Dollar retreated nearly 0.37% against its major peers. Currency dropped to the day’s low after better-than-forecast growth data from China, while strong pay figures from Britain supported the pound.
Gold and Silver prices gained more than 0.51% .Copper prices up by 0.10%, Aluminum up by 2.49%, ZINC and Lead down by 0.78%, 0.99% respectively.
Crude oil recovered from the day’s low and settled at 6679, up 0.71%.
Today, UK March inflation data will be released. This could determine whether Bank of England officials. Decide to hike interest rates by another 25 basis points at their meeting next month.
Markets anticipate the BoE will hike interest rates next month to 4.5% from 4.25%. Which would be its twelfth consecutive rate increase since December 2021.
Economic data and events to watch
U.K.
At 11.30am – CPI y/y. Data foreseen at 9.8% slightly lower from previous reading of 10.4%
Core CPI y/y. Data is foreseen at 6% lower from the previous 6.2%.
PPI Input m/m, data is foreseen at -0.3% lower from previous -0.1%.
PPI Output m/m, data is foreseen at -0.2% slightly recovers from -0.3%.
At 2.30pm- HPI y/y, data is foreseen at 5.0% from 6.3%.
Tentative – BOE Quarterly Bulletin
All above data expect to have a negative to volatile impact on Pound.
Eurozone
At 1.30 pm – Current Account, data is foreseen at 10.3B from 17.1B
At 2.30pm – Final CPI y/y, data is foreseen at 6.9%, unchanged from previous readings.
Final Core CPI y/y, data is foreseen at 5.7%, unchanged from previous readings.
All above data expect to have a positive impact on Euro and bullions.
Canada
At 6.00 pm – Housing Starts, data is foreseen at 236k lower from previous 244k
At 6.00pm – IPPI m/m, data is expected to recover by -0.4% from previous -0.8%.
All above data expect to have a volatile impact on dollar and base metals.
US
At 8.00pm – Crude Oil Inventories, data is foreseen at -0.4M, lower from previous week 0.6M
All above data expect to have a positive impact on Crude oil prices.