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China trade data in focus today


Dollar settled with a slight gain yesterday as traders waited for the Federal Reserve to acknowledge an end to its hiking cycle while trying to hedge the risk of potential recession.

Bullions extended its recent gains on Monday also, however prices remained in a small range. Gold prices settled with a gain of 0.49% at 60927. Silver settled almost flat at 77079.

Base metals had a positive trade yesterday. Copper prices gained more than 1% and settled near today’s high at 752.70. Aluminum, Lead and Zinc prices also settled with a gain of 0.36%, 0.05% and 0.25%, respectively.

Crude prices rallied over 2.50% as a Federal Reserve survey of U.S. lending conditions showed that the collapse of several U.S. banks this year had not had an as profound impact on loan activity as feared.

Economic data and events to watch

China

Time tentative – Trade Balance due to release. Data is foreseen at 500B, slightly lower from previous 601B.

 USD-Denominated Trade Balance due to release. Data is foreseen at 69.0B, slightly lower from previous 88.2B.

Above data could have a negative impact on Base metals and the dollar.

Eurozone

At 12.15am – French Trade Balance will be released. Data is foreseen contraction by -9.5B from previous -9.9B.

All above data expect to have a negative impact on Euro and bullions.

U.K.

At 11.30pm- Halifax HPI m/m. Data is foreseen contraction by 0.2% from 0.8%.

All above data expect to have a negative impact on the pound.

US

At 6.00pm – NFIB Small Business Index is due to be released.  Data is foreseen 89.6 lower from previous 90.1.

Tentative – IBD/TIPP Economic Optimism due to release.  Data is foreseen at 48.2 higher from 47.4 previous months.

FOMC Member Jefferson Speaks and FOMC Member Williams Speaks.

All above data expect to have a negative impact on the dollar.