Commodity Market Today | US Durable Goods Orders: Today’s Commodity Market Agenda?

The dollar resumed its upside journey yesterday also. Greenback touched a new 10- month high as U.S. bond yields hit their highest level since October 2007. The demand for the US Dollar spurred as Federal Reserve policymakers delivered a hawkish commentary on the interest rate outlook.

A surge in the yield on the U.S. Treasury 10-year note by nine basis points marked a high of 4.53%, a level unseen since 2007, also weighed on the sentiment.

Federal Reserve policymaker Neel Kashkari said on Monday that, given the strength of the U.S economy, interest rates should probably rise again and be held “higher for longer” until inflation falls back down to 2%.

His comments helped push up the yield on the 10-year U.S. Treasury – the benchmark U.S. yield that sets the tone for borrowing costs around the world – to 4.566% on Tuesday. Bond yields move inversely to prices.

Crude oil prices off day’s low supported by demand concerns. Bullion and base metals remained in pressure following the strong dollar. Meanwhile, persistent concerns over an economic slowdown in China, the world’s largest copper importer, also pressurised red metals prices.

The dollar index which measures the currency against six major counterparts, was up 0.20% at 106.1610. MCX Gold future settled at 58432 down 0.46%. Silver at 71777 down 0.52%. Copper prices settled at 712.25 down 0.23%.  Crude oil settled at 7543 up 0.99%. Natural gas settled at 217.50 almost flat.

Economic data and events scheduled today


At 11.30am – German GfK Consumer Climate. Data is foreseen at -25.80 from previous -25.50.

At 1.30pm –

M3 Money Supply y/y. Data is foreseen at -1.1% from previous -0.40%.

Private Loans y/y. Data is foreseen at 1.2% from the previous 1.3%.

Above data could have a neutral impact on the Euro.


At 6.00pm-

Core Durable Goods Orders m/m. Data is foreseen at 0.2% from the previous 0.40%.

Durable Goods Orders m/m. Data is foreseen at -0.50% from previous -5.2%.

At 8.00pm –

Crude Oil Inventories.

All above data could have a negative impact on the dollar.