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Market Jitters: US Macroeconomic Numbers ‘Pave Way’ For Economic Volatility?


Market Jitters: US Macroeconomic Numbers 'Pave Way' For Economic Volatility?

The dollar weakened against its major currencies on Monday, with a measure tracking the greenback’s value on track for its biggest monthly drop in a year, in anticipation that the Federal Reserve could start cutting interest rates by the first half of next year and lead to economic volatility.

Crude oil remained under pressure and facing economic volatility amidst the caution ahead of this week’s delayed OPEC+ meeting, with traders looking for more information about future production levels.

The group will now meet on Thursday, remotely rather than in person, in Vienna instead of Sunday as originally planned after Angola and Nigeria expressed dissatisfaction with their 2024 production targets.

Gold prices sparked to six months high, as a weak dollar and anticipation of a pause in the Federal Reserve’s monetary tightening helped bullion gains. Further, worries about demand resurfaced after weak data from China added pressure in copper, though a softer dollar has limited losses.

The dollar index which measures the currency against six major counterparts fell 0.02%. MCX Gold future settled at 61540 up 0.29%. Silver at 74806 up 1.25%. Copper prices settled at 718.85 down 0.48%.  Crude oil settled at 6267 down 1.62%. Natural gas settled 232.90 down 2.06%.

Economic data & Events Scheduled that could give rise to Economic Volatility:

Eurozone

At 2.30pm –

M3 Money Supply y/y. Data is foreseen at -0.9% from previous -1.2%.

Private Loans y/y. Data is foreseen at 0.7% from the previous 0.8%.

Above data could have a neutral impact on the Eur.

UK

At 10.30pm – MPC Member Haskel Speaks..

U.S.

At 7.30pm-

S&P/CS Composite. Data is foreseen at 4% from the previous 2.2%.

HPI m/m. Data is foreseen at 0.4% from previous 0.6%.

At 8.30pm –

CB Consumer Confidence. Data is foreseen at 101 from previous 102.6.

Richmond Manufacturing Index. Data is foreseen at 1 from previous 3.00.

FOMC Member Goolsbee Speaks.

At 8.35pm – FOMC Member Waller Speaks.

At 9.15pm- FOMC Member Bowman Speaks.

At 9.30pm- ECB President Lagarde Speaks.

At 10.30pm- MPC Member Haskel Speaks

At 11.35pm- FOMC Member Barr Speaks

Above data could have a negative to volatile impact on the dollar.

Commodity Samachar
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Also Read: India’s Silver Lining: The Surprising Link Between India’s Solar Growth and Silver Prices, Anticipating Shifts in Opec Crude Oil Prices – What to Expect?

Recommended Read: Changing Perspectives: Are The Lives Of US Citizens A Priority Now Over Controlling Inflation After Fed Minutes?

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