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The U.S. commercial inventory month-on-month rate was 0.3% in January, in line with expectations and the previous value of -0.20%.On March 17, Monex Europe analysts said in a report that the performance of the pound this week is more likely to be driven by the UKs upcoming budget than the Bank of Englands policy decision on Thursday. Reports over the weekend said that British Chancellor of the Exchequer Reeves may abandon plans to freeze disability benefits after strong opposition from Labour MPs. Analysts said this "is in line with our basic forecast of Reeves mediocre performance." As the situation in the UK develops this week, this may put pressure on the pound. Analysts believe that the UKs public finances are the biggest concern for traders. Reeves will announce her spending plan on March 26.On March 17, Lazard chief market strategist Temple said that due to inflation risks, Lazard still expects the Federal Reserve not to cut interest rates in 2025. He said that Lazards views are significantly different from the market consensus, and the market generally believes that there may be three interest rate cuts this year. Temple said: "My view is inconsistent with the consensus because I expect that by 2025, U.S. tariffs will expand in scope and scale, pushing up inflation." He said that a re-acceleration of inflation will not necessarily lead to a rate hike, but rising price pressures may prevent the Fed from easing policy in the face of rising unemployment.March 17, according to French media reports, on the morning of the 17th local time, a military vehicle collided with a high-speed train near Arras, Pas-de-Calais, France, killing two people and injuring three. According to French BFMTV news and information station, at around 11 a.m. that day, a military vehicle and a high-speed train collided at a railway crossing near Arras. The two dead were soldiers on the military vehicle, and the three injured were passengers on the train. The French National Railway Company said on social media that the accident caused a temporary interruption of two-way traffic on the Lens-Arras railway line. Emergency rescue personnel have rushed to the scene, and it is expected that traffic will gradually resume around 3 p.m.Italys FTSE MIB index rose 1.00% during the day.

Gold Stabilizes Before Fed Minutes, As Copper Falls on China Worries

Skylar Williams

Jan 04, 2023 11:33

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On Wednesday, gold prices remained at six-month highs, stopping a recent rally, as traders re-entered the dollar in anticipation of fresh monetary policy hints from the Federal Reserve's December meeting minutes.


Concerns about an imminent recession and a potential halt in U.S. interest rate hikes increased the demand for safe havens other than the dollar, which contributed to gold's strong start to the new year.


Wednesday, however, the dollar recoup some of its previous losses due to uncertainty around the release of the Fed's minutes. In light of several inflation indicators indicating that U.S. price pressures have likely peaked, the markets will be observing whether central bank members supported a further softening of interest rate hikes at their December meeting.


The probability that the Federal Reserve will raise interest rates by an even more modest 25 basis points in February is currently priced at over 90% by the markets.


As of 19:22 EST, spot gold fell 0.1% to $1,838.66 per ounce, while gold futures down 0.1% to $1,844.65 per ounce (00:22 GMT). Both assets increased by more than 1 percent on their first full trading day of the year.


The International Monetary Fund's prediction of a possible recession in 2023 spurred some investors to purchase gold, as the possibility of a U.S. recession lessens the appeal of the dollar.


Due to this warning and rising concerns about China's sluggish economic recovery, copper prices had a poor start to the new year. On Wednesday, copper futures were flat at $3.7707 per pound after losing nearly 2% the day before.


Given its extensive industrial application, the red metal is susceptible to fluctuations in economic forecasts. As a result of China's production slowdown caused by COVID-related delays, copper prices fell by around 11% in 2022.


Despite the fact that a number of anti-COVID measures were lifted in December, the country is now facing an unprecedented increase in the virus' transmission, which analysts say may postpone the reopening of a larger portion of the airport.


However, the anticipation of slower rate hikes by the Federal Reserve is expected to support metal markets in the near future, particularly if the dollar loses additional ground. In the fourth quarter of 2022, the dollar declined significantly, allowing commodity markets to regain lost ground.

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