After witnessing a drastic plunge in last week, bullions prices were able to recover slightly yesteray. And settled on a positive node yesterday. The prices saw mild recovery as they turned lower. It tumbled from a seven week high, tracking declines in the U.S. Treasury yields amid profit booking.
However, Crude oil prices retreated about 1%. As strong U.S. economic data had investors bracing for more interest rate hikes from the U.S. Federal Reserve to fight inflation which could also cut oil demand. MCX Crude settled at 6273, down -1.09%. WTI crude settled at $75.07, down 1.78% and Brent crude down by 1.61% and settled at $81.48.
Gold prices recovered from the day’s low 55290, and settled at 55476. Comex gold future settled at $1819.42, up 49%. While Mcx Silver up 0.77% recovered from the day’s low 63632 before closing at 63924. Comex Silver recovered from $20.580 and settled at $20.7220.
Economic calendar and possible impact
Japan at 10.30am
Bank of Japan Core CPI y/y, previous was at 3.1%, forecast is unchanged at 3.1%.
Housing Starts y/y, previous was at -1.7%, forecast is 1.0%.
Above data could have a positive impact on Yen.
Eurozone data at 12.30 and 1.15pm
German Import Prices m/m, previous was at -1.6%, forecast is at -1.5%.
Data could have a neutral impact on the Euro.
French Consumer spending m/m, previous was at -1.3%, forecasts slightly higher at 0.3%.
Prelim CPI m/m, previous was at 0.4%, forecast is slightly higher at 1.0%.
French Prelim GDP q/q, previous was at 0.1%, forecast is unchanged at 0.1%.
Above data expect to have a mixed impact on Euro and bullions.
UK Bank of England MPC Member Speaks
Broadbent Speaks at 3.45pm.
Pill Speaks at 5.45pm
Mann Speaks at 6.00pm
All speech will bring clutter for pound and base metals.
CANADA at 7:pm
GDP m/m, previous was at 0.1%, forecast is 0.0%
Data could have a negative impact on base metals.
U.S. At 7.00pm
Goods Trade Balance, previous was at -90.3B, forecast is slightly lower at -90.6B.
Prelim Wholesale Inventories m/m, previous was at 0.1%, forecast is unchanged at 0.1%.
CB Consumer Confidence at 8.30pm, previous was at 107.1, forecast is lower at 108.5.
All the above data could have a slightly lower impact on the dollar.
India at 5.30pm
GDP quarterly YoY,Q3, previous was at 6.3%, forcast is lower at 4.6%.
Could have negative imapact on Rupee.