Time to watch UK inflation today. Data have a significant impact on Pound and metals.
U.S. inflation data bring clutter for commodity market yesterday. Greenback gained slightly. GOLD and Crude oil prices retreated from the day high. Data released showed consumer prices accelerated in January. Hawkish remarks from Federal Reserve officials sparked fears that the central bank will continue raising interest rates this year.
This inflation report suggests that inflation is proving sticky even after the Federal Reserve authorized a series of interest rate hikes in an attempt to quell inflation. This could result in a higher end point for these increases, potentially causing the U.S. economy, the largest consumer of crude in the world, to fall into recession this year.
U.S. consumer prices are accelerated in January. As Americans continued to be burdened by higher costs for rental housing. Which suggesting that the Fed was far from pausing its rate increase campaign.
consumer price index increased 0.5% last month after gaining 0.1% in December Labor Department said. In the 12 months through January, the CPI increased 6.4%, more than the 6.2% forecast by economists.
MCX Gold Future retreated from 56999 settled at 56750. Comex Gold future slipped from high $1870.53 settled at $1854.37 an once.
Crude Oil prices slipped yesterday. It dropped more than 1.10%, as after the Biden administration announced additional crude sales from the U.S. Strategic Petroleum Reserve.
MCX Crude retreated from 6591 and settled at 6566, while Brent crude settled at $85.25, down 0.59% and WTI closed at $78.80, down -0.10.
Today Economic calendar
At 12.30pm – UK inflation data will be release. inflation data foreseen at 10.3% slightly lower from previous reading 10.5%. This would have a significant negative impact on Pound and metals.Core CPI y/y data expects to extend clutter for Pound. Inflation data foreseen slightly lower at 6.2%. previous reading was at 6.3%
China Foreign Direct Investment y/y is due to release during the day. Time is tentative. Data could bring clutter for metal and for dollar.
At 3 :pm – UK House Price Index is to be release. Data foreseen at 9.2% slightly lower from previous reading 10.3%, which will have a negative impact on pound.
At 3.30 pm – Eurozone Industrial Production m/m (forecast -0.8% from previous 1.0%) and Trade Balance (forecast -16.0B from previous -15.2B) may bring clutter for Euro and bullions. Both data expect to be unfavorable for Euro.
At 7.pm– Canda Manufacturing Sales m/m is to be release. Manufacturing data foreseen slightly lower at -1.6% from previous 0.0%. This may have negative impact for metal.
At 7:pm – US Core Retail Sales m/m is to be release. Retail Sales foreseen at 0.9% from previous -1.1%. Data could have a positive impact on dollar.
At the same time, US. Retail Sales m/m is to be release. US retail sales foreseen at 1.9% from previous -1.1%. Data could have a positive impact on dollar.
At 7.30pm – ECB President Lagarde Speaks could have a volatile impact on Euro and Bullions.
At 7.45.pm – U.S. Industrial Production m/m could have a positive impact on the Dollar. Data expected to recover slightly at 0.5% Vs previous -0.7%.
At 7.pm – Canada Trade Balance due to release, which could have a negative impact on Base metals.
At 9:pm – Crude Oil Inventories will have strong impact on Crude and dollar. Its foreseen at 1.5M compared to previous 2.4M.