The dollar index had a neutral trade yesterday in the absence of economic data from the US, as the market remained closed on account of the Thanksgiving holidays, currencies traded with some volatility, as liquidity was thinner than usual and now the anticipation for the US PMI numbers starts.
The euro edged up on Thursday after data suggested the downturn in the eurozone economy may be starting to ease, although holidays in the U.S. and Japan kept trading activity muted.
The US PMI covering the alliance’s predominant administration industry rose to 48.2 this month from 47.8, somewhat over the Reuters survey gauge for 48.1, yet solidly in the constriction domain.
Producing movement, which has increased consistently since July 2022, fell again in November. The US PMI rose to 43.8 from 43.1, beating the survey assumption for 43.4 yet was still underneath breakeven.
Crude oil remained somewhat negative; the prices came under pressure after the postponement of an OPEC+ meeting stoked expectations that the group might not deepen output cuts next year. Gold prices traded neutral to positive in light holiday trade early on Thursday as the dollar moved lower on the US Thanksgiving holiday and now the US PMI numbers are anticipated.
The dollar index which measures the currency against six major counterparts up by 0.26%. MCX Gold future settled at 61072 up 0.07%. Silver at 72898 is up 0.10%. Copper prices settled at 713.85 up 0.17%. Crude oil settled at 6374 up 0.17%. Natural gas settled 242.60 up 0.67%.
Economic Data and Events Scheduled:
Eurozone
At 12.30 pm –German Final GDP q/q. Data is foreseen at -0.1% from previous -0.1%.
At 2.30 –
German ifo Business Climate. Data is foreseen at 87.50 from the previous 86.90.
German Buba President Nagel Speaks.
At 3.30 pm – ECB President Lagarde Speaks.
At 7.30 pm – Belgian NBB Business Climate. Data is foreseen at -15.0 from the previous -16.8.
The above data could have a positive impact on the Eur.
Canada
At 7.00 pm –
Core Retail Sales m/m. Data is foreseen at -0.3% from the previous 0.1%.
Retail Sales m/m. Data is foreseen at 0.0% from the previous -0.1%.
The above data could hurt the Canadian dollar.
U.S.
At 8.15 pm-
Flash Manufacturing PMI. Data is foreseen at 49.90 from the previous 50.0
Flash Services PMI. Data is foreseen at 50.40 from the previous 50.6.
The above data could hurt the dollar.
Commodity Samachar
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