Major Economic Data and Event scheduled today German and Eurozone Inflation will attract attention today
FX Update
The dollar fell over 1% in thin pre-holiday trade, digesting a slew of indicators that underscored U.S. economic resilience while investors assessed the risk that President-elect Donald Trump will start a tariff war no one will win.
The decline further unwound the dollar’s recent rally. Few traders were interested in building or holding positions before a long Thanksgiving weekend for many of them that dovetails with month end. Markets are closed Thursday and exchanges close early on Friday.
The euro clung to its sharpest rise in four months on Thursday following hawkish remarks from a central bank policymaker, while the yen powered toward its strongest week in three months on growing bets Japan could hike interest rates in December. The moves stalled the dollar’s resurgence ahead of what is likely to be thin trade through the rest of the week due to the U.S. Thanksgiving holiday.
Crude Oil:
Crude Oil prices were little changed, pressured by a large surprise build in U.S. gasoline stocks and worries about U.S. interest rate cuts next year, but prices drew support from concerns about supply eased after a ceasefire deal between Israel and Hezbollah.
Gold:
Gold prices were steady, as investors digested a flurry of economic data in the previous session and evaluated the possibility of a tariff war sparked by U.S. President-elect Donald Trump’s policies.
Copper:
Copper prices were steady with support from a weaker dollar and revived bets that top metals consumer China would launch more stimulus to counter risks of U.S. tariffs and to support its economy.
MCX Closing Update
Gold 75760 (0.73%), Silver 87680 (down 0.67 %%), Crude oil 5781 (0.09%), Copper 807.75 (0.48%), Natural Gas 272 (Down -6.53%)
Major Economic Data and Event Update 27 November 2024
· The U.S. economy grew at a solid clip in the third quarter at 2.8% unchanged compared to the previous 2.8%.
· US The personal consumption expenditures price index accelerated to a 2.3% annual increase during the month, from a reading of 2.1% in September. The figure was in line with economists’ estimates.
· US German consumer sentiment tumbles to -23.3 from previous -18.4.
· US 23 Nov, weekending Initial Jobless Claim dropped to 213K from previous 215K
·         US Oct Pending Sales Change MM at 2.0% from previous 7.5%, forecast was at -2.1%.
Major Economic Data and Event scheduled today – German and Eurozone Inflation will attract attention today
Australia
At 6.00am-
Private Capital Expenditure q/q. Data is foreseen at 0.9% from previous -2.2%.
Above data could have a volatile impact on the dollar..
Eurozone
All day – German Prelim CPI m/m. Data is foreseen at -0.2% from previous 0.4%.
At 1.30pm- Spanish Flash CPI y/y. Data is foreseen at 2.3% from previous 1.8%.
At 2.30pm-
M3 Money Supply y/y. Data is foreseen at 3.4% from previous 3.2%.
Private Loan’s y/y. Data is foreseen at 0.8% from previous 0.7%.
Above data could have a volatile impact on the Euro?
Eurozone Inflation will attract attention today
US
Bank Holiday.
Until then, Happy Trading!
Commodity Samachar Securities
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Also Read: Copper Slips as Trump Details China Tariffs: More Fall Ahead? , Market Opens Positive: Nifty, Bank Nifty & FII/DII Updates
Recommended Read: The Finale of the US Elections 2024: What Lies Ahead for the Commodities Market?
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