The latest economic data and the dollar index fell to a five-month low on Friday. Support fell to fresh multi-week lows after data showed annual US inflation continued to fall below 3 percent in November, bolstering market expectations for a US tax cut next March.
Inflation, measured by the personal consumption price index (PCE), was 2.6% in the 12 months to November, slowing from 2.9% in October.
Crude remained somewhat positive, weighed down by supply disruptions caused by ship attacks in the Red Sea, while Angola and the withdrawal of the Organization of the Petroleum Exporting Countries raised concerns about the cohesion of OPEC and its ability to rally members behind the future. production contracts.
Gold rose for a second week as the dollar and U.S. Treasury yields fell on growing expectations on the latest economic data that the Federal Reserve will cut interest rates early next year. Base metals rose to their highest level in more than four-and-a-half months on Chinese stockpiling and stronger physical demand, but a stronger dollar weighed on the market. Aluminium prices rose to their highest level in more than 11 weeks on Friday, driven by a surge in Guinea’s fuel stockpiles, a weaker dollar and technical buying.
Economic data and events Scheduled:
Japan
At 5.00am – Unemployment Rate. Data is foreseen at 2.5% from previous 2.5%.
At 5.20am – SPPI y/y. Data is foreseen at 2.4% from previous 2.3%.
At 10.30am- BOJ Core CPI y/y. Data is foreseen at 3.0% from previous 3%.
Above economic data could have a neutral impact on the Yen.
Eurozone
German Bank Holiday
Italian Bank Holiday
UK
Bank Holiday
U.S.–
At 7.30pm-
HPI m/m. Data is foreseen at 0.5% from previous 0.6%.
S&P/CS Composite-20 HPI y/y. Data is foreseen at 5% from previous 3.9%.
Above economic data could have a neutral impact on the dollar.
Commodity Samachar
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