Market Overview: October 25, 2024
Today’s market is poised for movement as key data releases from Germany, Canada, and the U.S. hit the wires. Energy prices are showing resilience, while metals continue to fluctuate.
Key Data Points
- EUR IFO Business Climate (Oct): German IFO readings for Business Climate, Current Assessment, and Expectations will give insight. These readings provide information about the Eurozone’s largest economy.
- CAD Retail Sales (Aug): Canadian retail sales data could set the tone for CAD performance today.
- USD Durable Goods Orders (Sep): A vital U.S. indicator for business investments, this data is anticipated to influence USD strength.
Energy Movements:
- Crude Oil has risen to $70.36 per barrel, a 0.24% increase. The weekly gain of 2.52% highlights a resurgence in energy demand, although prices are still down by over 14% year-on-year.
- Brent Oil also saw a 0.29% rise, reaching $74.60 per barrel, reflecting a similar trend.
- Natural Gas dropped slightly by 0.21%, though it’s up 11.59% weekly. This could be attributed to a colder weather outlook boosting demand in the short term.
Currency Movements
- EURUSD is slightly down by 0.04%, trading at 1.0819. German IFO data could impact this pair, with traders awaiting clearer signals about the Eurozone’s economic strength.
- GBPUSD is down by 0.05%, sitting at 1.2965. U.K. consumer sentiment is under pressure, but sterling remains resilient on BoE monetary policy speculation.
- AUDUSD fell by 0.16%, trading at 0.6624 as risk sentiment weakens.
- NZDUSD is down by 0.21%, trading at 0.5995, as New Zealand faces economic headwinds.
- USDJPY has slightly increased by 0.08%, sitting at 151.92, as the dollar strengthens against the yen.
Metals Market:
- Gold is trading at $2726.48 per ounce, down by 0.27%. However, it remains up 32.20% year-to-date.
- Silver has dropped by 0.67%, now at $33.44 per ounce, though it still boasts strong yearly growth of 46.49%.
- Copper is down by 0.28%, now at $4.31 per pound, continuing its recent underperformance with a 6% drop this month.
Gold price by GoldBroker.com
Things to Keep an Eye on
- IFO Data from Germany will be key for EUR sentiment.
- Canadian Retail Sales will set the tone for CAD movements.
- U.S. Durable Goods Orders: A weaker number could lead to a USD dip, so this is a key release for today.
- Michigan Consumer Sentiment Index (Oct): Another high-impact event later today that could sway USD performance.
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