The economic news for today looks quite interesting.
The dollar index started with week with slightly losses. Strength in the euro and the yen today are weighing on the dollar. Losses in the dollar accelerated due to dovish comments from Chicago Fed President Goolsbee, who said the Fed needs to be watchful of too-tight monetary policy.
The US Jun Dallas Fed manufacturing outlook survey rose +4.3 to -15.1, slightly weaker than expectations of -15.0.
Chicago Fed President Goolsbee said it may be appropriate for the Fed to start thinking about whether restrictive policy is putting too much pressure on the economy.
Gold held moderately gains, helped by a pullback in the dollar, while investors looked forward to U.S. inflation data due later this week that could offer more clarity on the Federal Reserve’s monetary policy.
Copper retreated from the day’s high, pressured by subdued demand in top consumer China and a significant upturn in deliveries to warehouses approved by the London Metal Exchange (LME) while some support was provided by a softer dollar.
Crude oil was able to gain over one percent as weaker dollar weighed on prices. Crude also has carryover support from last Friday when Baker Hughes reported that active US oil rigs in the week ending June 21 fell to over two years low, a sign of reduced US crude output in the near term. In addition, signs of strength in US fuel demand support prices after last Thursday’s weekly EIA report that showed US gasoline demand rose to a 7-month high.
MCX gold futures settled +0.29% to 71791.Silver settled -0.16% to 88999.Copper settled +0.08% to 847.85. Crude oil +1.13% at 6822. Natural gas +2.21% to 230.60.
Economic data and events scheduled today. What economic news will affect the market today?
Japan
At 10.30am- BOJ Core CPI y/y. Data is foreseen at 1.9% from previous 1.8%.
Above data could have a volatile impact on the Yen.
Eurozone
Tentative – German Buba President Nagel Speaks.
Canada
At 6.00pm-
CPI m/m. Data is foreseen at 0.3% from previous 0.5%.
Median CPI y/y. Data is foreseen at 2.6% 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 2.6% from previous 2.6%.
Core CPI m/m. Data is foreseen at 0.2%. Previous was at 0.2%.
Above mentioned economic news and data could have a volatile impact on the dollar.
US
At 6.30pm-
S&P/CS Composite-20 HPI y/y. Data is foreseen at 7.0% from previous 7.4%.
HPI m/m. Data is foreseen at 0.5% from previous 0.1%.
At 7.30pm-
CB Consumer Confidence. Data is foreseen at 100.2 from previous 102.00
Richmond Manufacturing Index. Data is foreseen at 2 from previous 0.00.
At 9.30pm- FOMC Member Cook Speaks.
At 9.40pm- 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
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