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On April 30th, a research report from CICC stated that the Federal Reserve maintained interest rates unchanged at its April meeting, in line with market expectations. However, four officials voted against the inclusion of dovish language, three of whom opposed it, indicating a more cautious monetary policy stance. The high oil prices triggered by the US-Iran conflict, combined with the effects of previous tariffs, have complicated the inflationary environment. Supply shocks have shifted from occasional events to the new normal, meaning that the scope for policy easing is compressed, and the threshold for interest rate cuts will rise. This meeting was also Powells last at the helm of the Fed. Although his successor, Warsh, signaled a move towards "balance sheet reduction and interest rate cuts," the committees collective decision-making mechanism makes it difficult to push for rate cuts in the short term. We believe the likelihood of a Fed rate hike this year is low, but the path to rate cuts will be longer, with the next rate cut potentially postponed until the fourth quarter.Samsung Electronics: Investment in artificial intelligence infrastructure is expected to expand in the second quarter.Japans retail sales in March totaled 14.306 trillion yen, compared with 12.155 trillion yen in the previous month.April 30th - According to a document from the U.S. Court of International Trade, the first batch of refunds for tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) on imported goods will be issued around May 11th. The U.S. Supreme Court ruled on February 20th that the IEPA did not authorize the president to impose large-scale tariffs. On March 4th, a judge from the U.S. Court of International Trade ruled that Customs and Border Protection (CBP) could not impose tariffs under the IEPA during tariff settlements. This means that tariffs previously imposed under the IEPA must be refunded.Japans inventory levels fell 1.5% month-on-month in March, compared with 0.3% in the previous month.

Gold and copper hardly change in response to economic worries

Aria Thomas

Sep 28, 2022 10:49

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Wednesday gold and copper prices were relatively unchanged as the dollar stayed near 20-year highs due to fears of an economic slowdown.


At 19:39 EDT, spot gold was $1,628.67 per ounce, while gold futures were $1,639.0 per ounce (23:39 GMT). On Tuesday, both surged momentarily as the dollar slid from 20-year highs, alleviating the pressure on gold.


Continuing stock market declines and fears of a recession pushed funds back into the currency. This year, rising interest rates and the Fed's aggressive stance have made the dollar a safer refuge than gold.


In 2022, during the Russia-Ukraine conflict, the price of gold plummeted by 27 percent. Prices have breached two important support levels, and additional declines are anticipated.


The dominance of the U.S. dollar has harmed commodities, particularly gold. ING analysts found that higher rates raise the opportunity cost of owning gold.


The bank expects gold to end the year near $1,650 per ounce, with significant respite coming when the Fed modifies its hawkish stance.


Copper prices remained elevated as traders anticipated a near-term fall in demand.


Copper futures prices dropped to $3.2920 per pound.


Copper prices have declined this year due to concerns that a recession will diminish industrial demand and activity.


Investors are concerned about weakening economic statistics from China, the world's largest copper importer, and slow industrial activity in Europe and the United States.


The Chinese manufacturing data released on Friday is expected to reveal a further decline.

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