The dollar strengthened slightly against the major currencies yesterday, as investors weighed the possibility of an early and sharp interest rate cut by the Federal Reserve ahead of a data-heavy week that could weigh on major central banks and; thought about monetary policy.
Crude oil retreated on Monday as conflict in the Middle East and limited impact on crude production took a hit as oil benchmarks rose 2% last week.
Several tanker owners avoided the Red Sea and several tankers changed course on Friday after the US and Britain hit Houthi targets in Yemen following attacks on shipping and shipping by an Iranian coalition group after the war against Israel and Hamas. in Gaza.
The conflict also halted the movement of at least four LPG tankers in the area.
Gold traded neutral as US dollar and Treasury yields rose, and investors await comments from several Fed speakers this week for further clarity on central bank and interest rate developments.
MCX gold futures up 0.32% to 62559. Silver settled up 0.20% at 72627. Copper up 0.42% to 715.40. Crude oil down 0.41% at 6068. Natural gas down 6.90% to 255.10.
Economic data and events scheduled today.
China
Tentative- Foreign Direct Investment ytd/y.
Above data could have a volatile impact on the Yuan.
UK
At 12.30am-
Claimant Count Change. Data is foreseen at 18.1k from previous 16.0k.
Average Earnings Index 3m/y. Data is foreseen at 6.8% from previous 7.2%.
Unemployment Rate. Data is foreseen at 4.2% from pervious 4.2%.
At 8.30pm- BOE Gov Bailey Speaks.
Above data could have a volatile impact on the pound.
Eurozone
At 12.30pm- German Final CPI m/m. Data is foreseen at 0.1% from previous 0.1%.
At 3.30pm-
German ZEW Economic Sentiment. Data is foreseen at 11.6 from previous 12.8.
ZEW Economic Sentiment. Data is foreseen at 20.2 from previous 23.0
All day- ECOFIN Meetings.
All above data could have a neutral impact on the Euro.
CANADA
At 6.45am- Housing Starts. Data is foreseen at 245k from previous 213k.
At 7.00am-
CPI m/m. Data is foreseen at -0.3% from previous 0.1%.
Median CPI y/y. Data is foreseen at 3.3% from previous 3.4%.
Core CPI m/m. Previous was at 0.1%.
Above data could have a volatile impact on the pound.
US
At 7.00pm- Empire State Manufacturing Index. Data is foreseen at 4.9 from previous -14.5.
At 9.30pm- FOMC Member Waller Speaks .
Above data could have a neutral impact on the dollar
Commodity Samachar
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