The economic data for the final day of the week is incoming and it seems like there’s a stalemate between the UK Retail sales data and also US Durable Goods insights.
The dollar strengthened against major currencies on the back of a strong S&P survey known as the Purchasing Managers Index (PMI) and encouraging weekly jobless claims, both of which point to a healthier US economy.
The US Labor Department reported that 215,000 people claimed unemployment benefits in the week ended May 18, up from an estimate of 220,000 and 223,000 the previous week, pointing to a resilient labor market.
Furthermore, S&P Global released the preliminary estimates of the May Purchasing Manager Indexes (PMIs), which showed business activity growth accelerated sharply to its fastest for just over two years in May, according to provisional data.
The Composite PMI improved to 54.4 from 51.3 in April, while the Manufacturing PMI recovered to 50.9 after printing 50 in the previous month. Finally, the services index jumped to 54.8, its highest in a year.
Gold futures continuing to slip after Federal Reserve minutes released Wednesday included hawkish commentary on monetary easing.
Crude Oil prices fell on Thursday for the fourth session in a row, as the prospect of higher-for-longer U.S. interest rates raised worries around demand growth in the world’s biggest oil market.
Copper retreating sharply from the record-high as poor demand in the near term weighed against speculative bets that triggered a broad-based surge in base metals this month.
Import demand in China, the world’s top copper consumer, remained at low levels despite tight ore supply and low treatment volumes in the country’s huge refining industry.
MCX gold futures settled -2.01% to 71577.Silver settled -2.77% to 90437. Copper settled -0.66% to 890.20. Crude oil -1.46% at 6397. Natural gas -4.57% to 223.50
Economic data and events scheduled:
Japan
At 5.00am – National Core CPI y/y. Data is foreseen at 2.2% from previous 2.6%.
Above mentioned economic data could have a positive impact on the Yen.
Eurozone
At 11.30am – German Final GDP q/q. Data is foreseen at 0.2% from previous 0.2%.
At 2.45pm- German Buba President Nagel Speaks
Above mentioned economic data could have a volatile impact on the Euro.
UK
At 11.30am –
Retail Sales m/m. Data is foreseen at -0.5% from previous 0.0%.
Above mentioned economic data could have a negative impact on the Pound.
Canada
At 6.00pm-
Core Retail Sales m/m. Data is foreseen at 0.3% from previous -0.3%.
Retail Sales m/m. Data is foreseen at -0.1% from previous -0.1%.
Corporate Profits q/q. Previous was at 2.7%.
Above data could have a neutral impact on the dollar.
US
At 6.00pm-
Core Durable Goods Orders m/m. Data is foreseen at 0.1% from previous 0.0%.
Durable Goods Orders m/m. Data is foreseen at -0.9% from previous 0.9%.
At 7.05pm- FOMC Member Waller Speaks.
At 7.30pm-
Revised UoM Consumer Sentiment. Data is foreseen at 67.8 from previous 67.4.
Revised UoM Inflation Expectations. Previous was at 3.5%.
Above data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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