US Weekly Unemployment claims in Focus today
FX Update
The dollar edged higher on Tuesday in thin holiday trading as the expected slower path of interest rate cuts from the U.S. Federal Reserve compared with other global central banks continued to command market direction.
The greenback has jumped more than 7% since the end of September, powered in part by growing expectations the U.S. economy will see accelerated growth under policies from President-elect Donald Trump, while sticky inflation has dampened expectations on how aggressive the Fed will be in reducing interest rates.
Crude Oil:
Oil prices rose more than 1%, reversing the prior session’s losses on a brightening short-term outlook tied to the prospect of slightly tightening supplies as trade thinned ahead of the Christmas and Hanukkah holidays. Brent crude futures LCOc1 settled at $73.58, rising or 1.3%. U.S. West Texas Intermediate crude futures CLc1 settled at $70.10, rising, or 1.2%.
Gold:
Gold prices steadied in holiday-thinned trade as investors looked ahead to the U.S. Federal Reserve’s interest rate strategy and President-elect Donald Trump’s tariff policies, which could shape the metal’s trajectory next year.
Copper
Most base metals on the Shanghai Futures Exchange (SHFE) edged up, buoyed by positive macroeconomic news from the Chinese government. China plans to boost fiscal support for consumption next year by increasing pensions and medical insurance subsidies for residents, and expanding trade-ins for consumer goods, according to a finance ministry announcement on Tuesday..
MCX Closing Update
Gold 76,243 (0.19%), Silver 89,360 (0.32%), Crude oil 5,971 (1.20%), Copper 801.65(1.06%), Natural Gas 334.10 (7.39%).
Economic Data and Event scheduled today – US Weekly Unemployment claims
Japan
At 10.30am- Housing Starts y/y. Data is foreseen at -0.1% from previous -2.9%.
Above data could have an neutral impact on the Yen.
Eurozone
Bank Holiday.
UK
Bank Holiday.
US
At 7.00pm- Unemployment Claims. Data is foreseen at 223K from previous 220K.
At 9.30pm- Crude Oil Inventories.
Above data could have a volatile impact on the dollar.
Until then, Happy Trading!
Commodity Samachar Securities
We Decode the Language of the Markets
Also Read: Forex Focus: EUR/USD Stalls in Tight Range – What’s Next? , Japan Inflation, US Homes sales data in Focus today
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