Today’s economic news looks quite interesting.
The US dollar fell to a near seven-month low against a basket of currencies on Monday, also seeing sharp declines against the euro and Japanese yen, as a slew of economic data last week raised the risk of a US recession and deeper interest rate cuts from the Federal Reserve, but later erased losses after the release of positive ISM services figures for July.
On the data front, the services employment index rose to 51.1 from 46.1 while the new orders index rose to 52.4 from 47.3. The services PMI flipped from contraction to growth, rising to 51.4 from 48.8.
Gold prices fell more than two percent in a volatile session as investors sold positions alongside a broader decline in stocks.
Copper touched the lowest in five months, and tracking the wave of risk aversion that has triggered sharp selling pressure in a wide range of financial assets and commodities amid growing concerns of economic contraction in the US and slowing growth in China.
MCX gold futures settled -0.65% to 69,335. Silver settled -3.47% to 79,630. Copper settled -2.16% to 777.90. Crude oil -1.51% WTI at $1.52%, Brent by 1.36%, $76.35. Natural gas -0.06%. to 164.80.
Economic data and events scheduled today. What economic news will affect the market today?
Japan
At 5.00AM –
Average Cash Earnings y/y. Data is foreseen at 2.3% from previous 2.0%.
Household Spending y/y. Data is foreseen at -0.9% from previous -1.8%.
Above data could have a positive impact on the Yen.
Bank of Australia
At 10.00am
Bank of Australia Cash Rate. Rate expect to hold at 4.35% from previous 4.35%.
RBA Monetary Policy Statement.
RBA Rate Statement
At 11.00am- RBA Press Conference.
Above event could have a volatile impact on the dollar.
Eurozone
At 11.30am- German Factory Orders m/m. Data is foreseen at 0.7% from previous -1.6%.
At 12.15pm- German Factory Orders m/m. Data is foreseen at 0.2% from previous 0.3%.
At 2.30pm- Retail Sales m/m. Data is foreseen at -0.2% from previous 0.1%.
Above mentioned economic news and data could have a mixed impact on the Euro.
US
At 6.00pm- Trade Balance. Data is foreseen at -72.5B from previous-75.1B.
Tentative -RCM/TIPP Economic Optimism. Data is foreseen at 45.00 from previous 44.2
Above mentioned economic news and data could have a neutral impact on the US dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Also Read: China Inflation, Bank of Australia in Focus this week, Dollar hits 4-month low, could it fall further?
Recommended Read: MCX Commodities Uncovered: The Must-Knows and Essential Insights [2024]
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