Economic news and events for 7 FEB 2023


Economic data and impact 7 FEB 2023

economic

Fed Chair Powell Speaks will be key event for the day

Bullions retreated slightly as continued pressure from strength in the dollar and Treasury yields, with focus now turning to economic cues from a talk by Federal Reserve Chair Jerome Powell later in the day.

Focus now turns to a discussion with Fed Chair Jerome Powell at the Economic Club of Washington D.C. later in the day. Any comments on inflation and monetary policy will be closely watched, following Friday’s much hotter-than-expected nonfarm payrolls reading

MCX Gold Future retreated from day’s high of 57195 and settled at 56955. Comex Gold future slipped from  high $1881.31 settled at $1867.04 an once.

CRUDE OIL was able to recover more than half percent yesterday.  Oil found support, as markets held out for a swift recovery in Chinese demand this year, although anticipation of an address by Federal Reserve Chair Jerome Powell kept traders from making big bets

MCX Crude oil gained 0.56% and settled at 6131 as compared to previous day close to 6097. Brent crude futures up 1.92%, to $81.26 a barrel compared to previous day close $79.73, while West Texas Intermediate crude (WTI) gained 1.67% to $74.40 compared to previous day close $73.18.

Today, the Economic calendar starts at 5.00am with Japan Average Cash Earnings y/y and Household Spending y/y. Both data expect a favorable impact for Yen. Data foreseen at 2.5% vs previous 0.5%, and -0.3% Vs previous -1.2%, respectively.

At 8.am â€“ U.S President Biden Speaks is due, which will have a volatile impact for the entire market.

At 9am- Bank of Australia to be released. Cash Rate expected to rise by 3.35% from 3.10%. A rate hike could have a positive impact on the dollar and a negative for Bullion.

At 12.30pm – German Industrial Production m/m data to be released. Data is foreseen lower at -0.7%, from previous 0.2%. Data could have a negative impact on Euro and Bullions.

At 1.15.pm – French Trade Balance could have a neutral impact on the Euro. French trade deficit expected to recover slightly at-12.2B Vs previous -13.8B.

At 7.pm –  Canada Trade Balance due to release, which could have a negative impact on Base metals.

At the same time, the US Trade balance is due to be released, which could have a negative impact on the dollar. Trade deficit data expected to widen by -68.5B as compared to previous reading of -61.5B.

At 10.30 pm – Fed Chair Powell Speaks will bring clutter for the entire market. At 11:pm – Bank of Canada Gov Macklem Speaks will expect to add volatile momentum in the market