Amidst the OPEC+ buzz, the U.S. dollar gains after the release of lower than expected Initial Jobless Claims. Greenback found support after economic data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week.
In addition, orders for durable US goods declined more than anticipated in October, suggesting a significant slowdown in the economy after robust growth in the third quarter. According to the Labour Department, initial state unemployment benefit claims rose to 209,000 in the week ended November 18, below the forecast of 226,000 in a Reuters poll of economists.
OPEC+ sources told Reuters that the group of oil producers and allies, including Russia, had postponed to November 30 a scheduled ministerial meeting that was due to discuss oil production cuts. The meeting was initially scheduled for November 26. OPEC+ sources said that producers were having difficulty agreeing on production levels and, therefore, how much they would cut.
Bullions retreated slightly as dollar and Treasury yields pared losses, while expectations that the Federal Reserve will pause rate hikes limited the slide in bullion.
The dollar index which measures the currency against six major counterparts rebounded from the low 103.480 and settled up by 0.26%. MCX Gold future settled at 61024 down 0.33%. Silver at 72826 down 0.65%. Copper prices settled at 712.85 down 0.61%. Crude oil settled at 6363 down 1.62%. Natural gas settled 240.40 up 0.71%.
Economic data and events scheduled Following the OPEC+ News:
Eurozone
At 1.45pm –
French Flash Manufacturing PMI. Data is foreseen at 43.2 from previous 42.80.
French Flash Services PMI. Data is foreseen at 45.60 from previous 45.20.
At 2.00pm –
German Flash Manufacturing PMI. Data is foreseen at 41.10 from previous 40.80.
German Flash Services PMI. Data is foreseen at 48.40 from previous 48.20.
At 2.30pm –
Flash Manufacturing PMI. Data is foreseen at 43.30 from previous 43.10.
Flash Services PMI. Data is foreseen at 48.00 from previous 47.80.
At 6.00pm – ECB Monetary Policy Meeting Accounts.
Above data could have a positive impact on the Eur.
U.K.
At 3.00pm –
Flash Manufacturing PMI. Data is foreseen at 45.00 from previous 44.80.
Flash Services PMI. Data is foreseen at 49.50 from previous 49.50.
Above data could have a positive impact on the Pound.
Canada
At 7.00pm – Corporate Profits q/q. Previous was at -2.0%.
Above data could have a neutral impact on the Canadian dollar.
U.S.–
No data and events scheduled on account of Thanksgiving Day.
Commodity Samachar
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