The dollar fell against the euro on Monday ahead of this week’s UK budget, the European Central Bank meeting, US employment data and key political moments in China and the US.
Crude oil retreated from the day’s highs. After rising 4.5 percent last week during OPEC. and its allies agreed to continue voluntary production cuts until the end of June. The drop came after OPEC and its allies agreed to extend voluntary production cuts until the end of June.
Gold prices hit an all-time high amid ongoing geopolitical tensions and a rate cut by the Federal Reserve ahead of a statement from the central bank’s president. Jerome Powell later this week.
Gold rose on soft US economic data, which fueled bets that the Fed will cut interest rates before June. But expectations of further guidance from the central bank saw traders pull back from big bets on the yellow metal.
Copper’s momentum was mixed as markets wary of the red metal amid key signals from top importer China. China is due to hold its 2024 National People’s Congress on Tuesday and is likely to introduce further stimulus measures as well as release economic forecasts for 2024.
MCX gold futures settled +0.51% to 62567.Silver settled +0.72% at 71279. Copper settled +0.05% to 728.35. Crude oil -1.67% at 6527. Natural gas +6.21% to 162.6.
Economic data and events scheduled today – Will the plethora of PMI data rule?
China
At 7.15am- Caixin Services PMI. Data is foreseen at 52.9 from previous 52.7.
Above data could have a mixed impact on the Yuan.
Japan
At 5.20am- Tokyo Core CPI y/y. Data is foreseen at 2.5% from previous 1.6%.
At 9.30am- BOJ Gov Ueda Speaks.
Above data could have a volatile impact on the Yen.
Eurozone
At 1.15pm- French Industrial Production m/m. Data is foreseen at -0.1% from previous 1.1%.
At 1.45pm- Spanish Services PMI. Data is foreseen at 53.4 from previous 52.1.
At 2.15pm- Italian Services PMI. Data is foreseen at 52.1 from previous 51.2.
At 2.20pm- French Final Services PMI. Data is foreseen at 48.0 from previous 48.0
At 2.25pm- German Final Services PMI. Data is foreseen at 48.2 from previous 48.2.
At 2.30pm- Final Services PMI. Data is foreseen at 50.0 from previous 50.0.
At 3.30pm-PPI m/m. Data is foreseen at -0.1% from previous -0.8%.
Above data could have a volatile impact on the Euro.
UK
At 3.00pm- Final Services PMI. Data is foreseen at 54.3 from previous 54.3.
Above data could have a neutral impact on the Pound.
Canada
At 8.00pm- Manufacturing PM. Previous data was at 48.3
Above data could have a neutral impact on the dollar.
US
At 8.15pm- Final Services PMI. Data is foreseen at 51.4 from previous 51.3.
At 8.30pm-
ISM Services PMI. Data is foreseen at 52.9 from previous 53.4.
Factory Orders m/m. Data is foreseen at 0.3% from previous 0.2%.
Tentative – RCM/TIPP Economic Optimism. Data is foreseen at 45.2 from previous 44.0
At 10.30pm-FOMC Member Barr Speaks.
Above data could have a volatile impact on the dollar.
Commodity Samachar
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Also Read: Gold prices at lifetime highs, as outlook hits forecast levels , Eurozone inflation, China PMI to watch.
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