Commodity Market Watch 01 January 2024 – 05 January 2024

Commodity Market Watch 01 January 2024 – 05 January 2024

Gold bars on a red background with a bar graph, representing the AI trading market and the commodities news.

Article by: ETO Markets

It's Friday, and the US Payrolls Day is here, making the trading scene a bit unpredictable as we wrap up the first week of 2024.

Let's kick off the day with Japan's Consumer Confidence Index for December, and Jibun Bank's December Services PMI. Germany follows with November Retail Sales, and the UK contributes with the Halifax December House Price Index.

Pay attention to these numbers, as expectations differ from the previous reports. Moving on, Eurozone's December Construction PMI and UK S&P December Global Construction PMI are up next.

The Eurozone then reveals its Flash December Inflation Rate and Core Inflation Rate. Eurozone's November Producer Price Index (PPI) follows.

It's a packed economic calendar day, and it all wraps up with the highly anticipated US Payrolls report. Stay tuned for market movements!

Gold (XAU/USD) is trading around $2,040 with little change on Thursday, adjusting from earlier gains in the American session. The US Dollar faced slight pressure on Wednesday due to mixed data and the Federal Open Market Committee (FOMC) Meeting Minutes. In mid-December, the Federal Reserve (Fed) discussed the possibility of rate cuts, as mentioned by Chair Jerome Powell. However, the Minutes don't provide clarity on when the Fed might take action, only suggesting it could happen in 2024.

In other news, the US released the ADP survey on private job creation, revealing the addition of 164,000 new positions, surpassing the expected 115,000. The report also indicates that the labor market is closely aligned with pre-pandemic hiring, hinting at a more stable situation. Looking ahead, the US is set to publish the Nonfarm Payrolls (NFP) report on Friday, expected to show an addition of 170,000 new jobs in September.

WTI prices rose to around $72.70 per barrel in the Asian session, but concerns about US demand stability surfaced due to increased gasoline and distillate inventories. EIA reported a larger-than-expected drop in US Crude Oil Stocks, while API data showed a significant decrease, boosting crude oil prices.

The Biden administration is gradually replenishing the Strategic Petroleum Reserve, repurchasing 13.82 million barrels of domestically produced oil.

Rising tensions in the Israel-Gaza conflict and disruptions at a Libyan oilfield fueled a surge in crude oil prices. The Iran-backed Houthis added to concerns by launching missiles in the Red Sea, and protests led to a complete shutdown at Libya's Sharara oilfield, with a daily capacity of 300,000 barrels.

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Disclaimer

ETO Markets Limited is registered in Seychelles with Company Number 850672-1 and authorised by the Financial Services Authority (FSA), Licence Number SD062; ETO Markets LLC is registered in Saint Vincent and the Grenadines with Company Number 3286LLC2023.


The information provided on this website is general in nature only and does not constitute personal financial advice. Please note that investing in CFDs and Margin FX Contracts carries significant risks and is not suitable for all investors. You don’t own, or have, any interest in the underlying assets. Any information or general financial product advice given is generic in nature and does not take into account your financial situation, needs or personal objectives. Past performance is not a reliable indicator of future performance. Investing in leveraged products carries significant risks. We recommend that you seek independent advice and ensure that you fully understand the risks involved before trading. It is important that you read and consider our disclosure documents
(Privacy Policy & Risk Disclosure) before you acquire any product.

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Disclaimer

ETO Markets Limited is registered in Seychelles with Company Number 850672-1 and authorised by the Financial Services Authority (FSA), Licence Number SD062; ETO Markets LLC is registered in Saint Vincent and the Grenadines with Company Number 3286LLC2023.


The information provided on this website is general in nature only and does not constitute personal financial advice. Please note that investing in CFDs and Margin FX Contracts carries significant risks and is not suitable for all investors. You don’t own, or have, any interest in the underlying assets. Any information or general financial product advice given is generic in nature and does not take into account your financial situation, needs or personal objectives. Past performance is not a reliable indicator of future performance. Investing in leveraged products carries significant risks. We recommend that you seek independent advice and ensure that you fully understand the risks involved before trading. It is important that you read and consider our disclosure documents
(Privacy Policy & Risk Disclosure) before you acquire any product.

2024 ETO Markets | All rights reserved

c

Disclaimer

ETO Markets Limited is registered in Seychelles with Company Number 850672-1 and authorised by the Financial Services Authority (FSA), Licence Number SD062; ETO Markets LLC is registered in Saint Vincent and the Grenadines with Company Number 3286LLC2023.


The information provided on this website is general in nature only and does not constitute personal financial advice. Please note that investing in CFDs and Margin FX Contracts carries significant risks and is not suitable for all investors. You don’t own, or have, any interest in the underlying assets. Any information or general financial product advice given is generic in nature and does not take into account your financial situation, needs or personal objectives. Past performance is not a reliable indicator of future performance. Investing in leveraged products carries significant risks. We recommend that you seek independent advice and ensure that you fully understand the risks involved before trading. It is important that you read and consider our disclosure documents
(Privacy Policy & Risk Disclosure) before you acquire any product.

2024 ETO Markets | All rights reserved

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