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According to the Wall Street Journal: Ford Motor (FN) further cuts 1,000 jobs in Germany due to continued weak demand for electric vehicles.The European Parliaments head of metals will visit Kyiv, MEPs said.September 17th news: On September 17th local time, Krasnodar Airport in southern Russia received the first flight since its suspension of operations. This is also the first time the airport has resumed formal operations since its closure since the outbreak of the Russia-Ukraine conflict in February 2022.The number of rate cuts this year is expected to increase. 1. JPMorgan Chase: The updated dot plot indicates room for three rate cuts this year, one more than the June dot plot. 2. Deutsche Bank: The updated dot plot median may indicate a total of 75 basis points of rate cuts in 2025, 25 basis points more than the June forecast. 3. Barclays: The dot plot indicates three rate cuts this year, one each in 2026 and 2027, while the median long-term rate forecast remains unchanged at 3.0%. 4. Bank of Montreal: The median rate forecast for the end of 2025 is expected to be lowered to reflect the possibility of 25 basis point cuts at both the October and December meetings. The dot plot remains unchanged from June. 1. Pepperstone: The Federal Reserve is likely to disappoint market expectations. The dot plot median is likely to remain unchanged, still indicating only a cumulative rate cut of 50 basis points this year. 2. UBS: The dot plot will show two rate cuts this year, while the market expects closer to three. Participants economic outlook forecasts will also be in focus. 3. Bank of America: With macroeconomic forecasts largely unchanged, the median Fed rate forecast for 2025 will continue to indicate a 50 basis point cut, despite a downward shift in the overall dot plot. 4. Goldman Sachs: We expect the updated dot plot to show two rate cuts this year, to 3.875%. While the Fed may currently be planning three consecutive rate cuts this year, it may decide that forcing this into the dot plot is unnecessary. 5. Morgan Stanley: We expect the median dot plot to still show two rate cuts this year, but actual economic data may push the Fed to continue cutting rates throughout the rest of the year, extending this round of cuts into January. Other Views: 1. Citigroup: The updated dot plot is likely to indicate two to three rate cuts this year, and the median rate forecast for 2026 may also be revised downward.The UKs core CPI monthly rate in August was 0.3%, in line with expectations and the previous value of 0.2%.

Gold And Copper Prices Oscillate About $1,750 Despite Fed Hawkishness

Skylar Williams

Nov 21, 2022 11:29

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As investors anticipated further clarity on the direction of U.S. monetary policy in the coming months, gold prices changed slightly on Monday, but remained near key support levels. In the meanwhile, copper prices remained low because of the likelihood that more COVID issues in China would decrease demand.


The minutes of the most recent Federal Reserve meeting are expected to provide fresh insight into the central bank's intentions for increasing interest rates when they are released on Thursday.


Inflation has fallen more than anticipated in recent months, prompting markets to anticipate a somewhat smaller rate hike in December. However, recent remarks from Fed officials indicate that interest rates may continue to rise for longer than anticipated.


This view is beneficial for the currency and Treasury rates, but it will likely damage metal markets. The greenback appears to have found a bottom following recent losses, and rose 0.1% to 107 on Monday.


As of 19:05 EDT, spot gold rose 0.1% to $1,752.81 per ounce, while gold futures inched up to $1,754.90 per ounce (00:05 GMT). In response to the Federal Reserve's members' warnings of rising interest rates, the value of both assets declined by nearly 2 percent last week.


As a result of the Federal Reserve's streak of quick rate hikes this year, non-yielding assets, such as gold, have become less desirable.


Despite the fact that metal markets climbed earlier this month on signals of a reduction in U.S. inflation, they are expected to remain under pressure in the coming months, as inflation remains well over the Fed's 2% annual target.


Copper prices stayed largely constant on Monday, following a week of significant drops due to concerns over China's import demand.


Copper prices stayed stable at $3.6405 per pound following last week's 7.2% decrease, their worst performance since late August.


China has shut down further sections of the country in response to the greatest COVID outbreak in seven months. This year, the country's strict zero-COVID policy, which led to a multitude of disruptive lockdowns, severely hampered economic growth.


This decreased national demand for commodities.


Despite indications of a limited supply, rising fears of a global recession have also hampered copper's future prospects.

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