The dollar rose on Monday after data showed the U.S. manufacturing sector grew in March for the first time since September 2022, while the yen loitered below 152 per dollar keeping traders on edge over the threat of intervention.
Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.40% up at 105.040
Gold made another new record, as ongoing safe-haven demand helped the yellow metal shrug off a jump in the dollar after signs of U.S. economic strength put a damper on early-rate cut hopes.
The fresh record high on Monday comes even as an unexpected expansion in U.S. manufacturing activity cooled hopes of earlier rate cuts, pushing Treasury yields and dollar higher. As gold is priced in dollars, a stronger greenback tends to make gold more expensive and less attractive to foreign buyers.
The ISM manufacturing purchasing managers’ Index unexpectedly rose to a reading of 50.3 from 47.8. The index reading pushed above 50, which indicates an expansion in manufacturing, for the first time since Sept. 2022.
Copper prices kick started April higher, as positive industrial data posted by China bolstered demand outlook from the world’s top metal consumer. China’s manufacturing activity expanded for the first time in six months in March, an official factory survey showed on Sunday.
Crude oil jumped to a five-month high as signs of stronger energy demand in the US and China lifted crude prices today after US and Chinese production rose more than expected last month. Crude oil gains were capped after the dollar index rose to a 1-1/2 month high and the crude spread fell to a 3-1/2 week low.
MCX gold futures settled +0.90% to 68289.Silver settled +0.64% at 75532. Copper settled +0.69% to 765.90. Crude oil +1.27% at 6997. Natural gas +5.05% to 153.9.
Economic data and events scheduled today.
Eurozone
All Day- German Prelim CPI m/m. Data is foreseen at 0.4% from previous 0.4%.
At 12.30pm- Spanish Unemployment Change. Data is foreseen at 10.0K from previous -7.5K
At 12.45pm- Spanish Manufacturing PMI. Data is foreseen at 51.3 from previous 51.5.
At 1.15pm- Italian Manufacturing PMI. Data is foreseen at 48.9 from previous 48.7.
At 1.20pm- French Final Manufacturing PMI. Data is foreseen at 45.8 from previous 45.8.
At 1.25pm- German Final Manufacturing PMI. Data is foreseen at 41.6 from previous 41.6.
At 1.30pm- Final Manufacturing PMI. Data is foreseen at 45.7 from previous 45.7.
Above data could have a volatile impact on the Euro.
UK
At 2.00pm-
Final Manufacturing PMI. Data is foreseen at 49.9 from previous 49.9.
M4 Money Supply m/m. Data is foreseen at 0.2% from previous -0.1%.
Mortgage Approvals. Data is foreseen at 57k from previous 55k.
Above data could have a neutral impact on the Pound.
US
At 7.30pm-
JOLTS Job Opening. Data is foreseen at 8.79m from previous 8.86M.
Factory Orders m/m. Data is foreseen at 1.1% from previous -3.6%.
At 7.40pm- FOMC Member Bowman Speaks.
At 9.30pm- FOMC Member Williams Speaks.
At 9.35pm- FOMC Member Mester Speaks.
At 11.00pm- FOMC Member Daly Speaks.
Above data could have a volatile impact on the dollar
Happy Trading!!
Commodity Samachar
Learn and Trade with Ease
Also Read: Unveiling the Potential of Copper, Nifty Pauses: A Buying Opportunity or a Sign of Things to Come?
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