The Economic Data for the day is in.
The US dollar extended its gains and hit new highs this week against major currencies such as the euro, British pound, Japanese yen and Canadian dollar as several regional Fed bank surveys strengthened. widespread risk aversion in global markets.
The dollar index was last up 0.40% at 105.03. The euro fell 0.37 percent to $1.0816. Sterling fell 0.35% to $1.2716.
Gold prices fell on Wednesday as a stronger dollar, higher bond yields and unusual comments from the Federal Reserve weighed on market sentiment in preparation for the release of US inflation data.
Crude oil prices gained nearly one and half percent, hovering near the highest levels in four weeks amid expectations that OPEC+ countries would extend voluntary output cuts of about 2.2 million barrels per day into the third quarter at a meeting this weekend.
Copper prices gained slightly amid prospects of better demand from top consumer China, although gains were limited by current weakness in physical demand and high inventories in the world’s second-largest economy.
MCX gold futures settled +0.2% to 72193.Silver settled +0.75% to 96162.Copper settled -0.43% to 903.55. Crude oil -0.20% at 6624. Natural gas 4.01% to 223.10.
Economic data and events scheduled
Eurozone
At 12.30pm – Spanish Flash CPI y/y. Data is foreseen at 3.7% from previous 3.3%.
At 1.30pm- Italian Monthly Unemployment Rate. Data is foreseen at 7.3% from previous 7.2%.
At 2.30pm-Unemployment Rate. Data is foreseen at 6.5% from previous 6.5%.
Above mentioned economic data could have a volatile impact on the Euro.
Canada
At 6.00pm- Current Account. Data is foreseen at -5.5B from previous -1.6B.
Above mentioned economic data could have a negative impact on the dollar.
US
At 6.00pm-
Prelim GDP q/q. Data is foreseen at 1.2% from previous 1.6%.
Unemployment Claims. Data is foreseen at 218k from previous 215k.
Prelim GDP Price Index q/q. Data is foreseen at 3.1% from previous 3.1%.
Goods Trade Balance. Data is foreseen at -91.9B from previous -91.8B.
Prelim Wholesale Inventories m/m. Data is foreseen at 0.0% from previous -0.4%.
At 7.30pm- Pending Home Sales m/m. Data is foreseen at -1.1% from previous 3.4%.
At 8.00pm- Natural Gas Storage. Forecast 77B from previous 78B.
At 8.30pm- Crude Oil Inventories. Forecast -1.9M from previous 1.8M.
At 9.35pm- FOMC Member Williams Speaks.
Above mentioned economic data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Also Read:Nifty Sees Three Consecutive Red Closures:Is the Trend Changing? or A Step Back Before the Boom? Forex Newsletter: Spot Gold Down 1%
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