The dollar index strengthens against the Major currencies on Wednesday. A weaker yen strengthened the dollar after it fell more than 2 percent on comments by BOJ Vice Governor Uchida, who said the BOJ would not raise interest rates among markets. emergency fund. Japan Trade Data & US Economic Sentiment Steal Spotlight
The yen fell after the head of the Bank of Japan played down the risk of a rate hike, with investors worried that another jump in the Japanese currency could cause further damage to global markets. .
Gold rallied as the dollar and bonds rallied, regaining ground lost in three periods of losses. Rising geopolitical tensions, a slowing U.S. economy and market turmoil are reviving the metal’s role as a safe haven, as Iran is expected to soon retaliate against Israel for last week’s assassination of Hamas political leader Ismail Haniyeh in Tehran, raising the risk of a spreading Middle East war.
Crude futures rose over 2% continuing their upward trend after the EIA report showed a larger-than-expected drop in US crude oil inventories. Crude stocks fell for the sixth week, declining by 3.728 million barrels, much more than the anticipated 0.4-million-barrel decrease.
Copper hit its lowest level in five months, after a wave of risk aversion has intensified buying pressure across a range of financial assets and commodities in growing concerns about economic slowdown in the US and slow growth in China.
MCX gold futures settled 0.01% to 68,971. Silver settled -0.86% to 78,948. Copper settled -1.44% to 176. Crude oil +2.26% at 6,325. Natural gas +3.40%. to 176.30
Economic data and events scheduled today
Japan
Bank Lending y/y. Data is foreseen at 3.2% from previous 3.2%
BOJ Summary of Opinions.
Current Account. Data is foreseen at 2.34T from previous 2.41T.
At 10.30am- Economy Watchers Sentiment. Data is foreseen at 47.4 from previous 47.00.
Above data could have a negative impact on the Yen.
US
At 6.00pm- Economy Watchers Sentiment. Data is foreseen at 241k from previous 249k.
At 7.30pm- Final Wholesale Inventories m/m. Data is foreseen at 0.2% from previous 0.2%.
At 8.00pm- Natural Gas Storage. Forecast 22B from previous 18B
Above data could have a neutral impact on the US dollar
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Commodity Samachar
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