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Gold prices fell slightly on Tuesday, October 21, as investors took profits after gold prices hit a new high in the previous trading day. Tim Waterer, chief market analyst at KCM Trade, said, "Profit-taking and weakening safe-haven inflows have weakened the advantage of gold prices today... Any pullback in gold will be seen as a buying opportunity, and the Federal Reserve is still on the track of interest rate cuts. If the US CPI data released later this week does not bring any unpleasant upward surprises, then the current gold price rally has further room to rise."Insurers managing $23 trillion plan to further increase their holdings of private market assets to achieve smooth long-term returns, according to a BlackRock survey.On October 21st, the overnight Shibor (Shibor) rate was at 1.3170%, unchanged from the previous trading day. The 7-day Shibor rate was at 1.4260%, up 0.80 basis points; the 14-day Shibor rate was at 1.5040%, up 3.60 basis points; the January Shibor rate was at 1.5570%, unchanged from the previous trading day; and the March Shibor rate was at 1.5860%, up 0.40 basis points.Hong Kong-listed consumer stocks weakened, with Pop Mart (09992.HK) falling more than 5%, Gu Ming (01364.HK) falling more than 4%, and BRUCO (00325.HK), Laopu Gold (06181.HK), and Mixue Group (02097.HK) following suit.Futures data from October 21st revealed that as of October 20th, the mainstream benzene market in East China closed at 5,535 yuan/ton, down 220 yuan/ton from 5,755 yuan/ton at the beginning of October. Looking at the post-holiday market, major ports in East China maintained a steady pace of destocking in early October, but concerns about crude oil oversupply intensified, with Brent crude futures falling to a five-month low and weakening market sentiment. Coupled with a lack of downstream market support, exacerbating losses, and a lack of new orders from end users, secondary downstream inventories remained high and difficult to reduce, creating significant price transmission resistance. The market may face downward pressure in late October.

AUD/NZD falls 60 pips as RBNZ meets market expectations for a 50 bps rate hike

Alina Haynes

Feb 22, 2023 15:18

As the Reserve Bank of New Zealand (RBNZ) issued its much awaited interest rate decision early Wednesday morning in Europe, the AUD/NZD pair dropped almost 60 pips to 1.0980. In doing so, the cross-currency pair disregards geopolitical concerns regarding China and North Korea, as well as concerns of a less aggressive RBNZ response in the wake of natural disasters in New Zealand.

 

In spite of this, the RBNZ announced its eleventh rate hike as officials attempt to control inflation fears, increasing the benchmark rate by 0.50 percentage points to 4.75 percent, for a total increase of 1.50 percentage points. In the quarterly Rate Announcement that followed the RBNZ's decision, it was said, "There are early signs of pricing pressures abating." The same should apply to the AUD/NZD currency pair bearish.

 

Other from this, the most notable market sentiment detractors were the remarks of US Secretary of State Antony Blinken and Russian President Vladimir Putin. Notwithstanding this, US Secretary of State Blinken indicated that the United States fears China may provide military help to Russia. Similarities exist between the market issues of the U.S.-Taiwan trade agreement. Russia terminated its nuclear arms agreement with the United States and pledged to maintain its military presence in Ukraine.

 

Meanwhile on Tuesday, Russian President Vladimir Putin addressed both houses of parliament in his state of the nation address to the Russian Federal Assembly. During the speech, Russian President Putin emphasized the geopolitical turmoil surrounding Ukraine by stating, "Our mission is to drive our economy to new horizons." Similarly, US Deputy Treasury Secretary Wally Adeyemo indicated on Tuesday, "The United States and its partners will apply additional sanctions this week to continue isolating Russia over the conflict in Ukraine."

 

US 10-year and 2-year Treasury note rates fluctuate near the three-month highs achieved the day before, while S&P 500 Futures record moderate gains despite Wall Street's negative closing price.

 

After monitoring the first reaction to the RBNZ's announcement, AUD/NZD pair traders should focus on risk triggers, particularly those pertaining to China and Russia, to determine the pair's direction. If geopolitical concerns continue to threaten market optimism, the price may continue to decrease.



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