The economic data for the day is in. The US dollar is weakening by almost half a percent against its major peers. The cautious trading was ahead of the Federal Reserve’s latest meeting, as the yen rose on speculation that Japanese authorities were stepping in to try to halt its seemingly relentless slide.
Gold prices rose as the dollar weakened as the focus shifted. to the US Federal Reserve’s policy meeting and US non-farm payrolls data due this week for clues on how the central bank will move interest rates.
Crude oil fell more than 1 percent as truce talks between Israel and Hamas stalled in Cairo eased fears of a wider Middle East conflict, while US inflation data reduced potential interest payments.
Israeli airstrikes killed at least 25 Palestinians and wounded many others on Monday, as Hamas leaders arrived in Cairo for a new round of talks with Egyptian and Qatari mediators.
Egypt is hopeful but waiting for a response on the plan from Israel and Hamas, Egyptian Foreign Minister Sameh Shoukry said.
Copper prices Copper prices soared to two-year highs on Monday, driven by supply concerns highlighted by BHP Group’s BHPbid for Anglo American AAL, though signs of sluggish demand in top consumer China kept prices short of a record peak.
MCX gold futures settled +0.14% to 71602.Silver settled -0.02% to 82483. Copper settled +1.86% to 873.95. Crude oil -1.43% at 6899. Natural gas +5.11% to 168.70.
Economic data and events scheduled today
Japan
At 5.00am – Unemployment Rate. Data is foreseen at 2.5% from previous 2.6%.
At 5.20am –
Prelim Industrial Production m/m. Data is foreseen at 3.4% from previous -0.60%.
Retail Sales y/y. Data is foreseen at 2.5% from previous 4.7%.
At 10.30am-Housing Starts y/y. Data is foreseen at -7.6% from previous -8.2%.
All above data will have a volatile impact on the Yen.
China
At 7.00am – Manufacturing PMI. Data is foreseen at 50.3 from previous 50.8
Non-Manufacturing PMI. Data is foreseen at 52.2 from previous 53.0.
At 7.15am- Caixin Manufacturing PMI. Data is foreseen at 51.0 from previous 51.1.
Above mentioned economic data will have a negative impact on the Yuan.
Eurozone
At 11.00am-
French Consumer Spending m/m. Data is foreseen at 0.2% from previous 0.0%.
French Flash GDP q/q. Data is foreseen at 0.1% from previous 0.1%.
At 11.30am-
German Import Prices m/m. Data is foreseen at 0.1% from previous -0.2%.
German Retail Sales m/m. Previous -1.9%.
At 12.15pm- French Prelim CPI m/m. Data is foreseen at 0.5% from previous 0.2%.
At 12.30pm- Spanish Flash GDP q/q. Data is foreseen at 0.4% from previous 0.6%.
At 1.25pm- German Unemployment Change. Data is foreseen at 7K from previous 4k.
At 1.30pm-
Italian Prelim GDP q/q. Data is foreseen at 0.1% from previous 0.2%.
German Prelim GDP q/q. Data is foreseen at 0.1% from previous -0.3%.
At 2.30pm-
Core CPI Flash Estimate y/y. Data is foreseen at 2.6% from previous 2.9%.
CPI Flash Estimate y/y. Data is foreseen at 2.4% from previous 2.4%.
Italian Prelim CPI m/m. Data is foreseen at 0.2% from previous 0.0%.
Prelim Flash GDP q/q. Data is foreseen at 0.1% from previous 0.0%.
Core CPI Flash Estimate y/y. Data is foreseen at 0.1% from previous 0.2%.
CPI Flash Estimate y/y. Data is foreseen at 0.1% from previous -0.3%.
Above data could have a volatile impact on the Euro.
Canada
At 6.00pm- GDP m/m. Data is foreseen at 0.3% from previous 0.6%.
Above mentioned economic data could have a negative impact on the dollar.
US
At 6.00pm-
Employment Cost Index q/q. Data is foreseen at 1.0% from previous 0.9%.
At 6.30pm-
S&P/CS Composite-20 HPI y/y. Data is foreseen at 6.7% from previous 6.6%.
HPI m/m. Data is foreseen at 0.1% from previous -0.1%.
At 7.30pm-
CB Consumer Confidence. Data is foreseen at 104 from previous 104.7.
Above mentioned economic data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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