The dollar fell against the euro and yen on Thursday as investors continued to bet that the central bank was closer to cutting interest rates, even though Chairman Jerome Powell said a March move was unlikely. The dollar rate fell by 0.46% to 103.06.
The greenback also declined as Treasury rates eased as US regional banks renewed. Shares of those banks continued to sell off Thursday, extending losses a day earlier when New York Community Bancorp reported pain in its commercial real estate portfolio.
The Bank of England, on the other hand, took a slightly more hawkish tone on Thursday, although it dropped its warning that it “continued to tighten” necessary if inflationary pressures persist. Pounds sterling rose 0.46% to $1.27455 on the day.
Crude oil futures give up gains and fall on news that Hamas has given preliminary approval to a proposal for a ceasefire and the release of hostages in Gaza, which could reduce tensions in the Middle East and attacks on shipping in the Red Sea. behind the recent oil rally
Gold rebounded from intraday lows as the dollar fell, giving up gains that came after Federal Reserve Chairman Jerome Powell said there would be no US interest rate cut in March, dashing market hopes of a quick end. to high interest rates.
Copper slipped into the red as hopes of a US tax cut in March receded, although losses were capped by tight supply, a weaker dollar and positive data from China.
MCX gold futures up 0.37% to 62965, recovered from the day’s lows 62351. Silver settled down 0.04% at 72218, recovered from the day’s lows 71000. Copper down 0.89% to 726.75. Crude oil down 1.69% at 6206. Natural gas down 3.28% to 174.00.
Economic data and events scheduled today
UK
At 5.45pm-MPC Member Pill Speaks.
Above data could have a mixed impact on the pound.
Eurozone
At 1.15pm-
French Gov Budget Balance. Data previous was at -198.0B.
French Industrial Production m/m. Data is foreseen at 0.2% from previous 0.5%.
At 1.30pm- Spanish Unemployment Change. Data is foreseen at -38.2 from previous -27.4.
All above data could have a volatile impact on the Euro.
US
At 7.00pm-
Average Hourly Earnings m/m. Data is foreseen at 0.3% from previous 0.4%.
Non-Farm Employment Change. Data is foreseen at 187K from previous 216K.
Unemployment Rate. Data is foreseen at 3.8% from previous 3.7%.
At 8.30pm-
Revised UoM Consumer Sentiment. Data is foreseen at 78.9 from previous 78.80.
Factory Orders m/m. Data is foreseen at 0.3% from previous 2.6%.
Revised UoM Inflation Expectations. Previous was at 2.9%. Above data could have a Volatile impact on the dollar.
Also Read : BoE monetary meeting, Europe Inflation is the main trigger today. , The GBPUSD pair is on verge of Symmetrical triangle resistance
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