The Economic Data for the day is in.
The dollar fell on Thursday after revised data showed gross domestic product, a broader measure of economic activity, grew more slowly than expected. first quarter.
The dollar index was last down 0.36% at 104.7402. The euro up 0.29% to $1.08319. Sterling up 0.29% to $1.27319.
New data showed that the US GDP expanded by 1.3% in the first quarter, lower than reported in an earlier estimate, while headline and PCE price indices were also revised lower.
Additionally, initial unemployment claims held above this year’s average to back the slight softening in the labor market, while corporate profits unexpectedly contracted.
Chinese Manufacturing PMI read 49.50 in May, data from the National Bureau of Statistics showed. The reading was weaker than expectations of 50.5, and contracted from the 50.4 seen in April.
A reading below 50 indicates contraction, with the manufacturing PMI now shrinking after two months on expansion.
Gold prices remained in a pressure, however able to recover from the lows of the day and followed a breather from the US Treasury, as several economic data cast doubt on the perceived flexibility of the US economy, favoring a backdrop of central bank interest rates cuts.
Crude oil fell more than 2 percent as investors responded to comments from U.S. Federal Reserve officials that it was too early to consider cutting interest rates and markets weighed on a surprise increase in U.S. gasoline inventories.
Meanwhile, U.S. crude oil inventories fell 4.2 million barrels to 454.7 million barrels in the week ending on May 24, the Energy Information Administration (EIA) said on Thursday, compared with expectations in a Reuters poll for a 1.9-million-barrel draw.
Gasoline inventories, however, rose in the U.S. against an expectation that demand would be higher ahead of the long Memorial Day weekend, which signals the start of the summer driving season. Stocks were up 2 million barrels for the week to 228.8 million barrels, the EIA said, compared with expectations for a 400,000-barrel draw.
Copper prices slid on Thursday as funds sold off bullish positions, triggered by concerns that high interest rates are curbing metals demand, particularly in top consumer China.
MCX gold futures settled -0.41% to 71896.Silver settled -2.12% to 94123.Copper settled -2.92% to 877.20. Crude oil -2.05% at 6488. Natural gas 2.73% to 217.00.
Economic data and events scheduled
Japan
At 5.00am-
Tokyo Core CPI y/y. Data is foreseen at 1.9% from previous 1.6%.
Unemployment Rate. The Data is foreseen at 2.6% from previous 2.6%.
At 5.20am-
Prelim Industrial Production m/m. Data is foreseen at 1.5% from previous 4.4%.
Retail Sales y/y. Data is foreseen at 1.8% from previous 1.2%.
At 10.30am- Housing Starts y/y. Data is foreseen at -0.2% from previous -12.8%.
Above mentioned economic data could have a negative impact on the Yen.
China
At 7.00am-
Manufacturing PMI. Data is foreseen at 50.5 from previous 50.4.
Non-Manufacturing PMI. Data is foreseen at 51.5 from previous 51.20.
Above mentioned economic data could have a positive impact on the Yuan.
Eurozone
At 11.00am- French Final Private Payrolls q/q. Data is foreseen at 0.2% from previous 0.2%.
At 11.30am-
German Import Prices m/m. Data is foreseen at 0.5% from previous 0.4%.
German Retail Sales m/m. Data is foreseen at -0.2% from previous 1.8%.
Nationwide HPI m/m. Data is foreseen at 0.1% from previous -0.4%.
At 12.15pm-
French Consumer Spending m/m. Data is foreseen at 0.2% from previous 0.4%.
French Prelim CPI m/m. Data is foreseen at 0.1% from previous 0.5%.
French Prelim GDP q/q. Data is foreseen at 0.4% from previous 0.7%.
At 2.30pm-
Core CPI Flash Estimate y/y. Data is foreseen at 2.7% from previous 2.7%.
CPI Flash Estimate y/y. Data is foreseen at 2.5% from previous 2.4%.
Italian Prelim CPI m/m. Data is foreseen at 0.2% from previous 0.1%.
Above mentioned economic data could have a volatile impact on the Euro.
UK
At 11.30am – Nationwide HPI m/m. Data is foreseen at 0.1% from previous -0.4%.
At 2.00pm-
Mortgage Approvals. Data is foreseen at 62k from previous 61k.
Net Lending to Individuals m/m. Data is foreseen at 2.0B from previous 1.8B.
Above mentioned economic data could have a volatile impact on the pound.
Canada
At 6.00pm- GDP m/m. Data is foreseen at 0.0% from previous 0.2%..
Above data could have a negative impact on the dollar.
US
At 6.00pm-
Core PCE Price Index m/m. Data is foreseen at 0.3% from previous 0.3%.
Personal Income m/m. Data is foreseen at 0.3% from previous 0.5%.
Personal Spending m/m. Data is foreseen at 0.3% from previous 0.8%.
At 7.15pm- Chicago PMI. Data is foreseen at 41.1 from previous 37.9.
Above data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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