The US Consumer Confidence seems to be the data to look out for today amongst other integral ones. The dollar fell against a basket of major currencies on Monday ahead of US durable goods orders and this week’s inflation readings, which could provide more information on how quickly the Federal Reserve may start cutting interest rates.
U.S. Data on durable goods is due on later today, while January’s US personal expenditure price index, the Fed’s preferred inflation gauge, is due on Thursday.
Copper retreated from three-week highs as markets continued to assess the impact of stimulus and looser sentiment. China’s monetary policy on base metal demand.
Gold prices retreated as investors awaited a key U.S. inflation reading due later this week that could provide more information on how soon the Federal Reserve might begin cutting interest rates
Crude prices rose more than 1% on expectations of higher demand and risk of shipping disruptions, analysts said. Iran-backed Houthi rebels in Yemen narrowly rammed a US-flagged tanker on Saturday, US Central Command said. Another ship captured by rebels last week has been abandoned and is leaking fuel in the Red Sea.
MCX gold futures settled -0.32% to 62149. Silver settled -1.49% at 69430. Copper settled -0.83% to 725.00. Crude oil +1.78% at 6466. Natural gas +2.47% to 135.
Economic data and events scheduled – US Consumer Confidence in Focus?
Eurozone
At 12.30pm- German GfK Consumer Climate. Data is foreseen at -29.0 from previous at -29.7.
At 2.30pm-
M3 Money Supply y/y. Data is foreseen at 0.3% from previous at 0.1%.
Private Loans y/y. Data is foreseen at 0.4% from previous 0.3%.
Above data could have a volatile impact on the Euro.
UK
At 7.30pm-MPC Member Ramsden Speaks.
Above data could have a neutral impact on the Pound.
US
At 7.00pm-
Durable Goods Orders m/m. Data is foreseen at 4.7% from previous 0.0%.
Core Durable Goods Orders m/m. Data is foreseen at 0.2% from previous 0.5%.
At 7.30pm-
S&P/CS Composite-20 HPI y/y. Data is foreseen at 6.0% from previous 5.4%.
HPI m/m. Data is foreseen at 0.3% from previous 0.3%.
At 7.35pm- FOMC Member Barr Speaks.
At 8.30pm-
CB Consumer Confidence. Data is foreseen at 114.8 from previous 114.8.
Richmond Manufacturing Index. Data is foreseen at -4 from previous -15.00
Above data could have a volatile impact on the dollar.
Commodity Samachar
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Also Read: Natural Gas: Will It Hit July 2020 Lows or Take a Rebound? , Economic Data: US PCE and China PMI To Drive Volatility?
Recommended Read: Forex News letter : Is the Market Fixated on the US PCE Data?
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