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On October 13th, Capital Economics Asia-Pacific head, Marcel Thieliant, said uncertainty over Japans fiscal outlook and weak economic data could prompt the Bank of Japan to delay its next interest rate hike from October to January. He said that after Sanae Takaichi won the LDP leadership election and the Komeito Party withdrew from the ruling coalition, Takaichi needed to seek support from other parties, giving the opposition more leverage to push for costly measures such as tax cuts equivalent to 2.8% of GDP. Weak manufacturing profits could limit wage growth next year, while a sharp decline in the Bank of Japans consumer activity index suggests that rising food prices are weighing on household spending. Recent comments from Bank of Japan officials also suggest they are not in a rush to tighten policy and are assessing the full impact of US tariffs. Capital Economics noted that delaying a rate hike could keep the yen weak for an extended period, supporting the Topix index.Fitch Ratings: Indias banking sector will become more resilient under central bank reforms.JD.com (09618.HK), a Hong Kong-listed company, continued to decline, now down more than 5%, with a turnover of nearly HK$1.2 billion.On October 13, the overnight Shibor was at 1.3140%, unchanged from the previous trading day. The 7-day Shibor was at 1.4470%, up 4.40 basis points; the 14-day Shibor was at 1.4660%, down 1.60 basis points; the January Shibor was at 1.5570%, down 0.10 basis points; and the March Shibor was at 1.5800%, down 0.10 basis points.USGS: A 4.7 magnitude earthquake struck Chiles Coquimbo region.

Gold Price Prediction: XAU/USD soars above $1,780 amidst a turbulent US Dollar; US CPI in the focus

Daniel Rogers

Dec 13, 2022 12:07

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Gold price (XAU/USD) rebounded after falling below the critical level of $1,780.00 during the Asian session. The precious metal had a significant decline on Monday as investors anticipate the Federal Reserve (Fed) to signal a higher interest rate peak for CY2023.

 

A resurgence in the price of gold is contingent on an improvement in risk appetite. The US Dollar Index (DXY) has fallen below 105.00 in early trading, and further losses are anticipated in the days ahead. On Monday, S&P500 futures rebounded well as investors shrugged aside the uncertainty caused by inflation predictions. Yields on 10-year US Treasuries have under pressure and fallen below 3.60 percent as the Fed is very likely to signal a pause in future interest rate hikes.

 

A fall in one-year consumer inflation forecasts in the United States has also diminished consensus on casual inflation statistics. In November, the economic data decreased to 5.2% from 5.9% in October, marking the largest one-month loss on record. The headline inflation rate is anticipated to decline to 7.3% from 7.7%.

 

Analysts at JP Morgan Chase & Co. believe that a weak reading of the United States Consumer Price Index (CPI) might unleash a significant surge in U.S. stocks. Bloomberg reports that the 500-stock index of the United States might gain up to 10% if headline inflation falls to 6.9% or less.

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