Market Overview: November 4, 2024
Today, data releases include Germany’s HCOB Manufacturing PMI for October, Sentix Investor Confidence for November, and U.S. Factory Orders for September. These releases will provide insight into economic health across regions, particularly in the Eurozone and the U.S.
Key Data Points
- 08:00 EUR – HCOB Manufacturing PMI (Oct): Previous 42.6
- 08:55 EUR – Sentix Investor Confidence (Nov): Previous -13.8
- 10:00 EUR – German Buba President Nagel Speech: Speech may offer insights on Germany’s economic direction.
- 13:30 EUR – ECB’s Elderson Speech: Potential market impact on EUR as ECB policies are discussed.
- 15:00 USD – Factory Orders (MoM) (Sep): Expected -0.4%, Previous -0.2%19:00 USD – Loan Officer Survey (Q3): This report could shed light on U.S. credit conditions and impact the USD.
Energy Movements
- Crude Oil prices show positive movement today, bolstered by a mix of supply concerns and stronger demand indicators. Crude has gained around 2%, likely driven by OPEC+ production adjustments and anticipated winter demand.
- Natural Gas continues to show volatility; after recent highs, prices appear to be stabilizing with lower levels of demand.
- Heating Oil and Gasoline have gained as colder temperatures increase demand for heating fuels. They remain sensitive to broader economic indicators.
Currency Movements
- EUR/USD: The euro strengthened, rising 0.55% to 1.0893, supported by steady Sentix confidence data.
- GBP/USD: The pound increased by 0.44% to 1.2971, although uncertainty around the UK’s economic outlook remains.
- AUD/USD and NZD/USD: Both currencies saw moderate gains, with the AUD up 0.48% and the NZD up 0.42%, likely boosted by commodity prices.
- USD/JPY: The yen strengthened, dropping the pair by 0.60% as the JPY benefited from renewed safe-haven demand.
- USD/CAD: The CAD gained 0.28% to 1.3912, in line with the rise in oil prices.
- USD/CHF: The Swiss franc rose, pushing USD/CHF down by 0.55% to 0.8649.
Metals Market
- Gold has shown resilience amid global economic uncertainty, often holding value as investors seek safe-haven assets.
- Silver sees an uptick due to industrial demand, particularly in green technology sectors, despite some volatility.
- Copper remains under pressure, reflecting demand concerns tied to slower-than-expected economic recovery, particularly in key markets like China.
Gold price by GoldBroker.com
Things to Keep an Eye on
- ECB Speeches: Remarks from ECB officials could impact the euro.
- U.S. Loan Officer Survey: Released later today, this report may provide insights into credit conditions and economic outlook.
- Australia’s Judo Bank PMIs: Scheduled for tonight, these figures could set the tone for AUD.
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