Commodity Market News | Will US Data Dominate Today’s Market And Steal The Spotlight? 

Commodity Market News | Will US Data dominate today's market and steal the spotlight? 

The US dollar traded near to a two-week high as per latest commodity market news. As markets hunkered down before a Federal Reserve meeting next week. While the central bank is widely expected to keep rates on hold, Fed officials have still left the door open for at least one more hike this year.

The European Central Bank left interest rates unchanged as expected on Thursday, snapping an unprecedented streak of ten consecutive rate hikes, and maintained its guidance which implies steady policy ahead.

The U.S. economy grew at its fastest pace in nearly two years in the third quarter, as gross domestic product increased at a 4.9% annualized rate last quarter, the fastest since the fourth quarter of 2021.

In addition, new jobless claims of 210,000 last week were slightly higher than the expected 208,000 and up from the prior week as per the latest commodity market news. Pending home sales rose 1.1% in September from the prior month, a turnaround from the decline of 7.1% the month before.

US Crude oil dropped by more than 1% as worries about the global economy and energy demand weighed on sentiment, while investors eyed new developments from the conflict in the Middle East.

Fears of a spillover in the conflict between Israel and Hamas, which could embroil Iran and its allies in the region, have supported oil prices in recent weeks, but nervousness is also making investors steer clear of risky assets.

The dollar index which measures the currency against six major counterparts rose 0.21% at 106.771. MCX Gold future settled at 60826, up 0.04%. Silver at 71787 down 0.32%. Copper prices settled at 700.10 down 0.81%.  Crude oil settled at 6959 down 0.29%. Natural gas settled 263.90 up 6.26%.

Commodity Market News | Economic data and events scheduled today.

Economic data and events scheduled as  per the latest commodity market news


At 12.30pm -Spanish Flash GDP q/q. Previous was at 0.5%. Forecast is 0.2%.

Above data could have a negative impact on the Euro.


At 6.00pm-

Core PCE Price Index m/m. Data is foreseen at 0.3% from previous 0.1%.

Personal Income m/m. Data is foreseen at 0.4% from previous 0.4%.

Personal Spending m/m. Data is foreseen at 0.5% from the previous 0.4%.

At 6.30pm- FOMC Member Barr Speaks.

At 7.30pm-

Revised UoM Consumer Sentiment. Data is foreseen at 63.0 from previous 63.0.

Revised UoM Inflation Expectations.   Previous was at 3.8%.

Above speech could have a volatile to positive impact on the dollar.

Commodity Samachar
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