U.K. GDP, India CPI, IIP data be key driver for today

Dollar strengthened more than half percent against a basket of major currencies on Thursday. Currency sparked to the one week high after recent jobless claims data strengthened the case for the Federal Reserve to halt interest rate hikes, but kept a high bar for a year-end cuts.

The number of Americans filing new claims for jobless benefits jumped last week to the highest level since late 2021, suggesting that higher interest rates were starting to weigh on the labor market.

Dollar index settled at 102.066, up by 0.64%. Sterling, which earlier trimmed declines after the Bank of England raised interest rates for the 12th consecutive time, was down 0.8% at $1.2522.

Bullions prices retreated for a second day yesterday. Gold prices settled with a loss of 0.63% at 60892. Silver settled with a loss of 3.74% at 73808, the biggest intraday fall since 7 March 2023.

Copper price slid by 2% and settled at 729.20. Zinc, aluminum also lost by 2.08%, 0.82% respectively.

Crude Oil prices were down more than 1.35%, as top importer China continues to disappoint while U.S. banking tensions resurfaced with a fresh plunge in the shares of troubled lender PacWest amid continued wrangling over the nation’s debt crisis.

Economic data and events to watch


At 11.30am – GDP m/m. Data is foreseen at 0.0%, unchanged from previous.

Construction Output m/m due to release. Forecast is to have a contraction by -0.4%, from previous 2.4%.

Goods Trade Balance, data foreseen at -17.5B from -17.5B.

Industrial Production m/m is set to release. Data is foreseen at 0.1% from previous -0.2%.

Manufacturing Production m/m is set to release.  Data is foreseen at 0.0%, unchanged from previous.

At 4.45pm – MPC Member Pill Speaks.

Above data could have a negative impact on the Pound.


At 12.15pm – French Final CPI m/m is set to be released. Data is foreseen at 0.6%, unchanged from previous 0.6%.

Above data is expected to have a neutral impact on the Euro.


At 7.30pm – Prelim UoM Consumer Sentiment data due to be released.  Data is foreseen at 63.00 lower from 63.5. 

 Prelim UoM Inflation Expectations is due to release. Previous was at 4.6%.

Above data could have a negative  impact on the dollar.


 India CPI and IIP numbers are set to release. CPI expected at   4.80% slightly lower from 5.66% previous reading. And IIP numbers are expected to come at 3.3% from 5.6% previously.

Above data could have a strong impact on the Indian Rupee.