The dollar index strengthens against its major counterparts on Tuesday as per the latest commodity market news. Recovered some losses from the previous session as the Federal Reserve is set to begin its two-day monetary policy meeting today.
The U.S. Federal Reserve is widely expected to hold interest rates steady, traders are positioning cautiously amid the risk of another rate hike from the Fed given a still-resilient US economy.
Gold retreated slightly as cautious investors ahead of the U.S. Federal Reserve policy decision. Prices witnessed a speculative move in recent days after the Middle-East worries led to a strong safe-haven rally last month as per the latest commodity market news comes in.
Crude prices fall drastically for a second consecutive day in a row. On the monthly basis prices dropped by 10.13% as oil bulls who rushed to hedge against the Israel-Hamas war discovered to their disappointment that the rest of the market wasn’t prepared to assign a war risk premium to a trade simply unaffected by the conflict. Weaker-than-anticipated factory activity in top crude importer China added to the gloom of the market.
The dollar index which measures the currency against six major counterparts rose 0.57% at 106.745. MCX Gold future settled at 60918 down 0.59%. Silver at 71657 down 1.50%. Copper prices settled at 707.40 down 0.17%. Crude oil settled at 6778 down -1.20%. Natural gas settled 302.00 up 7.97%.
Commodity Market News | Economic Data and Events scheduled today
China
At 7.15am-
Caixin Manufacturing PMI. Data is foreseen at 50.80. Previous was at 50.60.
Above data could have a positive impact on the Yuan.
UK
At 12.30pm- Nationwide HPI m/m. Foreseen at -0.3%. Previous was at 0.0%.
At 3.00pm- Final Manufacturing PMI. Foreseen at 45.2. Previous was at 45.2.
Above data could have a negative impact on the Euro.
Canada
At 7.00pm – Manufacturing PMI. Data is foreseen at NA. Previous 47.5.
Above data could have a neutral impact on the dollar.
U.S.
At 7.00pm- Final Manufacturing PMI. Data is foreseen at 50.0 from the previous 50.
At 7.30pm-
ISM Manufacturing PMI. Data is foreseen at 49.0 from previous 49.0.
JOLTS Job Openings. Data is foreseen at 9.34M from previous 9.61M
ISM Manufacturing Prices. Data is foreseen at 46.2 from previous 43.80.
Construction Spending m/m. Data is foreseen at 0.4% from previous 0.5%.
At 8.00pm – Crude Oil Inventories. Data is foreseen at 1.7M from previous 1.4M.
At 11.30pm- Federal Funds Rate and FOMC Statement. Expect to hold unchanged at 5.50% from previous 5.50%.
At 12.00am – FOMC Press Conference
Above data could have a volatile impact on the dollar.
Commodity Samachar
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