The Economic Data for the day is in and the US job numbers are in focus. The dollar fell to a two-week low on Thursday as economic data supported expectations of a swift US rate cut, while the battered yen held firm below the 152 level.
An unexpected event. A slowdown in US services growth, which supported the idea of a rate cut, weighed on the dollar on Wednesday.
The dollar index, which tracks a basket of six other currencies, fell 0.02% to 104.20.
Gold prices made another record yesterday in an anticipation on a cut in US interest rates this year. As traders await further clues from the key jobs report later in the day.
Copper prices touched the highest in more than 14 months on Thursday, helped by fund buying after the US dollar fell to a two-week low. A growing number of funds that trade based on buy-sell signals from numerical models called commodity trading advisors (CTAs) bought near $9,400 a ton.
Crude oil rose to its highest level in more than five months and was at its best price this year. a week within two months due to worsening geopolitical conditions in the Middle East, especially the increased saber-rattling between Israel and Iran.
MCX gold futures settled -0.13% to 69707.Silver settled + 1.23% to 79984. Copper settled +1.58% to 803.15. Crude oil -0.54% at 7123. Natural gas -3.73% to 149.5.
Economic data and events scheduled today – US Job Data in the Horizon!
Japan
At 10.30pm- Leading Indicators. Data is foreseen at 111.6% from previous 109.5%.
Above data could have a positive impact on the Yen.
Eurozone
At 11.30am-
German Factory Orders m/m. Data is foreseen at 0.6% from previous -11.3%.
German Import Prices m/m. Data is foreseen at -0.1% from previous 0.0%.
At 12.15pm- French Industrial Production m/m. Data is foreseen at 0.5% from previous -1.1%.
At 2.30pm- Retail Sales m/m. Data is foreseen at -0.3% from previous 0.1%.
Above data could have a volatile impact on the Euro.
UK
At 2.00pm- Construction PMI. Data is foreseen at 49.8 from previous 49.7.
Tentative – Housing Equity Withdrawal q/q. Data is foreseen at -22.3B from previous -21.8B.
Above data could have a neutral impact on the Pound.
Canada
At 6.00pm-
Employment Change. Data is foreseen at 25.9k from previous 40.7k.
Unemployment Rate. Data is foreseen at 5.9% from previous 5.8%.
Above data could have a neutral impact on the dollar.
US
At 6.00pm-
Average Hourly Earnings m/m. Data is foreseen at 0.3% from previous 0.1%.
Non-Farm Employment Change. Data is foreseen at 212k from previous 275k.
Unemployment Rate. Data is foreseen at 3.9% from previous 3.9%.
At 6.45pm- FOMC Member Barkin Speaks.
At 9.45pm- FOMC Member Bowman Speaks.
Above data could have a positive impact on the dollar
Happy Trading!
Commodity Samachar
Learn and Trade With Ease
Also Read: Nifty and Bank Nifty Rally: A Time to Buy or a Dead Cat Bounce?, Forex News Letter : What is the US Dollar telling us about today’s market?
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