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On December 3rd, William Blair analyst Alexandra Symeonidi stated that golds upward momentum may face challenges as asset allocation shifts back to risk assets if market sentiment improves next year. She noted that while gold futures open interest is above the long-term average, it is well below this years peak, potentially indicating a weakening of optimism in the gold market after the strong start to the year. In a report, the analyst pointed out that investors may increase their gold allocations given sticky inflation during a rate-cutting cycle. Symeonidi also believes that "central bank demand for gold is more structural, given the increasing US fiscal deficit and the low proportion of gold held in foreign exchange reserves by emerging market central banks."The yield on Japans 40-year government bond rose 3.0 basis points to 3.715%.Fitch: The surge in AI spending will support the prospects of South Korean memory chip manufacturers.Philippine central bank governor: Economic growth prospects are slowing, and the probability of an interest rate cut in December has increased further.On December 3, Iranian Parliament Speaker Mohammad Ghalibaf stated at a press conference in Tehran on December 2 that Iran supports diplomatic contact and negotiations on an equal footing. However, in previous negotiations, the United States did not address the issues but instead imposed its own demands on Iran, forcing it to surrender. Ghalibaf pointed out that the United States demanded that Iran reduce its missile range, but Irans self-defense was "non-negotiable" and it was impossible for Iran to accept this demand. He said that Europe, under direct orders from the United States, activated the "snapback" sanctions mechanism, failing to demonstrate its independent will. Due to its obedience to the United States, Europe no longer plays any role in the Iranian nuclear issue. Irans suspension of cooperation with the International Atomic Energy Agency was the "most important and accurate" decision.

Due to ECB predictions that are hawkish, the EUR/GBP rises beyond 0.850

Alina Haynes

Jul 21, 2022 11:38

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The EUR/GBP pair has gained gradually after testing the previous inventory distribution area, which is situated in a constrained band of 0.8475 to 0.8495 with less selling pressure. As investors back the shared currency bulls in expectation of a European Central Bank rate hike announcement, the cross is attempting to surge over 0.8500. (ECB).

 

For the first time in eleven years, European Central Bank President Christine Lagarde is set to hike interest rates. The ECB must raise interest rates because European households can no longer tolerate the price pressures, and the Asset Purchase Program (APP) has come to an end. Before enacting a higher rate rise in the future, the ECB could wish to start out by raising interest rates just a little bit.

 

As a consequence of Russian President Vladimir Putin's comments that it is unclear in what condition the Nord Stream 1 equipment will return from repair, the situation around the gas supply from Nord Stream 1 to Europe has become ambiguous in the meantime.

 

Price pressures on the pound's front have continued to be intense due to volatile oil and food costs. The basic Consumer Price Index (CPI) has, however, shown indications of fatigue. The overall inflation rate was 9.4%, above expectations of 9.3% and the most recent figure of 9.1%. The core CPI dropped from the prior figure of 5.9 percent, while it still met forecasts at 5.8 percent.


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