventories fell by 2.2 million barrels to 420.6 million barrels in the week ended Oct. 11, the Energy Information Administration said on Thursday, compared.
Gold:
Gold price hit a record high, yet it failed to hit $2,700 amid uncertainty around US elections. Data-wise, the US economy remains resilient following Retail Sales and jobs data, though it didn’t weigh on the precious metal.
Copper:
Copper dips as China property cues underwhelm. Both contracts extended recent losses after China’s latest briefing on economic support plans also largely disappointed. China’s housing minister outlined more measures to help support the property market on Thursday- including a bigger white list of developers with access to government funding.
Prices action (MCX)
Gold 77107 (+0.58%), Silver 91744 (-0.48%), Copper 814.05(-0.85%) Crude Oil 5897 (-0.44%) Natural gas 197.60 (-1.40%)
Yesterday Data and Event Update –
· Singapore’s non-oil domestic exports (NODX) grew by 2.7% year-on-year in September, driven by both electronic and non-electronic goods. This is a sharp slowdown compared to August’s 10.7% rise
· Japan’s National Consumer Price Index (CPI) rose 2.5% YoY in September, compared to the previous reading of 3.0%. Further details unveil that the National CPI ex Fresh food arrived at 2.4% YoY in September versus 2.8% prior. The figure was above the market consensus of 2.3%.
US Retail Sales for September rose by 0.4% (MoM), exceeding estimates of 0.3% and higher than August’s 0.1% increase.
· Initial Jobless Claims for the week ending October 12 came in at 241K, below estimates and down from last week’s 258K.
· US Industrial Production contracted by -0.3% MoM in September, reversing from 0.3% growth, impacted by external factors.
· ECB delivered a 25 bps cut to its Rate on Deposit Facility and Main Refinancing Operations Rate, easing the reference rates to 3.25% and 3.4%, respectively.
Major Economic Data and Event scheduled today
Japan
At 5.20am- National Core CPI y/y. Data is foreseen at 2.3% from previous 2.8%.
Above data could have a neutral impact on the Yen.
China
At 7.30am
GDP q/y. Data is foreseen at 4.6% from previous 4.7%.
Industrial Production y/y. Data is foreseen at 4.6% from previous 4.7%.
Retail Sales y/y. Data is foreseen at 2.5% from previous 2.1%.
Fixed Asset Investment ytd/y. Data is foreseen at 3.3% from previous 3.4%.
Unemployment Rate. Data is foreseen at 5.3% from previous 5.3%.
Above data could have a positive impact on the Yuan.
Eurozone
At 1.30pm-Current Account. Data is foreseen at 42.2B from previous 39.6B.
Above data and policy could have a volatile impact on the Euro.
UK
At 11.30am- Retail Sales m/m. Data is foreseen at -0.3% from previous 1%
Above data could have a volatile impact on the Pound .
US
At 6.00pm-
Building Permits. Data is foreseen at 1.45M from previous 1.48M.
Housing Starts. Data is foreseen at 1.35Mfrom previous 1.36M.
At 9.40pm- FOMC Member Waller Speaks.
Above data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar Securities
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