The US GDP data is hitting the market tonight and it might just be the factor to put the market back on track.
The dollar remained weak against the Japanese yen and euro on Tuesday. The currency come under the pressure after data showed core Japanese consumer inflation beat forecasts, while US durable goods fell more than expected in January.
Overnight data from Japan kept alive some expectations that the Bank of Japan could end negative interest rates before April.
In the US, the Commerce Department’s Census Bureau said orders for durable goods such as aircraft toasters are expected to last three years or more. Fell 6.1% last month, beating Reuters economists’ forecast of 4.5%.
Copper rose in London on Tuesday for the first time in three sessions, boosted by hopes that next week’s annual parliamentary meeting in top consumer China will pave the way for further economic recovery.
Gold rose as U.S. bond yields fell as investors focused on U.S. inflation and remarks from several Federal Reserve officials this week for fresh clues on the outlook for central bank interest rates.
Crude oil prices added to their gains, sources said OPEC+ is considering extending voluntary oil production cuts into the second quarter to provide additional support.
The Organization of the Petroleum Exporting Countries and its Russian-led ally OPEC+ agreed in November to voluntary cuts to about 2.2 million barrels per day (bpd) in the first quarter of this year, above a voluntary target led by Saudi Arabia. to cut. MCX gold futures settled +0.25 to 62301. Silver settled -0.50% at 69085. Copper settled +0.26% to 726.90. Crude oil +0.74% at 6514. Natural gas +1.12% to 135
Economic data and events scheduled – US GDP To Set The Market Tone?
UK
At 9.00pm-MPC Member Mann Speaks.
Above data could have a neutral impact on the Pound.
Canada
At 7.00pm- Current Account Data is foreseen at -1.9B from previous -3.2B.
Above data could have a positive impact on the dollar.
US
At 7.00pm-
Prelim US GDP q/q. Data is foreseen at 3.3% from previous 3.3%.
Prelim US GDP Price Index q/q. Data is foreseen at 1.5% from previous 1.5%.
Goods Trade Balance. Data is foreseen at -88.4B from previous -87.9B
Prelim Wholesale Inventories m/m. Data is foreseen at 0.0% from previous 0.4%.
At 9.00pm – Crude Oil Inventories. Previous is 3.5M.
All day- G20 Meetings.
At 10.30pm- FOMC Member Bostic Speaks.
At 11.15pm- FOMC Member Williams Speaks.
Above data could have a volatile impact on the dollar.
Commodity Samachar
Learn and Trade with Ease
Also Read: Middle East Tension: Amidst Turmoil, Is Crude Oil Gearing Up for Positivity? , US Consumer Confidence to Set the Market Tone?
Recommended Read: Forex News Letter : Will the US PCE Data Take the Spotlight Today?
Want help on your traders?
Chat with our Analyst