The U.S. dollar extended its recent fall on Monday, it hit an almost eight week low on growing confidence that the Federal Reserve is done hiking interest rates, while comments from multiple U.S. central bank officials this week will be watched for further signals on rate policy according to the latest commodity market news.
Crude oil witnessed 1.82% intraday gain after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.
Saudi Arabia confirmed on Sunday it would continue with its additional voluntary cut of 1 million barrels per day (bpd) in December to keep output around 9 million bpd, a ministry of energy source said as per latest commodity market news.
Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December.
Bullions struggled for the gain as investors cautiously turned back to riskier assets, and positioned themselves for a host of Federal Reserve speakers this week including Jerome Powell for clarity on U.S. rate cuts.
The dollar index which measures the currency against six major counterparts, fell 0.05% at 105.018. MCX Gold futures settled at 60770 down 0.41%. Silver at 72117 down 0.42%. Copper prices settled at 713.75 up 0.54%. Crude oil settled at 6826 up 1.94%. Natural gas settled 272.00 down 6.85%.
Commodity Market News | Economic data and events scheduled today
China
Tentative-
Trade Balance. Data is foreseen at 572B from previous 559B.
USD-Denominated Trade Balance. Data is foreseen at 84.2B from previous 77.7B.
Above data could have a positive impact for Yuan.
Bank of Australia
At 9.00am
Cash Rate. Foreseen to hike by 4.35% from previous 4.10%.
RBA Rate Statement.
A rate hike could have a positive impact on the dollar.
Eurozone
At 12.30pm – German Industrial Production m/m. Data is foreseen at -0.3% from previous 0.2%.
At 3.30pm- PPI m/m. Data is foreseen at 0.5% from previous 0.6%.
Above data could have a negative impact on the Euro.
CANADA
At 7.00 pm- Trade Balance. Data is foreseen at 1.0B from previous 0.7B.
At 9.30pm – Gov Council Member Kozicki Speaks.
Above data could have a neutral impact on the pound.
U.S.
At 7.00pm- Trade Balance. Data is foreseen at -60.2B from previous -58.3B.
At 7.45pm – FOMC Member Barr Speaks.
At 8.30pm – FOMC Member Waller Speaks.
Tentative – IBD/TIPP Economic Optimism. Data is foreseen at 40.20 from previous 36.3.
At 11.55pm- FOMC Member Logan Speaks.
Above data could have a volatile impact on the dollar.
Commodity Samachar
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