The U.S. dollar strengthened against a basket of currencies on Wednesday, as investors’ appetite for riskier currencies faded following lackluster corporate results that raised worries over the economic outlook, and as Treasury yields rose.
Gold prices rebounded from the day’s lows, influenced by the ongoing Israel-Gaza conflict and anticipation of key US economic indicators, including the US third-quarter GDP figures and the PCE price index.
Crude oil prices extended their fall as fears eased that the Israel-Hamas war would spread further in the region. Adding to this, the United States reported increased crude stockpiles as demand worries stemming from gloomy economic prospects in Europe weigh.
U.S. crude inventories rose by 1.4 million barrels in the last week to 421.1 million barrels, the Energy Information Administration reported on Wednesday, higher than analysts’ expectations in a Reuters poll.
The dollar index which measures the currency against six major counterparts rose 0.27% at 106.5270. MCX Gold future settled at 60801, up 0.33%. Silver at 71786 down 0.40%. Copper prices settled at 705.85 up 1.15%. Crude oil settled at 6974 down 2.22%. Natural gas settled at 249.20 up 2.34%.
Commodity Market News | Economic data and events Scheduled Today:
Eurozone
At 12.30pm –
Spanish Unemployment Rate. Previous was at 11.6%. Forecast is 11.5%.
At 5.45pm –
Main Refinancing Rate. Forecast is 4.50% from the previous 4.50%.
Main Refinancing Rate.
At 6.15pm – ECB Press Conference.
Above data could have a volatile impact on the Euro.
UK
At 3.30pm- CBI Realized Sales, Data is foreseen at -16 from previous -14.00.
At 10.15pm- MPC Member Cunliffe Speaks.
Above data could have a neutral impact on the pound.
U.S.
At 6.00pm-
Advance GDP q/q. Data is foreseen at 4.5% from previous 2.1%.
Unemployment Claims. Data is foreseen at 208k from the previous 198k.
Advance GDP Price Index q/q. Data is foreseen at 2.7% from the previous 1.7%.
Core Durable Goods Orders m/m. Data is foreseen at 0.2% from the previous 0.4%.
Durable Goods Orders m/m. Data is foreseen at 1.9% from the previous 0.1%.
Goods Trade Balance. Data is foreseen at -86.2B from previous -84.6B.
At 6.30pm – FOMC Member Waller Speaks.
At 7.30pm- Pending Home Sales m/m. Data is foreseen at -2.0% from previous -7.1%.
At 8.00pm – Natural Gas Storage. Data is foreseen at 82B from the previous 97B.
Above speech could have a volatile to positive impact on the dollar.
Commodity Samachar
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