The economic news for today looks quite interesting.
The dollar strengthened on Tuesday after Federal Reserve Chairman Jerome Powell noted that inflation was on the rise, but gave no clear signal that the US central bank is close to cutting interest rates.
Powell said inflation remains above the US Federal Reserve’s 2 percent target but has improved in recent months and “getting good data would reinforce” the central bank’s rate cuts.
Gold retreated from the high of the day. Prices extended losses from highs in more than a month, as markets assessed the timing and extent of interest rate hikes expected by the Federal Reserve in the coming quarters.
Crude oil prices eased after traders learned that prolonged supply disruptions from Hurricane Beryl were unlikely after a U.S. oil-producing hub in Texas suffered less storm damage than feared. Although some offshore U.S. production sites were evacuated, ports closed and refining slowed, major refineries along the country’s Gulf Coast appeared to see minimal impact after Beryl weakened into a tropical storm.
MCX gold futures settled +0.14% to 72398.Silver settled +0.38% to 92969.Copper settled -0.07% to 868.90. Crude oil -0.79% at 6830. Natural gas +0.66% to 199.10.
Economic data and events scheduled today. What economic news will affect the market today?
China
At 7.00am-
CPI y/y. Data is foreseen at 0.4%. Previous was at 0.3%.
PPI y/y. Data is foreseen at -0.8% from previous -1.4%.
Above data could have a positive impact on the Yuan.
New Zealand
At 7.30am-
Official Cash Rate. Expect to unchanged at 5.50%. Previous was at 5.50%.
RBNZ Rate Statement.
Above data could have a positive impact on the dollar.
Eurozone
At 1.30pm – German Buba President Nagel Speaks.
Italian Industrial Production m/m. Data is foreseen at 0.0% from previous -1.00%.
At 7.30pm- German Buba President Nagel Speaks.
Above data could have a volatile impact on the Euro.
U.K.
At 7.00pm- MPC Member Pill Speaks.
At 9.00pm- MPC Member Mann Speaks.
Above mentioned economic news and data could have a mixed impact on the Pound.
US
At 6.45pm- FOMC Member Barr Speaks.
At 7.30pm-
Fed Chair Powell Testifies.
Final Wholesale Inventories m/m.
At 8.00pm- Crude Oil Inventories.
At 10.31pm- Crude Oil Inventories.
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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