Will US FOMC minutes and JOLTS Job drive market drive sentiment today?

The headliners for the day might just be the US FOMC minutes and JOLTS job drive. The dollar managed to rally on Wednesday, near a two-week high, due to a number of factors, including higher US Treasuries and a cautious shift in risk on Wall Street. 

 The dollar index traded at 102.2520, up 0.86%, the biggest one-day gain since 11/30/2023.

While trading in Asia remained neutral in Japan during the holiday and investors were still returning from an extended New Year’s break, currency trading was largely sideways in early trade.

The price of crude oil survived an intraday loss of more than one percent. The first trade of 2024 was negative as expectations of a cut in interest rates faded and there were worries that tensions in the Red Sea could disrupt supplies. 

Prices fell as investors cut expectations for a tax cut in 2024. Low interest rates reduce borrowing costs for consumers, which can boost economic growth and demand for oil.

Gold edged lower as focus shifted later in the day to minutes from the Federal Reserve’s latest policy meeting to determine its next steps, while a stronger dollar kept precious metals and gains in check. Copper prices retreated from recent highs as weak signals from China and the manufacturing sector suggested weakening demand for copper.

Economic data and events scheduled today.


At 2.25pm- German Unemployment Change. Data is foreseen at 20k from previous 22k.

Above data could have a positive impact on the Euro.


At 7.00pm- FOMC Member Barkin Speaks.

At 8.30pm-

ISM Manufacturing PMI. Data is foreseen at 47.2 from previous 46.7.

JOLTS Job Openings. Data is foreseen at 8.84M from previous 8.73M.

ISM Manufacturing Prices. Data is foreseen at 49.5 from previous 49.9.

All day – Wards Total Vehicle Sales. Data is foreseen at 15.5M from previous 15.3M.

At 12.30am – FOMC Minutes.

Above data could have a volatile impact on the dollar

Commodity Samachar
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