Dollar index falls below 104 level on Wednesday. The currency  hit a four-month low against the major peers amid anticipation that the Federal Reserve would cut interest rates several times this year. ECB decision, UK jobs…
A chorus of Fed officials made bold statements this week, with Fed Chairman Powell saying that recent data “gives some confidence” that inflation is returning to its target and that the central bank will not wait until inflation will reach 2% to cut interest rates. Ratings. . .
Gold prices hit near all-time highs as growing optimism over the US Federal Reserve’s September interest rate cut and a weaker dollar boosted demand.
Crude oil prices ticked higher, buoyed by a bigger-than-expected weekly decline in U.S. crude stocks. U.S. crude inventories fell by 4.9 million barrels last week, data from the U.S. Energy Information Administration showed. That compares with a 30,000-barrel decline forecast by analysts in a Reuters poll, and a drop of 4.4 million barrels in a report from the American Petroleum Institute trade group.
Copper prices edged lower as worries about weak demand in China and rising inventories balanced a slide in the dollar. Also weighing on copper prices have been rising inventories, highlighting excess supply in the market. LME stocks have nearly doubled since the start of June, climbing to their highest since September 2021.
MCX gold futures settled -0.18% to 74137.Silver settled -2.04% to 91942. Copper settled -0.76% to 840.40. Crude oil 1.95% at 6911. Natural gas -6.58% to 170.50.
Economic data and events scheduled today (ECB decision, UK jobs today)
UK
At 11.30am-
Claimant Count Change. Data is foreseen at 23.4k from previous 50.4k.
Core Retail Sales m/m. Data is foreseen at 5.7%. Previous was at 5.9%.
Retail Sales m/m. Data is foreseen at 4.4% from previous 4.4%.
Above data could have a volatile impact on the pound.
Eurozone
At 3.30pm- German Buba Monthly Report
At 5.45pm –
Main Refinancing Rate. Expect to keep unchanged at 4.25%.
Monetary Policy Statement.
At 6.15pm- ECB Press Conference.
Above data could have a volatile impact on the Euro.
US
At 6.00pm-
Unemployment Claims. Data is foreseen at 229k. Previous was at 222k.
Philly Fed Manufacturing Index. Data is foreseen at 2.7 from previous 1.3.
At 7.30pm-
CB Leading Index m/m. Data is foreseen at -0.3% from previous -0.5%.
At 8.00pm- Natural Gas Storage. Forecast 27B. Previous 65B.
At 11.15pm- FOMC Member Logan Speaks.
Above data could have a volatile on the dollar.
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