The dollar retreated after minutes of the Federal Reserve’s January meeting came largely as expected and showed that most policymakers are worried about the risks of cutting interest rates too soon.
The central bank left its key policy unchanged after the meeting ended and in a subsequent press conference, Federal Reserve Chairman Jerome Powell already played down expectations for a rate-cutting phase back in March, warning that inflation still has a long way to go before it reaches Powell and Co.’s targets. of the 2 percent target.
Gold prices rose on Thursday, supported by safe-haven demand amid geopolitical tensions in the Middle East and a weaker dollar, while moments from the latest US Federal Reserve meeting dampened hopes of an early rate cut.
Copper futures rose to record highs. a year three weeks, is benefiting from a weaker US dollar and hopes that China’s economic support will boost industrial activity and commodity demand.
Crude oil prices rose slightly on Thursday, holding on to gains from the previous session in a sign of tighter supply. The market is also supported by US refiners, which are showing signs of a return to maintenance after falling to December 2022 lows, which is supporting a rise in crude inventories.
MCX gold futures settled -0.09% to 62108. Silver settled -0.91% at 70609. Copper settled +0.20% to 726.60. Crude oil +0.26 at 6447. Natural gas 12.24% to 155.9
Economic data and events scheduled: Will the Purchasing Managers Index be Crucial to today’s market?
Japan
6.00am – Flash Manufacturing PMI (Purchasing Managers Index). Data is foreseen at 48.2 from previous 48.00.
Above data could have a neutral impact on the Yuan.
Eurozone
At 1.45pm-
French Flash Manufacturing PMI (Purchasing Managers Index) . Data is foreseen at 43.5 from previous at 43.1.
At 2.00pm-
German Flash Manufacturing PMI (Purchasing Managers Index). Data is foreseen at 46.1 from previous at 45.5.
German Flash Services PMI (Purchasing Managers Index). Data is foreseen at 48.00 from previous at 47.7.
At 2.30pm-
Flash Manufacturing PMI (Purchasing Managers Index). Data is foreseen at 47.00 from previous at 46.6.
Flash Services PMI (Purchasing Managers Index). Data is foreseen at 48.8 from previous 48.4.
At 3.30pm-
Final Core CPI y/y. Data is foreseen at 3.3% from previous 3.3%.
Final CPI y/y. Data is foreseen at 2.8% from previous 2.8%.
Tentative – ECOFIN Meetings.
At 6.00pm- ECB Monetary Policy Meeting Accounts.
At 7.30pm- Belgian NBB Business Climate. Data is foreseen at -16.0 from previous -16.
Above data could have a volatile impact on the Euro.
UK
At 12.00pm-MPC Member Greene Speaks.
At 3.00pm-
Flash Manufacturing PMI. Data is foreseen at 47.5 from previous 47.00.
Flash Services PMI. Data is foreseen at 54.2 from previous 54.3.
Above data could have a positive impact on the Pound.
Canada
At 7.00pm-
Core Retail Sales m/m. Data is foreseen at 0.7% from previous -0.05%.
Retail Sales m/m. Data is foreseen at 0.8% from previous -0.2%.
Above data could have a positive impact on the Canadian dollar.
US
At 8.15pm-
Flash Manufacturing PMI. Data is foreseen at 50.5 from previous 50.7.
Flash Services PMI. Data is foreseen at 52.4 from previous 52.5.
At 8.30pm-
Existing Home Sales. Data is foreseen at 3.96M from previous 3.78M.
FOMC Member Jefferson Speaks.
At 9.00pm- Natural Gas Storage. Previous was at -49B.
At 9.30pm- Crude Oil Inventories. Previous was at 12.0M.
Above data could have a volatile impact on the dollar.
Commodity Samachar
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