The Economic Data for the day is in and all focus lies on the Eurozone data and RBA policy meeting.
Dollar started the week with small losses. The currency fell for a third day in a row as a softer-than-expected US jobs report last week supported recent comments from US Federal Reserve Chairman Jerome Powell, but the dollar strengthened after perceived interventions against the yen last week.
Gold prices climbed more than 1%, as the U.S. dollar weakened after softer-than-expected U.S. jobs data fueled expectations of potential interest rate cuts by the Federal Reserve later this year.
Crude Oil prices paused their recent fall, on an expanding risk premium as Israel looks set to defy international pressure and begin attacks on the Gaza city of Rafah.
Copper prices jumped approaching the two-year high of $4.7 amid a softer dollar and increasing supply concerns. Dovish remarks from the Fed, coupled with a weaker-than-expected US jobs report, pressured the greenback and supported the purchasing power for key foreign consumers, lifting base metal prices.
MCX gold futures settled +0.99% to 71369.Silver settled +2.36% to 82955. Copper settled +1.33% to 866.70. Crude oil -0.06% at 6542. Natural gas +4.24% to 186.70.
Economic data and events scheduled today
Australia
At 10.00am-
Cash Rate. Forecast is 4.35% unchanged from previous 4.35%.
RBA Monetary Policy Statement. RBA Rate Statement.
At 11.00am – RBA Press Conference.
Above policy could have a mixed impact on the dollar.
Eurozone
At 11.30am-
German Factory Orders m/m. Data is foreseen at 0.4% from previous 0.2%.
German Trade Balance. Data is foreseen at 22.4B from previous 21.4B.
At 12.15pm-
French Prelim Private Payrolls q/q. Data is foreseen at 0.0% from previous -0.1%.
French Trade Balance. Data is foreseen at -5.0B from previous -5.2B.
At 2.30pm- Retail Sales m/m. Data is foreseen at 0.6% from previous -0.5%.
At 7.30pm- German Buba President Nagel Speaks.
Above data could have a volatile impact on the Euro.
UK
At 11.30am-
Halifax HPI m/m. Data is foreseen at 0.2% from previous -1.0%.
At 2.00pm- Construction PMI. Data is foreseen at 50.4 from previous 50.2.
Above data could have a volatile impact on the dollar.
US
Tentative- RCM/TIPP Economic Optimism. Data is foreseen at 44.1 from previous 43.2.
Above mentioned economic data could have a neutral impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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