The US dollar showed a bearish move above the 103.00 level in Monday’s trading session. This follows a calm market trend and future changes in the US stock index, with US 10-year yields holding close to 4% earlier in the day. UK job numbers to focus today.
India’s Consumer Price Index (CPI) inflation has slowed to 3.54 percent in July 2024, the lowest in 59 months. which is below the RBI’s medium-term target of 4%, thus indicating a more gradual rate cut than expected.
Gold was up more than one percent yesterday, rising for a third straight day. The precious metal started the week on a positive note amid weak demand for the US dollar. Meanwhile, concerns about rising tensions in the Middle East fueled demand for gold. Western countries warned of an Iranian attack on Israel, reducing the risk of a ceasefire.
Crude oil prices rose more than 2 percent for a fifth straight session on strong supply disruptions from the Middle East and fears of a US recession. Hezbollah has vowed to avenge the assassination of Hamas leader Ismail Haniyeh and Hezbollah military chief Fawad Shakar. An attack could widen the conflict in the Middle East, reduce access to international supplies and raise prices.
Closing on MCX MCX gold futures settled +1.21% to 70,738. Silver settled +1.34% to 81,624. Copper settled +1.76% to 790.30. Crude oil +3.38% at 6,662. Natural gas +1.77%. to 183.80
Economic data and events scheduled today (UK job numbers to focus today)
Japan
At 11.30am- Prelim Machine Tool Orders y/y. Previous was at 9.7%.
Above data could have a neutral impact on the Yen.
China
Tentative –
New Loans. Data is foreseen at 1280B from previous 2130B.
M2 Money Supply y/y. Data is foreseen at 6% from previous 6.2%.
Above data could have a negative impact on the Yuan.
U.K.
At 11.30am
Claimant Count Change. Data is foreseen at 14.5k from previous 32.3k.
Average Earnings Index 3m/y. Data is foreseen at 4.6% from previous 5.7%.
Unemployment Rate. Data is foreseen at 4.5% from previous 4.4%
Above data and event could have a volatile impact on the Pound.
Eurozone
At 2.30pm-
German ZEW Economic Sentiment. Data is foreseen at 30.6 from previous 41.8.
ZEW Economic Sentiment. Data is foreseen at 35.4 from previous 043.7.
Above data could have a volatile impact on the Euro.
US
At 6.00pm-
Core PPI m/m. Data is foreseen at 0.2% from previous 0.4%.
PPI m/m. Data is foreseen at 0.2% from previous 0.2%.
At 10.45pm- FOMC Member Bostic Speaks
Above data could have a volatile on the dollar.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Also Read: “Market Holds Its Breath: A Battle Between Bulls and Bears” Global Markets Watch: US, UK, India Inflation Data in Focus
Recommended Read: GDP : Is it an important aspect that you should focus on?
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