A plethora of PMI released might just be the focus for today but before, let’s get a recap of what’s going on in the markets.
The Dollar modestly gain in first trading day of 2024 weighed by the prospect of steep interest rate cuts from the Federal Reserve in 2024 and looked to economic data this week for clues on the central bank’s next moves, the US currency rose in two years and was last at 101.43, up 0.049% on Tuesday.
Crude halted recent downside and recovered in Asian trade on Tuesday, recovering slightly from heavy losses in 2023 when US forces attacked the Iran-backed Houthi group in the Red Sea and the conflict showed no signs of escalating.
Reports over the New Year’s weekend indicated that US strikes killed around 10 Houthi fighters and sank three boats belonging to the Yemeni group after the Houthis rammed several military and cargo ships in the area.
Gold rose slightly as the Federal Reserve plans to cut interest rates in 2024, while investors await a flurry of economic data this week to shed light on the outlook for US interest rates. MCX gold futures rose 0.19% to 63320. Silver fell 0.05% to 74390. Copper fell 0.08% to 731.10. Crude oil 6027, up 0.33%. Natural gas rose 0.94% to 213.90.
Economic data and events scheduled today.
China
At 7.15pm- Caixin Manufacturing PMI. Data is foreseen at 50.4 from previous 50.7.
Above data could have a negative impact on the Yuan.
UK
At 3.00pm- Final Manufacturing PMI release. Data is foreseen at 46.4 from previous 46.4.
The above data could have a neutral impact on the pound.
Eurozone
At 1.45pm- Spanish Manufacturing PMI release. Data is foreseen at 46.3 from previous 46.3.
At 2.15pm- Italian Manufacturing PMI release. Data is foreseen at 44.3 from previous 44.4.
At 2.20pm- French Final Manufacturing PMI release. Data is foreseen at 42.0 from previous 42.0.
At 2.25pm- German Final Manufacturing PMI release. Data is foreseen at 43.10 from previous 43.10.
At 2.30pm-
Final Manufacturing PMI. Data is foreseen at 44.20 from previous 44.20.
M3 Money Supply y/y. Data is foreseen at -1.0% from previous -1.0%.
Private Loans y/y. Data is foreseen at 0.8% from previous 0.8%.
Above data could have a volatile impact on the Euro.
U.S.–
At 8.15pm- Final Manufacturing PMI. Data is foreseen at 48.4 from previous 48.2.
At 8.30pm- Construction Spending m/m. Data is foreseen at 0.6% from previous 0.6%.
Above data could have a neutral impact on the dollar.
Commodity Samachar
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Also Read: Economic Calendar 2024 Starts with a Bang – Spotlight on US Fed Minutes and Job Reports! , Low-impact data calendar on the last business day of the year
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