![US gross domestic product is the main data today](https://commoditysamachar.com/wp-content/uploads/2024/07/BLOG-26-1-1024x576.png)
Main data today, The dollar fell to a more than two-month low against the yen on Wednesday as short yen futures fell and investors looked hawkish ahead of next week’s Bank of Japan meeting. Start removing financial incentives.
Gold prices rose as the dollar weakened and investors turned to US economic data this week for further signals on the timing of central bank rate hikes.
Crude rebounded over one percent after sliding for four consecutive sessions, driven by a larger-than-expected drawdown in US crude inventories.
API data showed a decrease of 3.9 million barrels last week, marking the fourth straight week of declines and exceeding market forecasts of a 2.5-million-barrel draw.
Additionally, the risk of short-term supply disruptions provided some support to oil prices, as wildfires in Canada are still threatening more than 10% of the region’s oil production.
Copper prices extended their steep fall, and were hovering around a three-and-a-half-month low hit in the previous session, amid demand concerns in top consumer China and a risk-off sentiment. Lower-than-expected second quarter economic growth and a lack of targeted stimulus to boost China’s ailing property sector from last week’s policy meeting sparked sell-off in metals.
MCX gold futures settled +0.65% to 68952.Silver settled -0.03% to 84894. Copper settled -1.45% to 795.65. Crude oil +0.98% at 6521. Natural gas -3.21% to 177.70.
Economic data and events scheduled today.
Eurozone
At 1.30pm-
German ifo Business Climate. Data is foreseen at 88.9 from previous 88.6.
M3 Money Supply y/y. Data is foreseen at 1.9% from previous 1.6%.
Private Loans y/y. Data is foreseen at 0.5% from previous 0.3%.
At 8.30pm- ECB President Lagarde Speaks.
Above data could have a volatile impact on the Euro.
UK
At 3.30pm-CBI Industrial Order Expectations. Data is foreseen at -19 from previous -18.
Above data could have a volatile impact on the pound.
US
At 6.00pm-
Advance GDP q/q. Data is foreseen at 2.0% from previous 1.4%.
Unemployment Claims. Data is foreseen at 237k from previous 243k.
Advance GDP Price Index q/q. Data is foreseen at 2.6% from previous 3.1%.
Core Durable Goods Orders m/m. Data is foreseen at 0.2% from previous -0.1%.
At 8.00pm- Natural Gas Storage. Above data could have a volatile on the dollar
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Read More : Copper Prices Plunge: Are We in for a Prolonged Slump? Nifty: The Rollercoaster Ride Continues
Recommended Read : In Focus China’s Panda Strategy: Cute Gesture or Economic Marvel to Boost the Yuan?
Want help on your trades?
Chat with our RM