The Economic Data today seems to be take over by the Bank of England Policy and related data. So what’s instore for traders all around. Let’s check it out.
The dollar strengthened on Wednesday as investors continued to bet that the US economy is outperforming others and was higher against the Japanese yen for a third day, keeping investors wary of the threat of intervention by Tokyo.
In Europe, the Swedish krona slipped after the central bank cut interest rates and said it expected two more rate hikes this year, while the pound remained in the red ahead of the Bank of England meeting on Thursday.
Gold steadied on Wednesday while investors awaited U.S. data for clues on potential rate cuts by the Federal Reserve, though a slight uptick in the dollar limited any upside.
Crude oil rebounded from intraday lows after U.S. inventory data showed a larger-than-expected decline in oil inventories as refiners increased output ahead of the summer driving season.
US crude inventories fell 1.4 million barrels to 459.5 million barrels in the week ended May 3, according to the Energy Information Administration (EIA), rising slightly more than analysts expected. [EIA/S].
Copper will fall more than 1% and is due to correct unless China provides sustained stimulus or its smelters cut output, ING said.
MCX gold futures settled -0.04% to 71118.Silver settled +0.15% to 83004. Copper settled -1.18% to 854.50. Crude oil +0.09% at 6591. Natural gas -1.25% to 182.40
Economic data and events scheduled today.
China
Tentative – Trade Balance. Data is foreseen at 510B from previous 416B.
Tentative- USD-Denominated Trade Balance. Data is foreseen at 81.4B from previous 58.6B.
Above mentioned economic data could have a positive impact on the Yuan.
UK
At 4.30pm-
BOE Monetary Policy Report. Monetary Policy Summary
MPC Official Bank Rate Votes. Data is foreseen at 0-0-9 from previous 0-1-8.
Official Bank Rate. Expect to kept unchanged at 5.25% from previous 5.25%.
At 5.00pm- BOE Gov Bailey Speaks.
Above policy statement could have a volatile impact on the Pound.
Canada
At 7.30pm- BOC Financial System Review.
At 8.30pm- BOC Gov Macklem Speaks
US
At 6.00pm- Unemployment Claims. Data is foreseen at 212K from previous 208K.
Tentative – Mortgage Delinquencies. Data is foreseen at 87B from previous 59B.
At 8.00pm- Natural Gas Storage. Data is foreseen at 87B from previous 59B.
At 10.31pm- 30-y Bond Auction.
At 11.00pm- FOMC Member Cook Speaks.
Above mentioned economic data could have a neutral impact on the dollar.
Also read – Nifty at Crossroads: Reversal or Further Downturn? ForexnewsLetter
Recommended read – India Energy Week 2024: Influencing Today’s Crude Oil and Natural Gas Trade?
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