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Economic News: Fed Testimony & Member Speeches In spotlight!


The economic news for today looks quite interesting.

The US dollar was flat in start of the week ahead of key inflation data, while the euro rose as traders digested the results of the French general election.

Most of toddy’s spotlight might be falling upon Capitol Hill as the Federal Reserve Chair Jerome Powell will be kicking off the 2 day semi annual Congressional testimony before the Senate. As per the economic data that had been released, it has been pointing towards cooling inflation whilst the jobs market is also sowing signs of the tight policy taking its toll.

The price of gold fell nearly 1 percent from the previous session’s sharp rise on expectations that the US Federal Reserve will cut interest rates in September, amid rising equity risk and investor profits. Copper prices fell as markets compensated for a weaker dollar and continued weak demand signals from top metal consumer China.

Crude oil fell for a second day on lower geopolitical risk as Iran elected a more moderate president amid cease-fire talks between Israel and Hamas, while Hurricane Beryl made landfall in Texas and shut down export facilities.

MCX gold futures settled -0.98% to 72333.Silver settled -1.00% to 92614.Copper settled -0.62% to 869.80. Crude oil -1.42% at 6878. Natural gas +1.07% to 197.80.

Economic data and events scheduled today. What economic news will affect the market today?

Japan

At 11.30am- Prelim Machine Tool Orders y/y. Previous was at 4.2%.

Above mentioned economic news and data could have a positive impact on the Yen.

US

At 3.30pm- NFIB Small Business Index. Data is foreseen at 89.9 from previous 90.5.

At 6.45pm- FOMC Member Barr Speaks.

At 7.30pm-

Fed Chair Powell Testifies.

Treasury Sec Yellen Speaks.

At 11.00pm- FOMC Member Bowman Speaks.

Above mentioned economic news and data could have a volatile on the dollar.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

Also Read : Hurricane Beryl Threatens US Demand, Crude Oil Price Drop Nifty Under Pressure: Five Days of Losses Put Bulls on Defense

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