Top Economic News You Can’t Afford to Miss Today
FX Update
The dollar hovered close to a three-week peak versus major peers on Monday amid expectations the Federal Reserve will cut interest rates this week but then signal a measured pace of easing for 2025.
Bitcoin soared above $105,000 for the first time, buoyed by signs President-elect Donald Trump will go ahead with a potential strategic bitcoin reserve. The yen struggled to recover following its worst week since September after Reuters and other news outlets reported that the Bank of Japan is leaning towards forgoing a rate hike on Thursday..
Crude Oil:
Oil futures slipped from the highest levels in several weeks on Monday on weakness in consumer spending in China, the world’s largest oil importer, and as investors paused buying ahead of the U.S. Federal Reserve’s interest rate decision.
Gold:
Spot gold prices steadied on Tuesday ahead of the Federal Reserve’s policy meeting as the market keenly watched out for the U.S. central bank’s 2025 outlook, which could impact gold’s future direction.
Aluminum
Aluminium prices in London fell on Monday, under pressure from rising output in China and challenges to the country’s economy and consumption as Beijing braces for more U.S. trade tariffs under a second Donald Trump administration.
MCX Closing Update
Gold 77,061 (-0.10%), Silver 91,183 (0.20%), Crude oil 6,022 (-0.61%), Copper 814.25(-0.06%), Natural Gas 274 (-1.86%). Aluminum 243.35 (-0.53%).
Major Economic Data and Event Update
· French Services PMI Business Activity Index rose to 48.2 from 46.9 in November, surpassing analysts’ expectations for a reading of 46.7, though still below the 50.0 threshold that indicates growth.
· German flash composite Purchasing Managers’ Index, compiled by S&P Global, rose to 47.8 from 47.2 in November, but remained in contraction territory. Analysts polled by Reuters had forecast a reading of 47.8.
· India’s wholesale inflation eased to 1.89% in November, down from October’s four-month high of 2.36%, driven by a smaller rise in food prices, according to government data. The rate was also below the 2.2% forecast in a Reuters poll.
· China’s industrial output in November grew 5.4% from a year earlier, faster than the 5.3% pace seen in October, beating expectations for a 5.3% increase in a Reuters poll.
· However, retail sales, a gauge of consumption, grew at its weakest pace in three months at 3.0% last month, much slower than a 4.8% rise seen in October. Analysts had predicted a 4.6% expansion.
· Major India’s merchandise trade deficit in November stood at $37.84 billion, according to a Reuters calculation based on export and import data released by the government on Monday. Economists had expected the country’s November trade deficit to be $23.9 billion, according to a Reuters poll.
· UK The preliminary S&P Global Flash Composite Purchasing Managers’ Index held at 50.5 in December, remaining just above the 50.0 line that separates growth from contraction, but below expectations in a Reuters poll of economists for a rise to 50.7.
Economic News, Data and Event scheduled today
Eurozone
At 2.30pm-
German ifo Business Climate. Data is foreseen at 85.50 from previous 85.70.
Italian Trade Balance. Data is foreseen at 3.22B from previous 2.58B.
At 3.30pm –
German ZEW Economic Sentiment. Data is foreseen at 6.4 from 7.4.
Trade Balance. Data is foreseen at 11.9B from previous 13.6B.
ZEW Economic Sentiment. Data is foreseen at 11.8 from previous 12.5.
Above economic news and data could have a volatile impact on EURINR.
UK
At 12.30pm
Claimant Count Change. Data is foreseen at 28.2K from previous 26.7K.
Average Earnings Index 3m/y. Data is foreseen at 4.7% from previous 4.3%.
Unemployment Rate. Data is foreseen at 4.3% from previous 4.3%.
Above data could have a volatile impact on the pound.
Canada
At 7.00pm-
CPI m/m. Data is foreseen at 0.1% from previous 79.1%.
Median CPI y/y. Data is foreseen at 2.4% from previous 2.5%.
Trimmed CPI y/y. Data is foreseen at 2.5% from previous 2.6%.
Common CPI y/y. Data is foreseen at 2.1% from previous 2.2%.
Foreign Securities Purchases. Data is foreseen at 24.50B from previous 29.30B.
Above mentioned economic news and data could have a volatile impact on the dollar.
US
At 7.00pm-
Core Retail Sales m/m. Data is foreseen at -0.2% from previous 0.3%
Retail Sales m/m. Data is foreseen at 0.6% from previous 0.4%
At 7.45pm-
Capacity Utilization Rate. Data is foreseen at 77.3% from previous 77.1%
Industrial Production m/m. Data is foreseen at 0.2% from previous -0.3%
At 8.30pm-
Business Inventories m/m. Data is foreseen at 0.2% from previous 0.1%
NAHB Housing Market Index. Data is foreseen at 47 from previous 46
Above mentioned economic news and data could have a neutral impact on the dollar.
Until then, Happy Trading!
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