The greenback retreated against its major counterparts yesterday. The currency dropped to the day’s low after data showed new orders for U.S.-manufactured capital goods unexpectedly rose in May, although the prior month was revised down, indicating some caution remained among businesses for new capital investment.
The dollar index settled at 102.487, down by 0.25%.
A separate reading on consumer confidence from the Conference Board showed its index rose to 109.7 in June, the highest since January 2022, from 102.5 in the prior month.
A separate reading on consumer confidence from the Conference Board showed its index rose to 109.7 in June, the highest since January 2022, from 102.5 in the prior month.
Gold prices are off from the day’s high following upbeat data from the US, which portrays the economy’s resilience, despite higher borrowing costs set by the US Federal Reserve (Fed). US Treasury bond yields edge up a headwind for the yellow metal.
Gold Prices retreated from 58549 and settled at 58100. Silver prices slipped from the high 69852 and settled at 69290.
Today, Gold futures have immediate support at 58050-57850 and resistance is at 58890-59350.
Silver Future has resistance at 70450-70950 and support at 69080-68550.
Copper prices retreated from the day’s high 723.90 and settled at 716.80.
Technical Levels – Copper prices having support at 712-707.50. On the upside, immediate resistance is seen at 722.50-728.50.
Crude oil dropped nearly two per cent yesterday. Prices dropped to the day’s low on signals that the European Central Bank is not done with interest rate hikes, while investors awaited data that could shed light on U.S. fuel consumption during the peak summer driving season.
MCX crude oil settled at 5617 down by 2.09%.
Technical Levels – Crude oil having immediate support at 5590 below it 5550-5495. On the upside, resistance is at 5780 above it 5820-5890.
The greenback retreated against its major counterparts yesterday. The currency dropped to the day’s low after data showed new orders for U.S.-manufactured capital goods unexpectedly rose in May, although the prior month was revised down, indicating some caution remained among businesses for new capital investment.
The dollar index settled at 102.487, down by 0.25%.
A separate reading on consumer confidence from the Conference Board showed its index rose to 109.7 in June, the highest since January 2022, from 102.5 in the prior month.
A separate reading on consumer confidence from the Conference Board showed its index rose to 109.7 in June, the highest since January 2022, from 102.5 in the prior month.
Gold prices are off from the day’s high following upbeat data from the US, which portrays the economy’s resilience, despite higher borrowing costs set by the US Federal Reserve (Fed). US Treasury bond yields edge up a headwind for the yellow metal.
Gold Prices retreated from 58549 and settled at 58100. Silver prices slipped from the high of 69852 and settled at 69290.
Today, Gold futures have immediate support at 58050-57850 and resistance is at 58890-59350.
Silver Future has resistance at 70450-70950 and support at 69080-68550.
Copper prices retreated from the day’s high of 723.90 and settled at 716.80.
Technical Levels – Copper prices have support at 712-707.50. On the upside, immediate resistance is seen at 722.50-728.50.
Crude oil dropped nearly two per cent yesterday. Prices dropped to the day’s low on signals that the European Central Bank is not done with interest rate hikes, while investors awaited data that could shed light on U.S. fuel consumption during the peak summer driving season.
MCX crude oil settled at 5617 down by 2.09%.
Technical Levels – Crude oil having immediate support at 5590 below it 5550-5495. On the upside, resistance is at 5780 above it 5820-5890.
Economic data and events to watch
At 7.00pm – Federal Reserve Chair Jerome Powell, Bank of England Governor Andrew Bailey, and Bank of Japan Governor Kazuo Ueda are scheduled to speak at a panel with Lagarde on Wednesday.
Above speeches will have a volatile impact on the market.
Eurozone
At 11.30 am – ECB German GfK Consumer Climate will be released. Data is forecast to have a contraction by 22.9 from a contraction of 24.2.
At 2.30pm – Italian Prelim CPI m/m, data is foreseen at 0.3% unchanged from the previous.
At 8.30pm – ECB President Lagarde Speaks
Above data could have a neutral impact on the Euro.
U.S.
At 6.00pm – Goods Trade Balance. Data is forecast to have a contraction by 93.3B from a contraction of 96.8B.
At the same time Prelim Wholesale Inventories m/m will be released. Data is forecast to have contraction by 0.1% unchanged from the previous.
At 8.00pm – Crude Oil Inventories. The forecast is to have a contraction by 1.4M from the previous contraction of 3.8M.
New Home Sales at the same time, are forecast to have a reduction of 676k from 683k.
All above data will have a negative impact on the dollar.