The US dollar fell from a near six-month high after Federal Reserve Chairman Jerome Powell confirmed the central bank’s easing, raising the prospect of more aggressive dollar selling. However, Barclays still sees an opportunity for the dollar to appreciate.
US jobless claims fell to a lower-than-expected 208,000 last week
Gold retreated as US interest rates rose for an extended period and traders also gathered economic data that could weigh. Federal Reserve Policy.
Oil prices are under pressure due to a possible cease-fire between Israel and Hama, leading to an escalation of the conflict and possible disruptions of oil supply in the Middle East. Crude is also down from Wednesday, when weekly EIA crude inventories unexpectedly rose to a 10-month high.
Copper prices extended losses on Thursday, pressured by concern that the market’s surge to two-year highs was based on speculation while physical demand remains weak in China.
MCX gold futures settled +0.02% to 70736.Silver settled +0.17% to 81363. Copper settled -1.13% to 845.95. Crude oil -0.32% at 6601. Natural gas +4.67% to 170.00.
Economic data and events scheduled today
Eurozone
At 12.15pm-
French Gov Budget Balance. Previous -44.0B.
French Industrial Production m/m. Data is foreseen at 0.3% from previous 0.2%.
At 12.30pm- Spanish Unemployment Change. Data is foreseen at -74.5K from previous -33.4K.
At 1.30pm- Italian Monthly Unemployment Rate. Data is foreseen at 7.5% from previous 7.5%.
At 2.30pm- Unemployment Rate. Data is foreseen at 6.5% from previous 6.5%.
Above mentioned economic data could have a volatile impact on the Euro.
UK
At 2.00pm- Final Services PMI. Data is foreseen at 54.9 from previous 54.9.
Above mentioned economic data could have a volatile impact on the dollar.
US
At 6.00pm-
Average Hourly Earnings m/m. Data is foreseen at 0.3% from previous 0.3%.
Non-Farm Employment Change. Data is foreseen at 238K from previous 303K.
Unemployment Rate. Data is foreseen at 3.8% from previous 3.8%.
At 7.15pm- Final Services PMI. Data is foreseen at 50.9 from previous 50.9.
At 7.30pm-ISM Services PMI. Data is foreseen at 52.0 from previous 51.4
Above data could have a volatile impact on the dollar.
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Commodity Samachar
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