The dollar strengthened against its major peers in choppy trade on Thursday, posting its second straight monthly gain after data showed U.S. inflation was in line with expectations in January.
The personal consumption expenditures price index, considered the Federal Reserve’s preferred inflation gauge, showed a 0.3% rise in January compared to December. Similarly, the core index, which excludes volatile food and energy prices, saw a 0.4% increase.
The Core PCE Price Index climbed by 2.8% over the year, also meeting expectations.
Gold rose to its highest level in nearly a month on Friday and rose for a second week after data showed a gradual slowdown in US inflation, while traders focused on remarks from several Federal Reserve officials.
Crude oil rose slightly in Asian trade on Friday, supported by broader market optimism that the Federal Reserve will cut interest rates in mid-2024 as inflation eases.
But prices remained largely rangebound as signs of higher supplies- amid record-high U.S. production and higher output from the Organization of Petroleum Exporting Countries (OPEC)- signaled that global oil markets may not be as tight as initially expected.
MCX gold futures settled +0.51% to 62567.Silver settled +0.72% at 71279. Copper settled +0.15% to 727.15 . Crude oil -0.11% at 6513. Natural gas +0.26% to 157.1.
Economic data and events scheduled today
China
At 7.00am-
Manufacturing PMI. Data is foreseen at 49.1 from previous 49.2.
Non-Manufacturing PMI. Data is foreseen at 50.9 from previous 50.7.
At 7.15am- Caixin Manufacturing PMI. Data is foreseen at 50.7 from previous 50.8.
Above data could have a negative impact on the Yuan.
Japan
At 10.30am- Consumer Confidence. Data is foreseen at 50.7 from previous 50.8.
Above data could have a negative impact on the Yen.
Eurozone
At 1.45pm- Spanish Manufacturing PMI. Data is foreseen at 49.7 from previous 49.2.
At 2.15pm- Italian Manufacturing PMI. Data is foreseen at 49.0 from previous 48.5.
At 2.20pm- French Final Manufacturing PMI. Data is foreseen at 46.8 from previous 46.8.
At 2.25pm- German Final Manufacturing PMI. Data is foreseen at 42.3 from previous 42.3.
At 2.30pm-
Final Manufacturing PMI. Data is foreseen at 46.1 from previous 46.1.
Italian Monthly Unemployment Rate. Data is foreseen at 7.2% from previous 7.2%.
At 3.30pm-
Core CPI Flash Estimate y/y. Data is foreseen at 2.9% from previous 3.3%.
CPI Flash Estimate y/y. Data is foreseen at 2.5% from previous 2.8%.
Italian Prelim CPI m/m. Data is foreseen at 0.3% from previous 0.3%.
Unemployment Rate. Data is foreseen at 6.4% from previous 6.4%.
Above data could have a volatile impact on the Euro.
UK
At 12.30pm- Nationwide HPI m/m. Data is foreseen at 0.2% from previous 0.7%.
At 3.00pm- Final Manufacturing PMI. Data is foreseen at 47.1 from previous 47.1.
At 7.30pm- MPC Member Pill Speaks.
Above data could have a neutral impact on the Pound.
Canada
At 8.00pm- Manufacturing PM. Previous data was at 48.3
Above data could have a neutral impact on the dollar.
US
At 8.30pm- Final Manufacturing PMI. Data is foreseen at 51.5 from previous 51.5.
At 8.30pm-
ISM Manufacturing PMI. Data is foreseen at 49.5 from previous 49.2.
Revised UoM Consumer Sentiment. Data is foreseen at 79.6 from previous 79.6.
ISM Manufacturing Prices. Data is foreseen at 53.5 from previous 52.9.
Construction Spending m/m. Data is foreseen at 0.2% from previous 0.9%.
At 8.45pm- FOMC Member Waller Speaks.
All day- Wards Total Vehicle Sales. Data is foreseen at 15.4M from previous 15.0M.
At 9.20pm- FOMC Member Bostic Speaks.
Tentative- Fed Monetary Policy Report.
Above data could have a volatile impact on the dollar
Commodity Samachar
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Also Read: Silver – Likely to remain positive. , US Core PCE: Can It Reshape the Market Today?
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