![Economic Data: Eurozone PMI & US Jobless Claims in Focus!!](https://commoditysamachar.com/wp-content/uploads/2024/04/BLOG-16-1-1024x576.webp)
The Economic Data for the day is in and it seems like Europe and the US Data is competing for the top spot in the market.
The dollar retreated on Wednesday after the US ISM services index for March unexpectedly fell and after the March ISM services sub-index fell to a four-year low, weighing on Fed policy. The dollar extended its losses after dovish comments from Federal Reserve Chairman Powell, who said it would be appropriate for the central bank to cut interest rates “at some point this year.
Dollar. The index tracking a basket of six other currencies fell 0.50% to 104.223.
The US Mar ISM services index unexpectedly fell -1.2 to 51.4, weaker than expectations of an increase to 52.8. The Mar ISM services price paid sub-index fell -5.2 to a 4-year low of 53.4, weaker than expectations of 58.4.
The US Mar ADP employment change rose +184,000, stronger than expectations of +150,000. Also, Feb ADP was revised upward to +155,000 from the previously reported +140,000.
Gold rose to a record high on Wednesday as a safe haven, supported by a weaker dollar and heightened Middle East tensions as investors awaited more US economic data for signals. on politics.
Copper futures saw a sudden rally. Prices rose to their highest level since last April as the dollar weakened after evidence of weaker inflation boosted interest rates.
Crude oil prices rose on Wednesday as investors worried about supply disruptions from a worsening geopolitical landscape, although an unexpected jump in The United States in relation to oil inventories has alleviated some of these concerns. The Organization of Petroleum Exporting Countries and allies also voted to maintain its current band of production cuts during a Wednesday meeting, presenting a tight outlook for crude in the near-term
MCX gold futures settled +1.26% to 69799.Silver settled + 2.56% at 79011. Copper settled +2.78% to 790.65. Crude oil +1.20% at 7162. Natural gas -0.83% to 155.3.
Economic data and events scheduled – Will the US take charge?
Eurozone
At 12.45pm- Spanish Services PMI. Data is foreseen at 55.5 from previous 54.7.
At 1.15pm- Italian Services PMI. Data is foreseen at 53.0 from previous 52.2.
At 1.20pm- French Final Services PMI. Data is foreseen at 47.8 from previous 47.8
At 1.25pm- German Final Services PMI. Data is foreseen at 49.8 from previous 49.8.
At 1.30pm- Final Services PMI. Data is foreseen at 51.1 from previous 51.1.
At 2.30pm- PPI m/m. Data is foreseen at -0.6% from previous -0.9%.
At 5.00pm- ECB Monetary Policy Meeting Accounts.
Above data could have a volatile impact on the Euro.
UK
At 2.00pm- Final Services PMI. Data is foreseen at 53.4 from previous 53.4.
Above data could have a neutral impact on the pound.
Canada
At 6.00pm- Trade Balance. Data is foreseen at 0.7B from previous 0.5B.
Above data could have a positive impact on the dollar.
US
At 6.00pm –
Unemployment Claims. Data is foreseen at 213k from previous 210k.
Trade Balance. Data is foreseen at -66.9B from previous -67.4B.
At 8.00pm- Natural Gas Storage. Data is foreseen at -42B from previous -36B.
At 9.45pm- FOMC Member Barkin Speaks.
At 11.30pm- FOMC Member Barkin Speaks.
Above data could have a volatile impact on the dollar
Happy Trading!!
Commodity Samachar
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