Market Overview: October 31, 2024
Today, Eurozone retail sales are steering the markets, with Canada’s GDP and various U.S. reports still to come. EUR, GBP, and JPY pairs are seeing small moves as markets wait for more data.
Key Data Points
- Eurozone Retail Sales: Retail sales data from Germany showed a 1.2% increase MoM, while YoY growth hit 3.8%, exceeding expectations and indicating resilient consumer spending.
- Eurozone Inflation Metrics: Preliminary data on the Eurozone’s Core Harmonized Index of Consumer Prices (HICP) is due at 10:00. The Harmonized Index will also be released at the same time. This data provides insights into inflation trends across the Eurozone.
- U.S. Data Releases: The U.S. releases several economic indicators today. These indicators include Challenger Job Cuts, Personal Consumption Expenditures, Jobless Claims, and the Employment Cost Index. These metrics may impact USD movements and market sentiment.
- Canada GDP (Aug): Scheduled at 12:30, Canadian GDP data for August will be closely watched. The CAD may react to any deviations from expected figures.
Energy Movements
- Oil prices show slight gains today, with Crude Oil up 0.28% to $68.80.
- Brent increasing 0.38% to $72.44 per barrel. Despite the weekly downtrend, market participants are watching these price fluctuations closely amid mixed economic data.
- Natural gas is down by 1.24%, trading at $2.81/MMBtu, with cooler seasonal demand adjustments possibly affecting future prices.
Currency Movements
- EUR/USD: Trading steady at 1.0855. The euro has shown resilience following Germany’s positive retail sales data. Inflation data later this morning may further support or temper EUR movements.
- GBP/USD: Up by 0.14% at 1.2976, GBP’s performance hinges on today’s Eurozone data, which impacts U.K. market sentiment. The Bank of England’s Breeden speech could also provide some directional hints.
- USD/JPY: Down 0.61% to 152.30, with JPY gaining modestly on the USD amid quieter trading in Asia.
- USD/CAD: Slightly higher at 1.3916 as markets await Canada’s GDP data, which will be instrumental in shaping CAD’s direction.
- AUD/USD: Marginally up by 0.06% at 0.6576, supported by a softer USD.
- NZD/USD: Increased by 0.14% to 0.5979, showing a similar trend as the AUD, with a focus on risk sentiment.
- USD/CHF: Down slightly at 0.8655, as CHF gains some traction amid ongoing inflation concerns.
- USDCNY: Trading at 7.1283, holding stable as markets monitor U.S. economic updates.
- USD/MXN: Recently at 20.06, reflecting a minor uptick, with traders eyeing U.S. economic indicators.
Metals Market
- Gold is slightly down at $2,782 per ounce, marking a 0.11% decline, though it remains up for the week amid increased demand for safe-haven assets.
- Silver is similarly stable, trading at $33.68, indicating investors are keeping an eye on inflation data as it may influence metals demand in the short term.
Gold price by GoldBroker.com
Things to Keep an Eye on
- Eurozone Inflation Data: Inflation readings at 10:00 may provide clarity on ECB’s monetary policy direction.
- Canada’s GDP Data: Expected to impact CAD, Canadian GDP growth figures will be closely monitored.
- U.S. Economic Reports: A series of U.S. data releases, including Jobless Claims and the Employment Cost Index, will likely influence USD volatility.
- Oil Price Fluctuations: With oil prices on a slight uptick, energy market trends could drive sentiment across related sectors.
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