The US dollar gave up nearly 0.40% of its gains as per the Commodity Market News. The US reported some light economic activity figures that have a neutral impact on the greenback, with the Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York declining but lower than expected. Now, focus will remain on Retail Sales figures from the US and the Federal Reserve (Fed) Beige book report, set to release later today.
Bullions and base metals prices consolidated in a small range, while Crude oil retreated following the weekly inventory data. Crude oil retreated slightly, after reports suggested that the U.S. could potentially relax its sanctions on Venezuela’s oil industry as per the latest commodity market news.
A lack of immediate escalation in the Israel-Hamas war also spurred bets that the conflict will not spill over into the broader Middle East region, as U.S. officials said that Israel had agreed to provide aid to Gaza. President Joe Biden is also set to visit Israel on Wednesday, Secretary of State Antony Blinken said.
Reuters reported on Monday, citing multiple sources, that Venezuela’s government and the opposition plan to resume long-suspended talks on Tuesday- a move that could eventually see Washington relax its sanctions on the country.
Any U.S. action is only expected after President Nicolas Maduro commits to a presidential election date, as well as lifting bans on opposition candidates, the Reuters reports said
The dollar index which measures the currency against six major counterparts, fell 0.43% at 106.210. MCX Gold future settled at 59133 down 0.46%. Silver at 71054 down 0.33%. Copper prices settled at 700.35 up 0.32%. Crude oil settled at 7241 down 0.25%. Natural gas settled at 261.70 down 3.36%.
Commodity Market News | Economic data and events scheduled today
Japan
At 10.00am – Tertiary Industry Activity m/m. Data is foreseen at 0.4% from previous 0.9%.
Data is expected to have a negative impact on the Yen.
Eurozone
At 2.30 pm – German ZEW Economic Sentiment. Data is foreseen at -9.5 from previous -11.40.
At 2.30pm – ZEW Economic Sentiment. Data is foreseen at -8.00 from -8.9.
Tentative – ECOFIN Meeting.
At 10.30pm – German Buba President Nagel Speaks
Above data could have a negative to volatile impact on the Euro.
U.K.
At 11.30am- Claimant Count Change. Data is foreseen at 2.3k. Previous was at 0.9k.
At 2.35pm – MPC Member Dhingra Speaks
Above data could have a negative impact on the pound.
Canada
At 5.45pm – Housing Starts. Data is foreseen at 241k from the previous 253k.
At 6.00pm –
CPI m/m. Data is foreseen at 0.0% from previous 0.4%.
Median CPI y/y. Data is foreseen at 4.00% from previous 4.1%.
Trimmed CPI y/y. Data is foreseen at 3.8% from previous 3.9%.
Above data could have a negative impact on the Canadian dollar.
U.S.
At 6.00 pm-
Core Retail Sales m/m. Data is foreseen at 0.2% from the previous 0.6%.
Retail Sales m/m. Data is foreseen at 0.3% from previous 0.6%.
At 6.45pm –
Industrial Production m/m. Data is foreseen at 0.0% from the previous 0.4%.
Capacity Utilization Rate. Data is foreseen at 79.6% from previous 79.7%.
At 6.50pm – FOMC Member Bowman Speaks.
At 7.30pm – Business Inventories m/m. Data is foreseen at 0.3% from previous 0.0%.
All above data could have a volatile to negative impact on the dollar.