The Economic Calendar for the day looks quite phenomenal. The dollar strengthened modestly against other major currencies as market participants awaited key US inflation data and updated forecasts of interest rates from the Federal Reserve of the United States, which will be later in the day.
The US dollar rose after a stronger-than-expected jobs report on Friday raised the prospect that inflation will persist even as growth remains strong, prompting the US Federal Reserve to hold off on cutting interest rates in the coming months.
Gold prices edged low, weighed down by a stronger dollar, as investors awaited key U.S. inflation data and the Federal Reserve’s updated interest rate projections due later in the day.
Crude oil futures jumped over half percent yesterday, gaining in five of the last six sessions amid an improving global demand outlook.
The US EIA raised its global oil demand growth forecast to 1.1 million barrels per day in 2024 from a previous estimate of 900,000 bpd, with demand revised higher for Asian countries except Japan.
Copper futures extended their downturn, prices dropped to the lowest in over one month and fully erasing May’s rally that took prices to a record high of $5.2 amid evidence of low demand in the near term.
MCX gold futures settled +0.07 to 71490.Silver settled -1.51% to 88663.Copper settled -0.56% to 858.15. Crude oil +0.62% at 6526. Natural gas +5.77% to 256.50.
Economic Calendar and events scheduled today
China
At 7.00am-
CPI y/y. Data is foreseen at 0.4% from previous 0.3%.
PPI y/y. Data is foreseen at -1.5% from previous -2.5%.
Above mentioned data in the economic calendar could have a positive impact on the Yuan.
Eurozone
At 11.30am. German Final CPI m/m. Data is foreseen at 0.1% from previous 0.1%.
All Day – Eurogroup Meetings.
Above mentioned data in the economic calendar could have a neutral impact on the Euro.
U.K.
At 11.30am-
GDP m/m. Data is foreseen at 0.0%, previous was at 0.4%
Construction Output m/m. Data is foreseen at 0.1% from previous -0.4%.
Goods Trade Balance. Data is foreseen at -14.2B from previous -14.0B.
Index of Services 3m/3m. Data is foreseen at -0.1% from previous 0.2%.
Industrial Production m/m. Data is foreseen at -0.1% from previous 0.2%.
Manufacturing Production m/m. Data is foreseen at -0.2% from previous 0.3%.
Above mentioned data in the economic calendar could have a volatile impact on the Pound.
US
At 6.00pm-
Core CPI m/m. Data is foreseen at 0.3%, previous was at 0.3%
CPI m/m. Data is foreseen at 0.1% from previous 0.3%.
CPI y/y. Data is foreseen at 3.4% from previous 3.4%.
At 8.00pm- Crude Oil Inventories. Data is foreseen at -1.5M from previous 1.2M.
At 11.30pm-
Federal Funds Rate. Expect to unchanged at 5.50% from previous 5.5%.
FOMC Economic Projections. FOMC Statement.
Federal Budget Balance. Data is foreseen at -259.3B from previous 0.2%.
Above data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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