The economic news for today looks quite interesting.
The dollar fell against major peers on Tuesday. The currency retreated from the day’s highs after Federal Reserve Chairman Jerome Powell struck a moderately dovish tone in his comments, suggesting the US central bank is likely to begin its easing cycle later this year.
Powell told a monetary policy conference in Portugal that the US economy had made significant progress on inflation as it returned to a deflationary path. His speech was considered insane.
Comments by the Fed’s top official outweighed data showing U.S. job openings increased in May after posting outsized declines in the prior two months. Job openings, a measure of labor demand, rose 221,000 to 8.140 million on the last day of May, according to the Job Openings and Labor Turnover Survey or JOLTS report.
Eurozone headline figure is expected to grow 2.5% on an annual basis, a drop from 2.6% in May, while the core number, which excludes volatile food and energy prices, is seen at 2.8% annually in June, down from 2.9%.
Metal prices had a mixed trade, with gold and copper retreated from the day’s high. The precious metal had surged at the start of the year and might be in a period of consolidation as investors adapt to higher prices, and with the prospect of U.S. interest rate cuts in the second half.
Crude Oil prices retreated from two-month highs after industry data showed U.S. inventories saw a massive drawdown in the past week, boosting optimism over demand. Prices fell slightly on Tuesday, hit by some profit-taking and as fears of supply disruptions due to Hurricane Beryl largely faded.
MCX gold futures settled -0.14% to 71554.Silver settled +0.16% to 89893.Copper settled 0.15% to 847. Crude oil -0.01% at 6949. Natural gas -2.63% to 204.00.
Economic data and events scheduled today. What economic news will affect the market today?
China
At 7.15am- Caixin Services PMI. Data is foreseen at 53.4 from previous 54
Above data could have a negative impact on the Yuan.
Eurozone
At 12.45pm – Spanish Services PMI. Data is foreseen at 56.5 from previous 56.9.
At 1.15pm- Italian Services PMI. Data is foreseen at 53.9 from previous 54.2.
At 1.20pm- French Final Services PMI. Data is foreseen at 48.8 from previous 48.8.
At 1.25pm- German Final Services PMI. Data is foreseen at 53.5 from previous 53.5.
At 1.30pm- Final Services PMI. Data is foreseen at 51.2 from previous 51.2.
At 2.30pm- PPI m/m. Data is foreseen at -0.1% from previous -1.0%.
At 7.45pm- ECB President Lagarde Speaks.
Above data could have a volatile impact on the Euro.
U.K.
At 2.00pm- Final Services PMI. Data is foreseen at 51.2 from previous 51.2.
Above data could have a neutral impact on the pound
US
At 4.00pm- FOMC Member Williams Speaks.
At 5.45pm- ADP Non-Farm Employment Change. Data is foreseen at 159k from previous 152k.
At 6.00pm-
Unemployment Claims. Data is foreseen at 235k from previous 233k.
Trade Balance. Data is foreseen at -76.2B from previous -74.6B.
At 7.15pm- Final Services PMI. Data is foreseen at 55.00 from previous 55.1.
At 7.30pm-
ISM Services PMI. Data is foreseen at 52.7 from previous 53.8.
Factory Orders m/m. Data is foreseen at 0.2% from previous 0.7%.
At 8.00pm- Crude Oil Inventories.
At 9.30pm- Natural Gas Storage.
At 11.30pm- FOMC Meeting Minutes.
Above mentioned economic news and data could have a volatile on the dollar.
CANADA
At 7.00pm- Trade Balance. Previous was at -1.0B, forecast is -1.2B.
Above mentioned economic news and data could have a neutral impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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