The latest commodity market news is in and the Japanese yen strengthened against the dollar after a report said the Bank of Japan is considering tweaking its yield curve control policy to allow the 10-year Japanese government bond yield to rise above 1% when it concludes its meeting on Tuesday.
The Nikkei report pushed the yen to 148.81 per dollar, its strongest level since Oct. 17. The greenback, which has been on the defensive all day, was last down 0.4% at 149.065 yen.
Gold prices remained at multi month high, buoyed by investors seeking safe-haven assets due to the ongoing conflict in the Middle East and ahead of the U.S. Federal Reserve’s policy meeting this week.
Crude oil slipped more than 3% as fears eased that the Israel-Hamas war would disrupt supply from the region, and as investors grew cautious ahead of this week’s U.S. Federal Reserve meeting as per the latest commodity market news.
The dollar index which measures the currency against six major counterparts rose 0.42% at 106.1370. MCX Gold future settled at 61268 up 0.18%. Silver at 72790 up 1.50%. Copper prices settled at 702.65 up 0.45%. Crude oil settled at 6899 down 3.21%. Natural gas settled 279 down.
Commodity Market News | Economic Data & Events Scheduled Today
China
At 7.00am-
Manufacturing PMI. Data is foreseen at 50.2. Previous was at 50.2. Actual iis at 49.50.
Non-Manufacturing PMI. Data is foreseen at 51.90 Previous was at 51.70. Actual is at 50.60.
Above data could have a negative impact on the Yuan.
Japan
Tentative –
BOJ Outlook Report.
BOJ Policy Rate. Expect to keep unchanged at -0.10%.
Monetary Policy Statement.
At 10.30am –
Consumer Confidence. Data is foreseen at 35.1 from previous 35.20.
Housing Starts y/y. Data is foreseen at -6.1% from previous -9.4%.
Tentative – BOJ Press Conference.
All above data and events could have a volatile impact on the Yen.
Eurozone
At 12.30pm –
German Import Prices m/m. Foreseen at 0.4%. Previous was at 0.4%.
German Retail Sales m/m. Foreseen at 0.5%. Previous was at -1.2%.
At 1.15pm- French Prelim CPI m/m. Foreseen at 0.2%. Previous was at -0.5%.
At 2.30pm- Italian Prelim GDP q/q. Foreseen at 0.1%. Previous was at -0.4%.
At 3.30pm-
Core CPI Flash Estimate y/y. Foreseen at 4.2%. Previous was 4.3%.
CPI Flash Estimate y/y. Foreseen at 3.1%. Previous was 4.3%.
Italian Prelim CPI m/m. Foreseen at 0.4%. Previous was at 0.2%.
Prelim Flash GDP q/q. Foreseen at 0.0%. Previous was at 0.1%.
At 9.30pm- German Buba President Nagel Speaks.
Above data could have a negative impact on the Euro.
Canada
At 6.00pm – GDP m/m. Data is foreseen at 0.1% from previous 0.0%.
Above data could have a neutral impact on the dollar.
U.S.
At 6.00pm-Employment Cost Index q/q. Data is foreseen at 1.0 % from previous 1.0%.
At 6.30pm- S&P/CS Composite-20 HPI y/y. Data is foreseen at 1.8% from the previous 0.1%.
At 7.15pm – Chicago PMI. Data is foreseen at 45.40 from previous 44.10.
At 7.30pm – CB Consumer Confidence. Data is foreseen at 100.50 from previous 103.
Above data could have a negative impact on the dollar.
Commodity Samachar
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