Today’s economic news looks quite interesting.
The dollar index rose against other currencies as the government’s exchange rates rose. Lowering expectations for a strong rate cut by the Federal Reserve supported the dollar in a positive move from Monday, when Fed President Chicago Goolsby said that “job numbers are weaker than they have been.” clear but not yet in a downward trend.”
Eurozone June retail sales fell -0.3% m/m, weaker than expectations of -0.1% m/m and the biggest decline in 6 months.
German June factory orders rose +3.9% m/m, stronger than expectations of +0.5% m/m and the largest increase in 6 months.
Gold price dropped over half percent as the US Dollar and bond yields rise. The precious metal edges lower while investors look for fresh cues, which could clarify whether the United States enters a recession. Also, market participants await signals about how much the Federal Reserve (Fed) will reduce interest rates this year.
Crude oil recovered in volatile trade bouncing off multi-month lows hit in the previous session, as investor attention turned to supply tightness and financial markets recovered from their recent slump.
Copper hit its lowest level in five months, after a wave of risk aversion has intensified buying pressure across a range of financial assets and commodities in growing concerns about economic slowdown in the US and slow growth in China.
MCX gold futures settled -0.55% to 68,930. Silver settled -0.01% to 79,590. Copper settled +0.64% to 782.30. Crude oil +0.65% at 6,188. Natural gas +3.10%. to 169.50.
Economic data and events scheduled today. What economic news will affect the market today?
China
At Tentative –
Trade Balance. Data is foreseen at 693B from previous 704B.
USD-Denominated Trade Balance. Data is foreseen at 97.5B from previous 99.1B.
Above data could have a positive impact on the yuan.
Japan
At 10.30am- Leading Indicators. Data is foreseen at 109.0% from previous 111.2%.
Above data could have a negative impact on the Yen.
Eurozone
At 11.30am-
German Industrial Production m/m. Data is foreseen at 1% from previous -2.5%.
German Trade Balance. Data is foreseen at 27.7B from previous 24.9B.
At 12.15pm- French Trade Balance. Data is foreseen at -7.5B from previous -8.0B.
Above data could have a positive impact on the Euro.
U.K.
At 11.30am- Halifax HPI m/m. Data is foreseen at 0.2% from previous -0.2%.
At 11.00pm- BOC Summary of Deliberations.
Above mentioned economic news and data could have a positive impact on the pound.
US
At 8.000pm- Crude Oil Inventories. Data is foreseen at -0.8M from previous -3.4M.
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: Market Meltdown: Nifty Suffers Drop Amid Global Weakness, Forex Newsletter: Gold & Silver Prices Plunge Amid Chaos
Recommended Read: MCX Commodities Uncovered: The Must-Knows and Essential Insights [2024]
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