The dollar rate on Thursday as rising geopolitical tensions boosted the currency, while sterling fell after the Bank of England cut interest rates from a 16-year high.
Concerns about escalating conflict in the Middle East were heightened this week following the assassination of Hamas leader Ismail Haniyeh in the Iranian capital Tehran morning, an attack that sparked threats of retaliation against Israel.
Gold prices pushed higher by rising geopolitical tensions while U.S. treasury yields stick near six-month lows after Federal Reserve Chair Jerome Powell indicated the central bank could begin a cycle of interest-rate cuts in September.
Crude oil retreated from the day’s high and turned lower on global energy demand concerns after the US Jul manufacturing index contracted by the most in 8 months and the China Jul Caixin manufacturing index contracted by the most in 9 months.
Copper retreated over two percent amid mounting demand concerns from China. The Chinese government refrained from passing stimulus to target the aggressive slowdown in the world’s largest manufacturing sector and reiterated its priority to steer the economy away from construction and industry to specialize in advanced technologies and new energies.
MCX gold futures settled +0.43% to 69,954. Silver settled -1.20% to 82,594. Copper settled -2.12% to 790.30. Crude oil -1.35% at 6,436. Natural gas -2.14%. to 168.80.
Economic data and events scheduled today. Dollar rate
Eurozone
At 12.15pm-
French Gov Budget Balance.
French Industrial Production m/m. Data is foreseen at 1.0% from previous -2.1%.
At 12.30pm- Spanish Unemployment Change. Data is foreseen at -17.4k from previous -46.8k.
At 1.30pm- Italian Industrial Production m/m. Data is foreseen at 0.0% from previous 0.5%.
At 2.30pm- Italian Retail Sales m/m. Data is foreseen at 0.2% from previous 0.4%.
Above data could have a volatile impact on the Euro.
U.K.
At 4.45pm- MPC Member Pill Speaks.
Above data and event could have a volatile impact on the Pound.
US
At 6.00pm-
Average Hourly Earnings m/m. Data is foreseen at 0.3% from previous 0.3%.
Non-Farm Employment Change. Data is foreseen at 176k from previous 206k.
Unemployment Rate. Data is foreseen at 4.1% from previous 4.1%.
At 7.30pm-Factory Orders m/m. Data is foreseen at -2.7% from previous -0.5%.
Above data could have a volatile on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
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