Today’s economic news offers some compelling insights.
US Fed Decision and Projections in Economic News Today (54 characters)
Dollar Index:
The Dollar Index has eased to around 100.8 ahead of the Federal Reserve’s highly anticipated policy decision today. Markets are expecting a rate cut, which would be the first in four years, as the Fed navigates through mixed economic signals.
Crude Oil:
West Texas Intermediate (WTI), the US crude oil benchmark, is trading near $70.85, gaining support from ongoing supply disruptions in the Gulf of Mexico. Additionally, there is optimism that a Fed rate cut could boost economic activity, lending further support to oil prices.
Gold:
Gold prices remain steady as investors await the Federal Reserve’s monetary policy decision. A stronger-than-expected US Retail Sales report for August lifted the US dollar and Treasury yields, capping gold’s potential upside. Traders are watching closely for any policy shifts that could impact the precious metal’s trajectory.
Monday’s Prices action (MCX)
Gold 73094 (-0.55%), Silver 89140 (-0.52), Copper 807.95(-0.17%) Crude 5989 (+1.73%) Natural gas 196.50(-1.45%)
Major Economic News, Data and Event scheduled today
Japan
At 5.20am-
Core Machinery Orders m/m. Data is foreseen at 0.4% from previous 2.1%.
Trade Balance. Data is foreseen at -96T from previous -76T.
Above data could have a negative impact on the Yen.
Eurozone
At 2.30pm—
Final Core CPI y/y. Data is foreseen at 2.8% from previous 2.8%.
Final CPI y/y. Data is foreseen at 2.2% from previous 2.2%.
CPI m/m. Data is foreseen at 0.2% from previous 0.0%.
At 4.30pm German Buba President Nagel Speaks.
Above data could have a neutral impact on the Euro.
UK
At 11.30am
CPI y/y. Data is foreseen at 2.2% from previous 2.2%.
Core CPI. Data is foreseen at 3.6% from previous 3.3%.
At 2.30pm- HPI y/y. Data is foreseen at 2.8% from previous 2.7%.
Above data could have a neutral impact on the Pound.
CANADA
At 11.00pm – BOC Summary of Deliberations.
Above mentioned economic news and data could have a mixed impact on the dollar.
US
At 6.00pm
Building Permits. Data is foreseen at 0.2% from previous 0.4%.
Housing Starts. Data is foreseen at -0.2% from the previous 1%.
At 8.00pm – Crude Oil Inventories.
At 11.30pm-
Federal Funds Rate. Data is foreseen at 5.25% from previous 5.50%.
FOMC Economic Projections. FOMC Statement.
Above mentioned economic news and data could have a volatile impact on the dollar.
Happy Trading!
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