The economic data for the day is in.
Dollar strengthens moderately on Monday, trading range remained tight ahead of this week’s central bank meetings, with the Bank of Japan likely to end negative interest rates and markets awaiting the Federal Reserve’s latest forecasts on its rate hikes.
Beyond Japan, the US the central banks of the UK, Australia, Norway, Switzerland, Mexico, Taiwan, Brazil and Indonesia are all meeting this week.
Gold is higher in early Asia. Gains may be cautiously capped ahead of major impacts, including Wednesday’s FOMC decision.
Copper futures extended their gains, surpassing a highest level since April 2023, as buoyant Chinese economic data fostered hopes for a recovery in demand from the world’s largest consumer of top metals.
Crude oil jumped nearly to four months high as softer exports from Iraq and Saudi Arabia furthered the notion of tighter markets this year, although sentiment remained on edge before a Federal Reserve meeting.
MCX gold futures settled +0.10% to 65608.Silver settled -0.20% at 75496. Copper settled +0.45% to 765.70. Crude oil +1.85% at 6844. Natural gas +2.46% to 141.70.
Economic data and events scheduled – Will Bank of Japan Policy Drive Markets Moves?
Japan
Tentative – BOJ Policy Rate and Monetary Policy Statement. Forecast -0.10%, previous-0.10%.
At 10.00am- Revised Industrial Production m/m. Data is foreseen at -7.5% from previous -7.5%.
Tentative – BOJ Press Conference.
Above policy and outlook will decide Yen trend.
Australia
At 9.00am- Cash Rate. Expect 4.35%, previous 4.35%. and RBA Rate Statement.
At 10.00am – RBA Press Conference.
Above data could have a volatile impact on the dollar.
Eurozone
At 3.30pm-
German ZEW Economic Sentiment. Data is foreseen at 20.6 from previous 19.9.
ZEW Economic Sentiment. Data is foreseen at 25.4 from previous 25.0.
Above data could have a mixed impact on the Euro.
Canada
At 6.00pm-
CPI m/m. Data is foreseen at 0.6% from previous 0.0%.
Median CPI y/y. Data is foreseen at 3.3% from previous 3.3%.
Trimmed CPI y/y. Data is foreseen at 3.4% from previous 3.4%.
Core CPI m/m. Previous was at 0.1%.
Above data could have a positive impact on the dollar
US
At 6.00pm-
Building Permits. Data is foreseen at 1.50M from previous 1.47M.
Housing Starts. Data is foreseen at 1.43M from previous 1.33M.
Above data could have a volatile impact on the dollar.
Commodity Samachar
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