All Eyes on Japan Data and Few Fed Members Speeches Today. The U.S. dollar hovered near a seven-week high 102.38
Dollar Index:
The U.S. dollar hovered near a seven-week high 102.38 on Monday as investors reassessed their positions following Friday’s strong U.S. jobs data and rising tensions in the Middle East. The closely-watched September jobs report revealed the largest payroll increase in six months, a decline in the unemployment rate, and solid wage growth. This prompted markets to scale back expectations of further significant U.S. rate cuts.
Crude Oil:
Oil prices rose more than 3%, with Brent surpassing $80 per barrel for the first time since August, as the increased risk of a region-wide Middle East war jolted investors out of record bearish positions amassed last month.
Gold:
Gold prices eased as the U.S. dollar held strong and recent employment data prompted investors to scale back expectations of a big rate cut from the Federal Reserve in November.
Copper:
Copper prices came under pressure from a firm dollar, but optimism about improving demand in top consumer China provided support ahead of a briefing on the country’s policies to promote economic growth. Traders said a higher U.S. currency making dollar-priced metals expensive for holders of other currencies weighed on prices of industrial metals for most of the European day. Industrial metals overall have been boosted by China’s announcement last month of its biggest economic stimulus since the COVID-19 pandemic..
Prices action (MCX)
Gold 76045 (-0.13%), Silver 92357 (-0.65%), Copper 853.85(-0.18%) Crude Oil 6475 (+2.15%) Natural gas 230.20 (-4.20%)
Yesterday Data and Event Update –
The data from the Euro zone showed that Retail Sales rose by 0.2% on a monthly basis in August as forecast, failing to boost the Euro. Investors await comments from Fed officials.
Major Economic Data and Event scheduled today (Japan Data)
Japan
At 5.20am- Current Account. Data is foreseen at 2.43T from previous 2.80T.
At 10.30am- Economy Watchers Sentiment. Data is foreseen at 49.3 from previous 49.00.
Above data could have a negative impact on the Yen.
Bank of Australia
At 6.00am- Monetary Policy Meeting Minutes
At 6.30am- RBA Deputy Gov Hauser Speaks
Eurozone
At 11.30pm— German Industrial Production m/m. Data is foreseen at 0.8% from previous -2.4%.
At 12.15pm – French Trade Balance. Data is foreseen at -5.5B from previous -5.9B.
All day – ECOFIN Meetings.
At 10.30pm- German Buba President Nagel Speaks
Above data could have a neutral impact on the Euro.
US
At 12.20pm – FOMC Member Kugler Speaks.
At 6.00pm- Trade Balance. Data is foreseen at -70.6B from previous -78.8B
Tentative- RCM/TIPP Economic Optimism.
At 10.15pm- FOMC Member Bostic Speaks
Above data could have a mixed impact on the dollar.
Happy Trading!
Commodity Samachar Securities
We Decode the Language of the Markets
Also Read: Will Silver Price Pause the Rally – or Roar Back? “Monday Meltdown: Nifty Faces Unstoppable Sell-off!”
Recommended Read: MCX Commodities Uncovered: The Must-Knows and Essential Insights [2024]
Want Help On Your Trades ?
Chat with RM