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On July 6th, Tatsuo Yamazaki, former head of Japans foreign exchange policy and former finance minister at the Ministry of Finance, stated in an interview that the yen should appreciate by up to 20% from its current level (approximately 130 yen to the US dollar), refuting bets that the yen might weaken further. Yamazaki stated, "This is no longer a fundamental issue, but rather a question of how market expectations will change. But we are approaching a climax." He believes that the current estimate of the yen being undervalued by 10% is likely conservative. "I wouldnt be surprised if the yen rises to around 130. Frankly, thats my view." At the same time, Yamazaki suggested that the market should not mistake the recent apparent calm from Japanese authorities for complacency. He stated, "They have issued warnings, and anyone still holding short yen positions knows they face the risk of intervention and punishment—forced liquidation. The Ministry of Finance has gone beyond the warning stage; the authorities have indicated their willingness to take action."July 6th - In the third quarter of 2026, Shenzhen plans to launch 30 new residential projects, with an estimated supply of 882,821 square meters and 7,212 units. This includes: 770,222 square meters of residential space (6,929 units); 100,855 square meters of commercial apartments (184 units); 7,595 square meters of commercial space (63 units); and 4,149 square meters of office space (36 units).Germanys construction PMI for June was 44.8, compared to 42.4 in the previous month.Ukrainian President Zelensky: Following Russias attack on Kyiv, we call on NATO to take strong action.Samsung Electronics announced on Monday that its semiconductor business employees will receive performance bonuses of up to 100% of their base salary for the first half of this year. This generous bonus level is consistent with the second half of last year and will be distributed on Wednesday. The bonuses come as the semiconductor industry enters an unprecedented AI supercycle, with shipments of high-bandwidth memory (HBM) continuing to climb. Analysts estimate that Samsungs memory chip division generated approximately 140 trillion won (about $91 billion) in operating profit in the first half of this year alone. Full-year operating profit is likely to approach 350 trillion won. Samsung is scheduled to release its second-quarter earnings guidance on Tuesday.

Forecast for Gold: XAUUSD retreats from $1800 on rising US yields

Daniel Rogers

Aug 12, 2022 11:59

 截屏2022-06-07 下午5.14.22.png

 

While it had been trending upwards, gold's daily performance took a sour turn and it is now trading below $1800. During the American session, the XAUUSD reached a high of $1799 before turning down and heading below $1785.

 

Despite predictions of a 0.2% monthly increase, data released on Thursday indicated that the US Producer Price Index decreased by 0.5% in July, bringing the annual rate down to 9.8%. The Consumer Price Index did not move in July, contrary to predictions of a 0.2% increase, according to data released on Wednesday. The US currency fell because of the inflation rate going down.

 

Investors continue to count on a rate hike of 50 basis points or more from the Federal Reserve at their September meeting. U.S. rates have risen despite though a peak in US inflation is more likely, which is surprising. Both the US 10-year yield (now at 2.83%) and the 2-year yield (3.20%) are at their highest levels in nearly a week.

 

Increased US yields capped gold's gains. The inability of the XAU/USD pair to maintain a price over $1800 despite the recent US data has fueled skepticism that the rally will continue. Weekly support is found around $1774, and the immediate support is at $1785. Additional gains appear likely if the price of gold can consolidate over $1800.


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