The economic data is in and interestingly the UK, US GDP and Canadian data re in focus.
The dollar index remained largely neutral against the euro. Dovish’s ECB comments weighed on the euro and supported the dollar. However, the rally continued after the yen rebounded from a 33-year low and rose as Japanese authorities may soon intervene in currency markets following a decision by Japan’s finance ministry, the Bank of Japan and the Financial Services Agency to support the yen. unexpected meeting yesterday.
With respect to the other economic data, the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.5% up at 104.3673
The yen dropped to its lowest level since 1990 on Wednesday before rebounding slightly after Japan’s top monetary officials met to discuss the rapidly weakening currency and suggested they were ready to intervene.
The USDJPY traded at 151.38, after touching a high of 151.9720.
The Bank of Japan, the Finance Ministry and Japan’s Financial Services Agency held a meeting late in Tokyo trading hours, after which top currency diplomat Masato Kanda said he “won’t rule out any steps to respond to disorderly FX moves”.
Gold prices was able to recover from the day’s low as investors awaited a key U.S. inflation data later this week, which could provide more clues on the Federal Reserve’s policy path.
Crude oil prices fell for the second consecutive session as the dollar strengthened and government data showed a surprise jump in U.S. crude and gasoline stocks.
A surprise jump in U.S. crude and gasoline stockpiles also added to the pressure on oil prices, analysts said. U.S. crude oil stocks rose by 3.2 million barrels while gasoline stocks rose by 1.3 million barrels in the week ended March 22, according to data from the Energy Information Administration (EIA).
MCX gold futures settled +0.38% to 66367.Silver settled +0.19% at 74662. Copper settled +0.18% to 759.05. Crude oil -0.60% at 6776. Natural gas -4.16% to 144.40
Economic data and events scheduled – Will the US Data have a hold of the market?
Eurozone
At 12.30pm-German Retail Sales m/m. Data is foreseen at 0.4% from previous -0.4%.
At 2.25pm- German Unemployment Change. Data is foreseen at 10K from previous 11K.
At 2.30pm-
M3 Money Supply y/y. Data is foreseen at 0.3% from previous 0.1%.
Private Loans y/y. Data is foreseen at 0.4% from previous 0.3%.
Above data could have a volatile impact on the Euro.
UK
At 12.30pm-
Current Account. Data is foreseen at -21.5B from previous -17.2B.
Final GDP q/q. Data is foreseen at -0.3% from previous -0.3%.
Revised Business Investment q/q. Data is foreseen at 1.5% from previous 1.5%.
Above data could have a neutral impact on the Pound.
Canada
At 6.00pm- GDP m/m. Data is foreseen at 0.4% from previous 0.0%.
Above data could have a neutral impact on the dollar.
US
At 6.00pm-
Final GDP q/q. Data is foreseen at 3.2% from previous 3.2%.
Unemployment Claims. Data is foreseen at 212k from previous 210k.
Final GDP Price Index q/q. Data is foreseen at 1.6% from previous 1.6%.
At 7.15pm- Chicago PMI. Data is foreseen at 45.9 from previous 44.00
At 7.30pm-
Pending Home Sales m/m. Data is foreseen at 1.4% from previous -4.9%.
Revised UoM Consumer Sentiment. Data is foreseen at 76.5 from previous 76.5.
At 8.00pm- Natural Gas Storage. Forecast is -26B from previous 7B.
Above economic data could have a volatile impact on the dollar
Happy Trading!!
Commodity Samachar
Learn and Trade with Ease
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