Gold prices stayed positive, defying the strengthened US Dollar and elevated US Treasury yields that resulted from the hawkish comments made by US Federal Reserve Chair Jerome Powell on Thursday as per the latest commodity market news coming in. Crude oil found some ground, recovered from near four-month lows although concerns over a slowdown in global crude demand remain.
The dollar strengthened against its major counterparts on Thursday and hit a one week high against the Japanese yen after Federal Reserve Chair Jerome Powell said that Fed policymakers are “are not confident” that interest rates are yet high enough to finish the battle with inflation.
Traders remained on alert for potential intervention to shore up the struggling Japanese currency, which is near a one-year low of 151.74 reached last week.
The dollar index which measures the currency against six major counterparts rose 0.35% at 105.86. MCX Gold future settled at 60327, up 0.53%. Silver at 71390 up 0.25%. Copper prices settled at 704.75 up 0.11%. Crude oil settled at 6386.00, up 1.79%. Natural gas settled 256.50 down 0.27%.
Commodity Market News | Economic data and events scheduled
Eurozone
At 2.30pm – Italian Industrial Production m/m. Data is foreseen at 0.0% from the previous 0.2%.
2 DAY ECOFIN Meetings.
At 6.00pm- ECB President Lagarde Speaks.
At 8.50pm- German Buba President Nagel Speaks.
Above data could have a volatile impact on the Eur.
China
Tentative –
New Loans. Data is foreseen at 650B from previous 2310B.
M2 Money Supply y/y. Data is foreseen at 10.4% from previous 10.3%.
Above data could have a positive impact on the Yuan.
UK
At 12.30pm-
GDP m/m. Data is foreseen at 0.0% from 0.2%.
Prelim GDP q/q. Data is foreseen at -0.10% from 0.2%.
Construction Output m/m. Data is foreseen at -0.50% from -0.50.
Goods Trade Balance. Data is foreseen at -15.3B from -16.0B.
Index of Services 3m/3m. Data is foreseen at -0.2% from 0.1%.
Industrial Production m/m. Data is foreseen at -0.1% from -0.7%.
Manufacturing Production m/m. Data is foreseen at 0.2% from -0.80%.
Prelim Business Investment q/q. Data is foreseen at -3.20% from 4.1%.
All above data could have a negative impact on the Pound.
U.S.
At 6.00pm – FOMC Member Logan Speaks.
At 8.30pm – Prelim UoM Consumer Sentiment. Data is foreseen at 63.7 from previous 63.8.
Above data could have a volatile impact on the dollar.
Commodity Samachar
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