Market awaits key data today as gold rebounds.

Today's economic calendar features consumer sentiment indicators and trade balance data, with markets awaiting U.S. Consumer Confidence and JOLTS Job Openings for further insights into the economy

By Farah Mourad | 29 October 2024

Market open
  • Gold prices remain strong, trading above $2,750

  • Silver has increased to around $33.90

  • West Texas Intermediate crude is trading near $67.55

Today, the economic calendar features a range of consumer sentiment indicators, trade balance data, and communications from central banks, with particular emphasis on German consumer climate metrics and U.S. economic indicators. Notable highlights include U.S. Consumer Confidence and JOLTS Job Openings data, along with speeches from various Bank of Canada officials. The German consumer climate has opened slightly above expectations, indicating a stable outlook.

Key events this week include the U.S. Q3 GDP data on Thursday, followed by the PCE price index and nonfarm payrolls on Friday. Additionally, China’s PMI data will be released on Thursday, and the Bank of Japan will hold its policy meeting.

Commodities

Gold
Gold prices are maintaining a positive trend, trading above $2,750 as geopolitical tensions and U.S. political uncertainty bolster demand for this safe-haven asset. A softer tone in U.S. Treasury yields and the prevailing cautious market sentiment further supports gold prices.

Silver
Silver has seen a slight increase, currently around $33.90, gaining 0.71% in early trading.

Crude Oil:
West Texas Intermediate crude is trading near $67.55, facing downward pressure amid easing fears of a crude supply crisis and concerns about demand from China. The recent easing of military tensions in the Middle East has also contributed to a decline in WTI prices, with investors eyeing U.S. GDP data on Wednesday ahead of the employment figures.

Currencies

EUR/USD
The euro has retraced some recent gains, trading around 1.0810 during the Asian session.

The market exhibits a cautious tone as the Japanese yen stabilizes after recent declines, influenced by Finance Minister Kato’s comments on monitoring currency fluctuations. Political uncertainties are heightening expectations for increased fiscal spending, potentially limiting the Bank of Japan's capacity to raise interest rates.