The US dollar sparked to a new 10-month high yesterday, which added pressure on Bullions and energy prices in the commodity market today.
Silver fell to around $21.5 per ounce, the lowest in over one and half years, pressured by the interest rate jitters after hawkish Fed pause and concerns about industrial demand after weak manufacturing PMIs for China and Europe. Crude oil plunged in the commodity market today as worries that the Fed will leave rates higher for longer lifted the dollar and hampered the outlook on energy demand.
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.
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 0.65% at 106.859 (At 11.50pm). MCX Gold future settled at 57600, up 0.83%. Silver at 69857 down 1.05%. Copper prices settled at 722.45 up 0.38%. Crude oil settled at 7542 down 1.06%. Natural gas settled at 245.92 up 0.49%.
Commodity Market Today | Economic Data & Events Scheduled
Australia
At 9.0am-
Cash Rate. Forecast is to be unchanged at 4.10%.
RBA Rate Statement.
Above decision could have a neutral impact on the dollar.
Japan
At 9.00am –10-y Bond Auction.
Eurozone
At 12.15am –
French Gov Budget Balance. Previous was at -169.0B.
Spanish Unemployment Change. Data is foreseen at -12.2K from previous 24.8K.
All day – German Bank Holiday.
U.K.
Tentative – 30-y Bond Auction.
CANADA
At 5.55pm – Gov Council Member Vincent Speaks.
U.S.
At 7.30pm- JOLTS Job Openings. Data is foreseen at 8.81M from previous 8.83M.
Tentative -IBD/TIPP Economic Optimism.
All day – Wards Total Vehicle Sales Data is foreseen at 15.4M from previous 15.04M. All above data could have a volatile impact on the dollar.
Commodity Samachar
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