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On July 3, the Peoples Bank of China and two other departments issued a notice soliciting public opinions on the "Draft Measures for the Administration of Cybersecurity in the Financial Industry." The draft aims to improve the cross-departmental comprehensive regulatory mechanism for cybersecurity in the financial industry. The Cybersecurity Law emphasizes that the state provides key protection for important industries and sectors such as finance, and the Protection Regulations clarify that key information infrastructure in important industries and sectors such as finance will be subject to key protection. The Central Committee of the Communist Party of China and the State Council require the establishment and improvement of cross-departmental comprehensive regulatory systems for regulatory matters involving multiple departments, posing significant management difficulties, and highlighting prominent risks. The joint issuance of this cross-departmental comprehensive regulatory system for cybersecurity in the financial industry by the State Councils financial management departments is consistent with national cybersecurity laws and regulations, universally applicable to the financial industry, and highly efficient in supervision and management. It also aligns with existing and future cybersecurity management systems issued by the State Councils financial management departments. This is a long-term measure to improve the management system in the field of financial cybersecurity and strengthen collaborative supervision of cybersecurity in the financial industry.The Security Service of Ukraine: Ukraine attacked a Russian airbase in Crimea, destroying or damaging at least seven warplanes.Bank of America Global Research upgraded its rating on the European telecommunications sector from "neutral" to "overweight".ECB Governing Council member Mohd Moran: The primary task is to restore inflation to the target level. The second task is monetary sovereignty.ECB Governing Council member Mollen: French debt demand is strong, and fiscal commitments must be upheld.

Gold Price Prediction: XAU/USD declines near $1,750 as risk aversion anticipates NFP data release

Alina Haynes

Aug 02, 2022 15:03

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During Tuesday's opening European session, the gold price (XAU/USD) deepens its retreat from a nearly three-month-old resistance line, falling below $1,773. In spite of this, the precious metal exhibits a five-day rise around the greatest levels since July 5.

 

The metal's early-day rally may have been influenced by a broad dollar decline and Treasury rates. The XAU/USD exchange rate afterwards looked to have been influenced by China-related news and rising worries of an economic downturn.

 

Nonetheless, the visit of US House Secretary Nancy Pelosi to Taiwan and the probable difficulties for Chinese chipmakers as a result of the U.S. consideration of banning supplies of American chipmaking equipment further weigh on market mood. Similarly, a Chinese media story may indicate that the dragon country is prepared for a military exercise in Bohai, South China Sea.

 

In addition, Bloomberg's report that Beijing's Gross Domestic Product (GDP) has no fixed limits tends to dampen the market's risk appetite. People acquainted with the situation were quoted in the press as saying, "China's top leaders instructed government officials last week that this year's economic growth objective of "about 5.5 percent" should serve as guideline rather than a mandatory aim."

 

It should be emphasized that China is one of the world's largest users of gold, and that bad news stories about the country might impact on gold prices.

 

Elsewhere, the recently poor US PMIs mirrored last week's US Gross Domestic Product (GDP) for the second quarter to illustrate economic anxiety. Fed Chair Jerome Powell's veiled warnings that the hawks are losing steam might also dampen sentiment.

 

As a reflection of market mood, equities in the Asia-Pacific region and US stock futures see modest losses. However, the US 10-year bond yield decreases 5.5 basis points (bps) to 2.55 percent at the latest, threatening the gold bears via the weakening US dollar. In spite of this, the US Dollar Index (DXY) reestablished the monthly minimum before rebounding from 105.00.

 

The news concerning China and the recession, as well as the remarks of Chicago Fed President Charles L. Evans and Federal Reserve Bank of St. Louis President James Bullard, will be crucial for intraday gold dealers in the future.


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