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January 12th - Bond investors overall bets on the Federal Reserves policy path and the direction of the US Treasury market in 2026 appear to have room for further expansion. Last Fridays non-farm payroll report showed weaker-than-expected job growth, maintaining market expectations for further Fed rate cuts. This result confirms market expectations that short-term Treasury bonds (most sensitive to monetary policy) will outperform long-term Treasury bonds this year, widening the yield spread between the two. This strategy, known as the "steepening trade," was one of the most popular bond trades for most of last year and continues to work at the start of 2026. Pramod Atrouli, fixed-income portfolio manager at Capital Group, stated, "There are many scenarios over the next 12 to 24 months that are very favorable for the yield curve steepening trade." An analysis of 25 of the largest actively managed core bond funds by JPMorgan shows that, historically, these funds still have a high exposure to this trade.According to Iranian state media, Iran summoned the British ambassador after protesters tore down the Iranian flag from the Iranian embassy building in London.Market news: Home Depot and Google Cloud have jointly launched the Agentic AI tool to help customers and employees transform projects from "how to do it" to "completed".Domestic News: 1. The "Tianma-1000" unmanned transport aircraft successfully completed its maiden flight. 2. Shanxi Province issued consumption subsidies for home appliances and digital smart products in 2026. 3. Hong Kongs new budget will be announced on February 25. 4. China Securities Regulatory Commission (CSRC): Focusing on cracking down on major, malicious, and key illegal activities, and severely punishing all kinds of malicious illegal activities. 5. Chinese Embassy: Due to scheduling conflicts, Wang Yis planned visit to Somalia on January 9 has been postponed. 6. Wang Yi held a telephone conversation with the Somali Foreign Minister: Opposing Somalilands collusion with the Taiwan authorities to seek independence. 7. National Business Work Conference: In 2026, efforts will be accelerated to cultivate new growth points in service consumption and optimize the implementation of the trade-in policy for consumer goods. International News: 1. A curfew has been imposed in Narathiwat Province in southern Thailand. 2. Israeli forces are reportedly planning a new round of attacks on the Gaza Strip. 3. British officials: The possibility of Britain deploying troops to Greenland cannot be ruled out. 4. South Korean Presidential Office: Will investigate the truth behind North Koreas claim of a "drone intrusion" and release the results promptly. 5. Iranian President: The government endorses peaceful protests and is willing to meet with protest groups. 6. Danish Parliament Chief: It would be "foolish" to go to war over Greenland. 7. Israel demands the EU designate Irans Islamic Revolutionary Guard Corps as a "terrorist organization." 8. US Media: Trump received a briefing on options for striking Iran but has not yet made a final decision; the government is considering multiple options for intervention in Iran. 9. Trump again pressures Cuba, threatening that if Cuba does not reach an agreement soon, it will face a situation of "zero oil and zero funds" flowing into Cuba. 10. Iranian Parliament Speaker warns Trump that any attack would lead Iran to consider Israel and US bases in the region as "legitimate targets" and strike them.On January 11, Cuban Foreign Minister Rodriguez posted on social media that the United States’ behavior was like “criminal and out-of-control hegemony,” threatening not only the peace and security of Cuba and the Western Hemisphere, but also the entire world.

Gold Exceeds $1,800, Then Declines As the Dollar Strengthens

Skylar Williams

Aug 03, 2022 11:13

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Gold returned slightly on Tuesday to the $1,800 level targeted by market longs after exactly one month.


The gold futures contract for December on the New York Comex rose $2 to $1,787.70 per ounce, after reaching a high of $1,804.95.


In response to China's fury over the U.S. House Speaker Nancy Pelosi's travel to Taiwan, a country Beijing regards as its territory with no sovereignty of its own, the dollar had its greatest spike in over a month.


Gold on the Comex has failed to reclaim the psychologically significant positive level it lost on July 1 as a result of the dollar's meteoric rise on expectations of further Federal Reserve interest rate rises.


Sunil Kumar Dixit, chief technical strategist at skcharts.com, commented, "The futures have blown off some froth at the top, but the upside is still quite strong." "Play will continue until Comex hits $1,830 or $1,835"


The Dollar Index, which measures the dollar to six other major currencies, increased by over 0.7% to 105.95, marking its highest daily rise since July 5, when it increased by 1.3%. The session's highest point was 106.10 On Tuesday, the dollar index touched a near three-week low of 104.92.


Along with the dollar, U.S. bond rates contributed to gold's decline on Tuesday, as the benchmark 10-year Treasury note notched its largest one-day increase since March.


Not reaching $1,800, the spot price of bullion, which is frequently connected with the price of gold futures, peaked at $1,788.12.


Comex gold's turnaround toward $1,800 was sparked by Federal Reserve Chair Jerome Powell's comments last Wednesday that the central bank could not predict whether it will sustain the aggressive rate hikes it has adopted to battle inflation since March.


With the release of the gross domestic product statistics for the second quarter on Friday, the United States officially entered a recession.


The previous week's performance for gold was its best since the week of February 25. The possibility of a recession and the Fed's rate hikes approaching their peak contributed to gold's appreciation.


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