The US dollar strengthened against its major counterparts as per reports emanating from the latest commodity market news. Several Federal Reserve officials were due to speak and as investors watched the war between Hamas and Israel for signs of escalation.
The currency has benefited from expectations the U.S. central bank will hold rates higher for longer as it battles to bring inflation closer to its 2% annual target.
Bullions extends its gains amid appeal for safe haven assets that remain upbeat due to the deepening crisis in the Middle East. Crude stockpiles fell by 4.5 million barrels in the United States last week as exports accelerated from inroads made by US oil into overseas markets, while supply cuts by OPEC+ resulted in lower imports, a government report showed Wednesday.
The U.S. crude inventory balance fell by 4.491M barrels during the week ended Oct. 13, according to the EIA and the latest commodity market news updates. That contrasted with a 10.176M jump in the prior week to Oct. 6 led largely by a sharp decline in export.
On the fuel side, the EIA reported a gasoline inventory slide of 2.37M barrels and distillate stockpiles drop of 3.185 barrels. In the prior week, gasoline saw a 1.3134-M barrel build while distillates experienced a 1.837M drop.
The dollar index which measures the currency against six major counterparts rose 0.35% at 106.6030. MCX Gold future retreated from the day’s high 60259 and settled at 59218, up 0.09%. Silver at 71527 up 0.04%. High was at 72745.00 Copper prices settled at 699.10 down 0.20%. Crude oil settled at 7192 down 0.65%. Retreated from the day’s high 7500. Natural gas settled at 255.80 down 2.29% as per latest commodity market news.
Commodity Market News | Economic data and events scheduled today.
China
Tentative – Foreign Direct Investment ytd/y
Eurozone
At 1.30 pm – Current Account. Previous was at 20.9B.
Above data could have a neutral impact on the Euro.
Canada
At 6.00pm –
IPPI m/m. Data is foreseen at 0.3% from previous 1.3%.
RMPI m/m. Data is foreseen at 1.8% from the previous 3.0%.
Above data could have a negative impact on the Canadian dollar.
U.S.
At 6.00 pm-
Unemployment Claims. Data is foreseen at 210k from the previous 209k.
Philly Fed Manufacturing Index. Data is foreseen at -6.7 from previous -13.50.
At 6.30pm- FOMC Member Jefferson Speaks.
At 7.30pm –
Existing Home Sales. Data is foreseen at 3.89m from previous 4.04m.
CB Leading Index m/m. Data is foreseen at -0.4% from previous -0.4%.
At 8.00pm – Natural Gas Storage. Data is foreseen at 82B from previous 84B.
At 9.30 pm- Fed Chair Powell Speaks.
At 10.50pm- FOMC Member Goolsbee Speaks.
At 11.00pm – FOMC Member Barr Speaks
All above data could have a volatile to negative impact on the dollar.
Commodity Samachar
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