Market Overview: October 24, 2024
This morning, we await data releases. So far, Energy prices are climbing, and metals are showing a mixed picture. Currencies remain steady, with minor movements as traders wait for minor data out later this afternoon.
Key Data Points
- Eurozone PMI Flash Estimates (Oct): Manufacturing PMI is forecasted at 45.0, and Services PMI at 51.6. Key for gauging the economic outlook.
- UK PMI Flash Estimates (Oct): Manufacturing PMI expected at 51.4 and Services PMI at 52.2. This is used for tracking growth in the UK economy.
- U.S. Initial Jobless Claims (Oct 18): Forecasted at 242K. The U.S. labor market’s health is in focus, with any surprises potentially driving dollar volatility.
- S&P Global Composite PMI (Oct – U.S.): To be released later today, this will provide insight into both services and manufacturing in the U.S.
- New Home Sales (U.S.) for September: Expected at -4.7%, it will offer further clues into the state of the U.S. housing market.
Energy Movements:
- Crude Oil is up 1.13%, trading at $71.57 per barrel, continuing its weekly rally with a 2.12% gain. However, year-to-date, oil is down 15.48%, reflecting broader market pressures.
- Brent Oil has climbed 1.09%, sitting at $75.78 per barrel. Recent price movements are driven by supply concerns and OPEC statements.
- Natural Gas rose 1.96% to $2.39/MMBtu, partially recovering from steep recent declines of over 15% in the past month.
Currency Movements
- EUR/USD is trading at 1.07885, up 0.08%, as traders await the Eurozone PMI data. A weak print could drive further euro selling pressure.
- GBP/USD has edged higher by 0.10% to 1.29283. The upcoming UK PMI and BoE speeches will likely influence movements.
- AUD/USD and NZD/USD are both up 0.16%, trading at 0.66452 and 0.60148, respectively, as rising commodity prices lend support.
- USD/JPY is down 0.28%, sitting at 152.34, while USD/CNY has softened slightly by 0.19% to 7.12239. Dollar pairs are mixed ahead of U.S. jobless claims and PMI data later in the day.
Metals Market:
- Gold is up 0.28% at $2,729.05/oz, maintaining its recent upward momentum, supported by global inflation concerns.
- Silver has also risen 0.38%, trading at $33.95/oz.
- Copper has gained 0.50%, now trading at $4.33/lb. Industrial metals are seeing cautious optimism as markets eye PMI releases from key regions.
Gold price by GoldBroker.com
Things to Keep an Eye on
- PMI Data: Watch for significant reactions to both Eurozone and UK PMI data. Any weaker-than-expected results could hit the euro and pound hard.
- U.S. Initial Jobless Claims: This key labor market indicator could set the tone for U.S. dollar movements today, particularly against the yen and Swiss franc.
- Speeches from Central Banks: Both the Bank of England and the European Central Bank have speeches today. These speeches could provide fresh insights into monetary policy direction.
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