US Macroeconomic numbers will lead market today

The U.S. dollar had a neutral to negative trade on Wednesday, gave up some gains after strong consumer inflation data furthered bets on higher-for-longer rates, while the British pound tread water before key GDP data.

Strength in the dollar kept most other G7 currencies trading largely rangebound, with the euro, Australian dollar and Canadian dollar moving less than 0.1% in either direction.

Crude Oil prices rose about 2% to a four-month high on Wednesday on a surprise withdrawal in U.S. crude inventories, a bigger-than-expected drop in U.S. gasoline stocks and potential supply disruptions after Ukrainian attacks on Russian refineries.

Gold prices was able to regain yesterday, following seven sessions that posted fresh record highs after the United States reported inflation continued to run hot in February, raising fresh doubts the Federal Reserve will soon be ready to lower interest rates.

Copper prices soared on Wednesday to their highest in eleven months after Chinese smelters, which process half of the world’s mined copper, agreed on a joint production cut.

China’s biggest copper smelters met in Beijing on Wednesday, agreeing on a symbolic cut in money-losing production, without specifying volumes and timing.

MCX gold futures settled +0.64% to 65897.Silver settled +1.79% at 75170. Copper settled +2.30% to 752.90. Crude oil 2.05% at 6579. Natural gas -1.13% to 140.1.

Economic data and events scheduled today


Tentative- New Loans. Data is foreseen at 1510B from previous 4920B.

Tentative- M2 Money Supply y/y. Data is foreseen at 8.8% from previous 8.7%.

Above data could have a positive impact on the Yuan.


At 6.00pm- Manufacturing Sales m/m. Data is foreseen at 0.3% from previous -0.7%.

Above data could have a neutral impact on the dollar


At 6.00pm-

Core PPI m/m. Data is foreseen at 0.2% from previous 0.5%.

Core Retail Sales m/m. Data is foreseen at 0.5% from previous -0.6%.

PPI m/m. Data is foreseen at 0.3% from previous 0.3%.

Retail Sales m/m. Data is foreseen at 0.8% from previous -0.8%.

Unemployment Claims. Data is foreseen at 218k from previous 217k.

At 7.30pm- Business Inventories m/m. Data is foreseen at 0.2% from previous 0.4%.

At 8.00pm- Natural Gas Storage. Data forecast at -3B from previous -40B.

Above data could have a volatile impact on the dollar.

Commodity Samachar
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