Commodity prices as per the Commodity market news had a big gap down opening and traded under pressure crushed by a fresh surge in Treasury yields and US dollar index which sparked after data showed U.S. job openings rose more than expected in August in yet another sign of a resilient economy that suggests interest rates will be higher for longer.
U.S. dollar rose to a 10-month high against a basket of major peers after U.S. job openings data pointed to a still-tight labour market that could prompt the Federal Reserve to raise interest rates next month.
Crude oil was able to off from the day’s lows as Investors kept an eye on any OPEC-JMMC Meetings updates. Still, tight supplies pinned Brent futures 31% higher since this year’s low in June, as OPEC is expected to maintain previously announced output cuts as per the late commodity market news.
Earlier in September, Saudi Arabia and Russia announced they would extend the combined 1.3 million barrels-a-day output cuts until the end of the year.
The dollar index which measures the currency against six major counterparts rose 0.12% at 107.10 (At 11.50pm). MCX Gold future settled at 56927 down 1.17%. Silver at 67394 down 3.53%. Copper prices settled at 704.30 down 2.44%. Crude oil settled at 7448 down 1.25%. Natural gas settled at 245.60 down 0.12% in the commodity market today.
Commodity Market News | Economic Events Scheduled
Eurozone
At 12.45am – Spanish Services PMI. Data is foreseen at 49.7 from previous 49.30.
At 1.15pm- Italian Services PMI. Data is foreseen at 50.1 from previous 49.80.
At 1.20pm – French Final Services PMI. Data is foreseen at 43.90 from previous 43.90.
At 1.25pm- German Final Services PMI. Data is foreseen at 49.80 from previous 49.80.
At 1.30 pm- Final Services PMI. Data is foreseen at 48.40 from previous 48.40.
At 1.45pm- ECB President Lagarde Speaks
At 2.30pm –
PPI m/m. Data is foreseen at 0.6% from previous -0.50%.
Retail Sales m/m. Data is foreseen at -0.50% from previous -0.20%.
At 9.30pm – ECB President Lagarde Speaks
All above data could have a volatile impact on the Euro.
U.K.
At 2.00pm- Final Services PMI. Data is foreseen at 47.20 from the previous 47.20.
Above data could have a neutral impact on the pound.
U.S.
At 5.45pm ADP Non-Farm Employment Change. Data is foreseen at 153k from the previous 177k.
At 7.15pm – Final Services PMI. Data is foreseen at 50.20 from previous 50.20.
At 7.30pm-
ISM Services PMI. Data is foreseen at 53.50 from previous 54.50.
Factory Orders m/m. Data is foreseen at 0.2% from previous -2.1%.
At 7.55pm – FOMC Member Bowman Speaks.
At 8.00pm –
Crude Oil Inventories
FOMC Member Goolsbee Speaks
All above data could have a volatile impact on the dollar.
Commodity Samachar
Learn and Trade with Ease
Also Read: Dollar Index – A Guide To Understanding It And So Much More!!, Doji Candlestick Pattern – A ‘Refresher Course’ on the Unique Pattern, Understanding the Non Farm Employment Data