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Commodity Market News | Will UK Retail Sales figure be key data in focus?


Commodity Market News | Will UK Retail Sales figure be key data in focus?

The US dollar weakens against its major counterparts after Federal Reserve Chair Jerome Powell was interpreted as being generally dovish in comments made at an economic forum, even as he warned that the U.S. central bank could raise interest rates again as per the latest commodity market news.

Gold prices witnessed another jump for a third day as the dollar retreated on the lack of any immediate support from Federal Reserve Chair Jerome Powell for a rate in November, despite the continued threat of inflation.

The latest commodity market news conveys that crude oil extended its gains after the U.S. government outlined plans to begin refilling the country’s strategic oil reserve, while concerns over supply disruptions in the Middle East also lent support.

The Department of Energy (DOE) announced offers totaling 6 million barrels to be delivered between December this year and January 2024, as the Biden administration sought to begin refiling the heavily-drawn Strategic Petroleum Reserve (SPR).

The government had drawn about 200 million barrels from the SPR since early-2022, bringing the reserve to its lowest level in nearly 40 years in a bid to combat high gasoline prices following the onset of the Russia-Ukraine war as per the latest commodity market news.

The dollar index which measures the currency against six major counterparts down 0.31% at 106.2360. MCX Gold future settled at 60073 up 1.44%. Silver at 71895 up 0.46%. Copper prices settled at 700.45 up 0.19%.  Crude oil settled at 7365 up 2.41%. Natural gas settled at 256.30 up 0.20%.

Commodity Market News | Economic data and events scheduled

Commodity Market News | Economic data and events scheduled

China

At 6.45am –

1-y Loan Prime Rate

5-y Loan Prime Rate

Eurozone

At 11.30 am – German PPI m/m. Previous was at 0.3%. Forecast is 0.4%.

Above data could have a neutral impact on the Euro.

UK

At 11.30 am –

Retail Sales m/m. Previous was at -0.3%. Forecast is 0.4%.

Public Sector Net Borrowing. Previous was at 10.8B. Forecast is 17.6B.

Above data could have a positive impact on the pound.

Canada

Tentative – Foreign Direct Investment ytd/y.

At 6.00pm –

Core Retail Sales m/m. Data is foreseen at -0.1% from previous 1.0%.

Retail Sales m/m. Data is foreseen at -0.1% from previous 0.3%.

Above data could have a negative impact on the Canadian dollar.

U.S.

At 6.30pm- FOMC Member Harker Speaks.

Above speech could have a volatile to negative impact on the dollar.

Commodity Samachar
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Also Read: Commodity Market News | Tug of ‘Volatility’: China Eco Data vs. Fed Speech in Focus, Crude Oil News | The US-Venezuela Alliance: Could it ‘shake up’ Saudi Arabi and Russia’s crude oil domination?

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