The Economic Data for the Day Looks Jam Packed with interesting stuff.
The US dollar was slightly lower on Monday and strengthened after recent swings as attention shifted directly to upcoming US inflation data for further clues on interest rates.
Gold fell 1% on Monday, looking for gains, as investors awaited key inflation numbers this week for indications of whether to cut US interest rates this year.
Crude oil prices are rising but remain under pressure ahead of key US data that could provide more clues about a rate cut this year. US PPI and CPI readings will be closely watched by market watchers this week, but the Fed is expected to keep interest rates higher for longer due to inflationary pressures.
Copper climbed to the highest in two years, holding ahead of the $10,000 per tonne threshold as bullish long-term demand and tight supply heightened concerts of incoming shortages.
MCX gold futures settled -1.20% to 71855.Silver settled -0.03% to 84886. Copper settled +1.58% to 883.50. Crude oil +0.66% at 6594. Natural gas +3.80% to 196.60.
Economic data and events scheduled today
Japan
At 11.30am
Prelim Machine Tool Orders y/y. Previous -3.8%.
Above mentioned economic data could have a positive impact on the Yen.
Eurozone
At 11.30am- German Final CPI m/m. Data is foreseen at 0.5% from previous 0.5%.
At 2.30pm-
ZEW Economic Sentiment. Data is foreseen at 46.1 from previous 43.9.
German ZEW Economic Sentiment. Data is foreseen at 44.9 from previous 42.9
Tentative – EU Economic Forecasts. ECOFIN Meetings.
Above mentioned economic data could have a neutral impact on the Euro.
UK
At 11.30am-
Claimant Count Change. Data is foreseen at 13.9K from previous 10.9K.
Average Earnings Index 3m/y. Data is foreseen at 5.3% from 5.6%.
Unemployment Rate. Data is foreseen at 4.3% from previous 4.2%.
At 1.00pm- MPC Member Pill Speaks.
Above mentioned economic data could have a volatile impact on the Pound.
Canada
At 6.00pm- Wholesale Sales m/m. Data is foreseen at -0.9% from previous 0.0%.
Above data could have a negative impact on the dollar.
US
At 6.00pm-
Core PPI m/m. Data is foreseen at 0.2% from previous 0.2%.
PPI m/m. Data is foreseen at 0.3% from previous 0.2%.
At 6.40pm- FOMC Member Cook Speaks.
At 7.30pm- Fed Chair Powell Speaks.
Above data could have a volatile impact on the dollar
Also read-Nifty & Bank Nifty Rebound: Time to Re-enter the Market? Forex Newsletter :USD Gains Momentum on Economic Data and Inflation Outlook
Recommended-RBI MPC Meeting 2024: What’s On the RBI’s Radar?
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