The dollar was neutral on Monday as investors assessed US economic data ahead of this week’s Federal Reserve meeting, while the euro fell as tax cutters weighed on the timing of rates.
Oil prices rose after a drone attack on US forces in Jordan raised concerns about supply disruptions in the Middle East and Houthi militants stepped up attacks in the Red Sea.
Natural gas prices fell as expected due to higher-than-normal temperatures in the US due to demand for natural gas heating. A prolonged shutdown at a Texas LNG export terminal also threatens to limit U.S. natural gas exports and increase domestic supplies.
Gold traded neutral as tensions in the Middle East boosted demand for safe-haven assets, while markets awaited a policy decision from the Federal Reserve later this week for further clues on the timing of the first US rate cut of the year. Copper prices question demand outlook in top consumer China after news from country and troubled real estate sector and dollar strengthening ahead of Fed meeting
MCX gold futures up 0.36% to 62186. Silver settled up 0.84% at 72377. Copper up 0.34% to 731.95. Crude oil up 0.28% at 6399. Natural gas down 2.19% to 178.50.
Economic data and events scheduled today.
UK
At 3.00pm-
M4 Money Supply m/m. Data is foreseen at 0.2% from previous -0.1%.
Mortgage Approvals. Data is foreseen at 53K from previous 50K.
Net Lending to Individuals m/m. Data is foreseen at 1.5B from previous 2.0B.
Above data could have a mixed impact on the pound.
Eurozone
At 12.00pm –
French Consumer Spending m/m. Data is foreseen at 86.7 from previous 86.4.
French Flash GDP q/q. Data is foreseen at 0.1% from previous 0.1%.
At 1.30pm –
Spanish Flash CPI y/y. Data is foreseen at 3.0% from previous 3.1%.
Spanish Flash GDP q/q. Data is foreseen at 0.2% from previous 0.3%.
At 2.30pm –
German Prelim GDP q/q. Data is foreseen at -0.3% from previous -0.1%.
Italian Prelim GDP q/q. Data is foreseen at 0.0% from previous 0.1%.
At 3.30pm- Prelim Flash GDP q/q. Data is foreseen at -0.1% from previous -0.1%.
Tentative- Italian 10-y Bond Auction.
At 9.00pm- German Buba President Nagel Speaks.
All above data could have a volatile impact on the Euro.
US
At 7.30pm- S&P/CS Composite-20 HPI y/y. Data is foreseen at 5.8% from previous 4.9%.
At 7.30pm- HPI m/m. Data is foreseen at 0.2% from previous
At 8.30pm-
CB Consumer Confidence. Data is foreseen at 113.9 from previous 110.7.
JOLTS Job Openings. Data is foreseen at 8.73M from previous 8.79M.
Above data could have a Volatile impact on the dollar
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