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    QONEQT in News

    11-Sep-2022 08:25 AM


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    Commodities traders may shift focus to China's industrial production & retail sales, US inflation

    Commodities showed some signs of recovery this week as the US dollar index struggled to build on its gains The US dollar has continued to be the key price determining factor for commodities and this trend may continue as market players position for US inflation data next week and the US Federal Reserves monetary policy decision later this month.

    Gold slipped below 1700 per troy ounce but managed to bounce back as the US dollar lost momentum Industrial metals also found some footing as risk appetite improved Crude oil however struggled with demand concerns and tested the lowest level since January.

    The US dollar index saw a good start to the week and tested a fresh 2022 high on the back of the Feds hawkish stance and as safe haven buying A spate of Fed officials including Chairman Jerome Powell expressed support for aggressive moves to control inflation a step which further cemented market expectations of another sharp rate hike at the upcoming meeting.

    The Feds tightening expectations were also unaffected by a mixed US jobs report The US dollar rose also on safehaven buying as the outlook for the European economies was clouded due to the worsening energy crunch while China struggled with the virus spread.
    Source:- Moneycontrol