The dollar index rose sharply to above the 103.1 against the major a counterpart on Thursday, rebounding from the seven-month low of 102.6 on Wednesday after robust economic data strengthened the argument for a lesser dovish turn by the Federal Reserve. UK Retail sales, US Building Permits in Focus today
UK Retail Sales, a critical indicator of consumer spending and a key driver of inflation, grew by 1% for the month, significantly outpacing the expected increase of 0.3%. This sharp rise contrasts with June’s revised figure, where UK Retail Sales contracted by 0.2%, down from an initially reported flat performance.
individuals claiming jobless benefits for the first time came in lower at 227K than estimates of 235K and the prior release of 234K, upwardly revised from 233K. Upbeat economic data has prompted a strong recovery in the US Dollar.
Gold prices (XAU/USD) retreated from intraday highs of around $2,470 during Thursday’s North American session after an initially strong performance. The pullback was driven by a stronger-than-expected rise in U.S. Retail Sales for July, as reported by the U.S. Census Bureau.
Crude oil prices rise as geopolitical tensions in the Middle East raises caution. Brent crude and WTI are both 1% higher at $80.49 and $77.76 a barrel, respectively, as risks of a flare-up in the Middle East raises demand.
Copper prices rise 2.67%, strengthening from recent lows. The market is closely watching a strike at the world’s largest copper mine.
Commodity Closing on MCX
MCX gold futures settled -0.80% to 70,136. Silver settled -1.22% to 80,061. Copper settled -0.14% to 785.15. Crude oil -1.65% at 6,487. Natural gas +3.31%. to 187.00.
Economic data and events scheduled today. (UK Retail sales, US Building Permits in Focus today)
Japan
At 10.00am- Tertiary Industry Activity m/m. Data is foreseen at 0.3% from previous -0.4%.
Above data could have a positive impact on the Yen.
Eurozone
At 2.30pm – Trade Balance. Data is foreseen at 13.3B from the previous 12.3B.
Above data could have a volatile impact on the Euro.
U.K.
At 11.30am- Retail Sales m/m. Data is foreseen at 0.6% from previous -1.2%.
Above data could have a positive impact on the Pound.
Canada
At 5.45pm- Housing Starts. Data is foreseen at 246k from previous 242k.
At 6.00pm-
Foreign Securities Purchases. Data is foreseen at 15.90B from previous 20.89B.
Manufacturing Sales m/m. Data is foreseen at -2.3% from previous 0.4%.
Above data could have a volatile impact on the pound
US
At 6.00pm-
Building Permits. Data is foreseen at 1.43M from previous 1.45M.
Housing Starts. Data is foreseen at 1.34M from previous 1.35M.
At 7.30pm-
Prelim UoM Consumer Sentiment. Data is foreseen at 66.7 from previous 66.4.
Prelim UoM Inflation Expectations. Previous was at 2.9%.
At 10.55pm- FOMC Member Goolsbee Speaks.
Above data could have a volatile impact on the dollar.
Happy Trading!
Commodity Samachar
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Also Read: “Nifty Dips: Market Stuck in a Range as Investors Hold Their Breath” US Dollar falls under 103, will US CPI upload greater pressure?
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