The Economic news for the day is in. Will the US Non Farm Payroll set the stage for the market today.
The dollar was neutral yesterday ahead of US jobs report, which could help the US Federal Reserve set a timetable for easing, while the euro held firm after a broad. expected European rally. Lower the interest rate of the central bank. of.
The dollar index was last down 0.19% at 104.092. The euro up 0.18% to $1.08875. Sterling up 0.03% to $1.27907.
European Central Bank has made its 25-basis point cut, putting its monetary policy rate from 4% to 3.75%. While markets were still digesting the ECB rate decision, nearly all US data points for this Thursday were released.
Initial Jobless Claims jumped from 221,000 to 229,000. Continuing Claims ticked up as well from 1.790 million to 1.792 million.
Goods Trade Balance posted a deficit of $99.4 billion in March and saw a marginal move in April to $99.2 billion. Goods and Services went from a deficit by $68.6 billion to $74.6 billion.
Gold rose, building on the previous session’s gains as investors awaited U.S. non-farm payrolls data that could determine whether interest rates will be cut earlier than expected this year.
Crude oil moved higher following the comments from Saudi Arabia Energy Minister Prince Abdulaziz bin Salman, who said OPEC+ could pause or reverse its decision on Sunday to boost crude production if prices falter. A weaker dollar today is also supportive of energy prices.
Copper prices rebounded on optimism that central bank rate cuts will help economic growth though gains were capped by worries about sluggish demand.
MCX gold futures settled +0.85 to 73131.Silver settled +3.73% to 93816.Copper settled +1.40% to 881.80. Crude oil +2.20% at 6326. Natural gas +2.54% to 234.
Economic data and events scheduled today – What’s the hottest news today?
China
Tentative – Trade Balance. Data is foreseen at 510B from previous 513B.
Tentative – USD-Denominated Trade Balance. Data is foreseen at 70.5B from previous 72.4B.
Above mentioned economic data news could have a negative impact on yuan.
Japan
At 10.30pm- Leading Indicators. Data is foreseen at 111.6% from previous 112.2%.
Above mentioned economic data news could have a negative impact on the Yen.
Eurozone
At 11.30am-
German Industrial Production m/m. Data is foreseen at 0.1%, previous -0.4%.
German Trade Balance. Data is foreseen at 22.6B from previous 22.3B.
At 12.15pm- French Trade Balance. Data is foreseen at -5.4bB from previous -5.5B.
Tentative – German Buba President Nagel Speaks.
At 2.30pm-
Final Employment Change q/q. Data is foreseen at 0.3% from previous 0.3%.
Revised GDP q/q. Data is foreseen at 0.3% from previous 0.3%.
Day – European Parliamentary Elections.
Above mentioned economic data news have a volatile impact on the Euro.
Canada
At 6.00pm-
Employment Change. Data is foreseen at 27.8K from previous 90.4k.
Unemployment Rate. Data is foreseen at 6.2% from previous 6.1%.
Above data could have a negative impact on the dollar.
US
At 6.00pm-
Average Hourly Earnings m/m. Data is foreseen at 0.3% from previous 0.2%.
Non-Farm Employment Change. Data is foreseen at 186K from previous 175K.
Unemployment Rate. Data is foreseen at 3.9% from previous 3.9%.
At 7.30pm- Final Wholesale Inventories m/m. Data is foreseen at 0.2% from previous 0.2%.
At 9.30pm- FOMC Member Cook Speaks.
Above data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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