The greenback strengthened against its major counterparts yesterday. The currency recovered after a three-week slide on bets that the US Federal Reserve will soon cut interest rates.
The dollar rose 0.56% to 103.778 from the previous day’s close of 103.193.
Crude oil prices extended their declines on investor skepticism over the latest OPEC+ supply cut decision and uncertainty over global demand for the fuel, although the threat of supply disruptions from the Middle East conflict capped losses.
Monday’s drop adds to last week’s 2 percent supply cuts announced on Thursday by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, including Russia. Bullions gave up on Monday after strong dollar gains.
MCX gold futures were down 1.46% at 62369 Silver was down 2.46% at 76168. Copper fell 0.88% to 720.20 Crude oil fell to 6157, down 1.97%. Natural gas fell 5.29% to 223.90.
Scheduled Economic Events: Will Collective PMI Data Shape Today’s Market Fate?
Bank of Australia
At 9.00am –
Cash Rate. Expect to keep unchanged at 4.35%.
RBA Rate Statement
Above statement could have a volatile impact on the dollar.
Eurozone
At 1.15pm French Industrial Production m/m. Data is foreseen at 0.2%. Previous was at -0.5%.
At 1.45pm – Spanish Services PMI. Data is foreseen at 51.6 from previous 51.10.
At 2.15pm – Italian Services PMI. Data is foreseen at 48.30 from previous 47.70
At 2.20pm- French Final Services PMI. Data is foreseen at 45.30 from previous 43.30.
At 2.25pm- German Final Services PMI. Data is foreseen at 48.70 from previous 48.70.
At 2.30pm – Final Services PMI. Data is foreseen at 48.20 from previous 48.2.
At 3.30pm – PPI m/m. Data is foreseen at 0.2% from previous 0.5%.
Above data could have a volatile impact on the Eur.
UK
At 3.00pm – Final Services PMI. Data is foreseen at 50.70 from previous 50.50.
Above data could have a positive impact on the pound.
U.S.–
At 8.15pm- Final Services PMI. Data is foreseen at 50.8 from previous 50.8.
At 7.00pm-
ISM Services PMI. Data is foreseen at 52.50 from previous 51.8.
JOLTS Job Openings. Data is foreseen at 9.33M from previous 9.55M.
Tentative – RCM/TIPP Economic Optimism. Data is foreseen at 45.2 from previous 44.5.
Above data could have a volatile impact on the dollar.
Commodity Samachar
Learn and Trade with Ease
Also Read : Crude Oil Report: What’s the news to keep an eye on? , Forex News Letter – Beginning of a New week, new challenges!!
Recommended Read : OPEC Meeting : Is the Future of Crude Oil Hanging in the Balance at the Meeting’s Consensus?
Chat with our analyst