Fed Chair, ECB, BOE Heads: Key Speeches to Watch Today
FX Update
The Indian rupee hit an all-time low on Tuesday weighed down by a a slump in the offshore Chinese Yuan to a one-year low, while persistently strong dollar bids in the non-deliverable forwards market also exerted pressure. The rupee touched a low of 84.7575 before closing slightly nearly flat on the day at 84.6850.
The euro was able to gain modestly against the U.S. dollar, as political turmoil in France sent traders scrambling for hedging protection against further price swings, with some market participants noting that the crisis could be nearing the end.
Crude Oil:
Crude Oil prices rose more than two percent on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week.
Gold:
Gold prices trimmed gains from the day’s high after strong U.S. jobs data hinted at a cautious approach to rate cuts by the Federal Reserve, while a softer dollar and easing Treasury yields capped losses as markets awaited further economic cues.
Copper:
Copper prices touched their highest in almost two weeks as the dollar weakened, offsetting concern over economic growth in top metals consumer China and uncertainty surrounding trade tariffs. Copper, used in power and construction, has lost 10% in the past two months but has traded in a tight range since mid-November as the market awaits developments on import tariffs threatened by U.S. President-elect Donald Trump and possible retaliation from China.
MCX Closing Update
Gold 76,903 (0.26%), Silver 92,197 (1.53%), Crude oil 5,929 (2.60%), Copper 822.55 (1.57%), Natural Gas 259 (-5.34%)
Major Economic Data and Event Update
· British retailers reported lacklustre sales in November, Sales volumes dropped by 3.3% in the 12 months to November, the weakest reading since April when they fell 4.0%, and below an increase of 0.6% in the year to October, the British Retail Consortium said.
· US JOLTs Job Openings, a key measure of job vacancies across the country, surge to 7.74M, with the actual numbers standing at 7.37M. Forecast was at 7.51M.
Major Economic Data and Event scheduled today – Fed Chair, ECB, BOE Heads
Australia
At 6.00am-
GDP q/q. Data is foreseen at 0.5% from previous 0.2%.
Above data could have a volatile impact on the dollar.
Eurozone
At 1.45pm- Spanish Services PMI. Data is foreseen at 53.6 from previous 54.9.
At 2.15pm- Italian Services PMI. Data is foreseen at 51.1 from previous 52.40.
At 2.20pm- French Final Services PMI. Data is foreseen at 45.7 from previous 45.7.
At 2.25PM- German Final Services PMI. Data is foreseen at 49.4 from previous 49.4.
At 2.30pm- Final Services PMI. Data is foreseen at 49.2 from previous 49.20.
At 3.30pm- PPI m/m. Data is foreseen at 0.4% from previous -0.6%
At 7.00pm- ECB President Lagarde Speaks
At 10.40pm- German Buba President Nagel Speaks.
Above data could have a mixed impact on the Euro.
UK
At 2.30pm- BOE Gov Bailey Speaks.
At 3.00pm- Final Services PMI Data is foreseen at 50 from previous 50
Above data could have a mixed impact on the pound.
US
At 6.45pm- ADP Non-Farm Employment Change. Data is foreseen at 159K from previous 233K
At 7.15pm- FOMC Member Musalem Speaks.
At 8.15pm – Final Services PMI. Data is foreseen at 57 from previous 57
At 8.30pm –
ISM Services PMI. Data is foreseen at 55.5 from previous 56
Factory Orders m/m. Data is foreseen at 0.4%from previous -0.05%.
At 9.00pm- Crude Oil Inventories
At 12.15am- Fed Chair Powell Speaks
Above data could have a volatile impact on the dollar.
Until then, Happy Trading!
Commodity Samachar Securities
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