Commodity Market News | Will FED Speech Shape Market Movements Today?

Commodity Market News | Will FED Speech Shape Market Movements Today?

The dollar was able to pare some losses on Wednesday after release of strong U.S. retail sales data, which fell less than expected in October, a reminder for the market that a definitive date for the Federal Reserve to cut interest rates is still unknown.

US Monthly Retail Sales declined by 0.1% against expectations of a 0.3% contraction. In      September, the economic data rose by 0.7%.

US monthly headline Producer Price Index (PPI) in October logged the steepest decline since April 2020 due to a significant fall in gasoline prices. In the same period, the core PPI remained stagnant.

Crude Oil prices dropped over one percent on a bigger-than-expected rise in U.S. crude inventories and record production in the world’s biggest producer, along with mounting worries about demand in Asia. Gold prices struggled for the gain following the US retail numbers.

U.S. crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts’ expectations in a Reuters poll for a 1.8-million-barrel rise. [EIA/S].

The weekly government data, which was not published last week due to systems upgrade, also showed that U.S. crude production was still holding at a record 13.2 million barrels per day that it hit in October.

The dollar index which measures the currency against six major counterparts rose 0.32% at 104.40. MCX Gold future settled at 60100 up 0.07%. Silver at 72335 up 1.04%. Copper prices settled at 712.18 up 0.41%.  Crude oil settled at 6412 down 1.48%. Natural gas settled 269.20 up 3.58%

Economic data and events scheduled today.


At 10.00am – Tertiary Industry Activity m/m. Data is foreseen at -0.1% unchanged from previous -0.1%.

Above data could have a neutral impact on the Yen.


At 2.30pm – Italian Trade Balance. Data is foreseen at 3.45B from previous 2.07B.

At 5.00pm – ECB President Lagarde Speaks.

Above data could have a volatile impact on the Eur.


At 6.45pm- Housing Starts. Data is foreseen at 255k from the previous 270k.

Above data could have a negative impact on the Canadian dollar.


At 4.30pm – FOMC Member Cook Speaks.

At 5.40pm – FOMC Member Barr Speaks.

At 7.00pm-

Unemployment Claims. Data is foreseen at 221k from 217k.

Philly Fed Manufacturing Index. Data is foreseen at -10.4 from -9.0.

Import Prices m/m. Data is foreseen at -0.3% from 0.1%.

At 7.45pm-

Industrial Production m/m. Data is foreseen at -0.4% from 0.3%.

Capacity Utilization Rate. Data is foreseen at 79.4% from 79.7%.

At 7.55pm- FOMC Member Williams Speaks.

At 8.30pm- NAHB Housing Market Index

At 9.00pm – FOMC Member Waller Speaks.

At 9.00pm – Natural Gas Storage.  

At 9.00pm (Nov 3rd) – Natural Gas Storage.

At 9.05pm – FOMC Member Barr Speaks.

Above data and speech could have a volatile impact on the dollar.

Commodity Samachar
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