India Budget in Focus, while Few data could dampen market volatility, The US dollar was slightly higher on Monday, catching safe-haven flows as investors weighed US President Joe Biden’s decision to end his re-election campaign, which is expected to increase the volatility of the currency market.
Investors also awaited key monetary policy meetings next week at the Federal Reserve, which could signal the first rate cut, and the Bank of Japan, which could raise interest rates.
Gold prices fell to their lowest level in more than a week as the dollar strengthened as traders awaited more US economic data and comments from Federal Reserve officials this week for clarity on the timing of rate hikes. Joe Biden announced on Sunday that he would withdraw from the US presidential race and endorsed Vice President Kamala Harris as the Democratic nominee for the November election.
Oil fell for a second straight session on Monday, hitting its lowest level in more than a month, as investors looked past US President Joe Biden’s decision not to seek a second term and focused on rising inventories and signs of weak demand. . .
The price of copper fell to its lowest level in more than three months. A further concern is the fact that no new stimulus measures have been implemented for China’s top consumer. No details on stimulus measures were given at a key policy meeting in China last week, despite economic headwinds weighing on the outlook for metals demand.
The recent fall in prices has boosted physical buying in China, but the buying has not been too strong because people still expect SHFE prices to fall to 75,000 yuan or even lower, said He Tianyu of research and consulting firm CRU Group.
MCX gold futures settled -0.37% to 72718.Silver settled -0.49% to 89203. Copper settled -0.77% to 814. Crude oil -2.45% at 6560. Natural gas +6.03% to 188.20
Economic data and events scheduled today (India Budget Focus)
Eurozone
At 7.30am- Consumer Confidence. Data is foreseen at -13 from previous -14.
Above data could have a volatile impact on the Euro.
US
At 7.30pm-
Existing Home Sales. Data is foreseen at 3.99M from previous 4.11M.
Richmond Manufacturing Index. Data is foreseen at -7.00 from previous -10.00.
Above data could have a volatile on the dollar.
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Commodity Samachar
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