The Economic Data for the day is in but all focus seems to be on the US FOMC Minutes Let’s first dive into the news of the day.
The dollar eased as fading optimism that central banks will soon cut interest rates weighed on sentiment, keeping key pan-European and Japanese stock indices from breaching record highs.
Gold rose for the fourth session, lifted by a fall in Treasury yields and softer dollar as investors held their breath ahead of FOMC minutes release and Fed officials’ comments, which could shed some light on the timing of monetary easing.
Copper prices advanced on Tuesday on a weaker dollar and top metals consumer China’s cut to mortgage rates in an effort to revive its troubled property sector.
Crude oil prices extended their losses as traders cautiously weighed various market-shaping forces amid a weakened demand outlook and rising tensions in the Middle East. However, an increase in economic growth in China and the Chinese New Year has created optimism about future demand trends, and recent attacks on ships in the Red Sea continue to keep prices high.
MCX gold futures settled +0.26% to 62166. Silver settled -0.09% at 71242. Copper settled +0.67% to 725. Crude oil -1.60% at 6414. Natural gas 0.43% to 138.80.
Economic data and events scheduled
China
Tentative – Foreign Direct Investment ytd/y. Previous was at -8.0%.
Above data could have a volatile impact on the Yen.
Australia
At 7.00am- Wage Price Index q/q. Data is foreseen at 0.9% from previous 1.3%.
Above Data could have a mixed impact on the dollar.
Eurozone
At 8.30pm- Consumer Confidence. Data is foreseen at -16.00 from previous at -16.00.
Above data could have a mixed impact on the Euro.
UK
At 12.30pm- Public Sector Net Borrowing. Data is foreseen at -18.4B from previous 6.8B.
At 4.30pm- CBI Industrial Order Expectations. Data is foreseen at -27 from previous -30.00
At 8.30pm- MPC Member Dhingra Speaks.
Above data could have a volatile impact on the Pound.
Canada
At 7.00pm-
NHPI m/m. Data is foreseen at 0.1% from previous 0.0%.
Above data could have a positive impact on the Canadian dollar.
US
At 6.30pm-FOMC Member Bostic Speaks.
At 11.30pm- FOMC Member Bowman Speaks.
At 12.30pm- FOMC Meeting Minutes.
Above data could have a volatile impact on the dollar.
Commodity Samachar
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Also Read: Yen in Focus: Japanese Yen hit predicted levels – What next? , China’s central bank’s rate decision, Canada’s CPI focus today
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