Today’s economic news looks quite interesting.
The dollar index fell over half percent to a 7-1/2 month low on Monday. The dollar was under pressure on Monday after comments from San Francisco Fed President Doli and Minneapolis Fed President Kashkari indicated they were open to lowering the Fed rate at the September FOMC meeting.
Gold prices traded flat to positive, as expectations for a rate cut by the Federal Reserve (Fed) in September rose and a weaker US dollar continued to provide support. in the precious metal in the near future. Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole on Friday will take the stage.
Oil and gasoline prices fell on Monday, hitting a 1-1/2-week low and gasoline hitting a 5-1/2-month low. Concerns about energy demand in China will weigh on oil prices. Iran’s non-payment to Israel has eliminated some of the oil prices.
Copper prices were higher in early trade in Asia on concerns about tight supply. A strike by workers at BHP’s Escondida copper mine in Chile could affect up to 5 percent of global copper supply.
Commodity Closing on MCX MCX gold futures settled +0.29% to 71,584. Silver settled +1.35% to 84,338. Copper settled +0.62 to 806.45. Crude oil -2.83% at 6,253. Natural gas +4.07%. to 186.50
Major Economic Data and Event scheduled today. What economic news will affect the market today?
China
At 7.30am
1-y Loan Prime Rate. Expect to keep at 3.35% from the previous 3.35%
5-y Loan Prime Rate Expect to keep at 3.85% from the previous 3.85%.
Above meeting and press conference could have a volatile impact on the Yuan.
Eurozone
At 11.30am- – German PPI m/m. Data is foreseen at 0.2% from the previous 0.2%.
At 1.30 pm- Current Account. Data is foreseen at 37.0B from previous 36.7b.
At 2.30pm-
Final Core CPI y/y. Data is foreseen at 2.9% from the previous 2.9%.
Final CPI y/y. Data is foreseen at 2.6% from previous 2.6%.
Tentative – German Buba Monthly Report
Above mentioned economic news and data could have a volatile impact on the Euro.
Canada
At 6.00pm-
CPI m/m. Data is foreseen at 0.4% from previous -0.1%.
Median CPI y/y. Data is foreseen at 2.5% from previous 2.6%.
Trimmed CPI y/y. Data is foreseen at 2.8% from previous 2.9%.
Common CPI y/y. Data is foreseen at 2.2% from previous 2.3%.
Above mentioned economic news and data could have a volatile impact on the dollar.
US
At 11.05pm- FOMC Member Bostic Speaks
Above speech could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Also Read: Will Silver Price shine further or not?, Global PMI, FOMC Meeting Minutes will in Focus this week
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