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On December 3, the European Central Bank (ECB) requested Italy to reconsider its proposal to declare the countrys gold reserves as the property of the Italian people, a move that could ultimately lead to the government selling some of its gold reserves. In a statement, the ECB said, "It is recommended that the Italian authorities reconsider the terms of the draft, while keeping in mind the maintenance of the independence of the Bank of Italy in fulfilling its fundamental responsibilities under the ECB System as stipulated in the treaty." According to data from the Bank of Italy, Italy holds approximately 2,452 tons of gold, ranking third globally after the United States and Germany. With the continued rise in gold prices, some members of the center-right party to which Italian Prime Minister Meloni belonged proposed an amendment in the upcoming budget to confirm that the gold reserves are managed and held by the Bank of Italy, but with the added statement that they "belong to the Italian people." The ECB noted, "The specific purpose of the draft terms is not yet clear."Pony.ai-W (02026.HK): The overall coordinator (on behalf of the international underwriters) did not exercise the over-allotment option during the price stabilization period, and the over-allotment option expired on Wednesday, December 3, 2025.The MBA 30-year fixed mortgage rate in the United States was 6.32% for the week ending November 28, compared with 6.4% previously.The MBA Mortgage Purchase Index for the week ending November 28 was 186.1, compared to 181.6 previously.The MBA mortgage application activity index in the United States for the week ending November 28 was 313, compared with 317.6 in the previous week.

The EUR/USD rise is getting close to 1.0200 as investors await US inflation data

Daniel Rogers

Aug 09, 2022 14:58

 截屏2022-08-09 上午10.12.13.png

 

The EUR/USD moves in the 1.0200 range during Tuesday's Asian session after falling from 1.0221 as traders look for fresh data. The major currency pair gained over the first part of the week but lost some of those gains by Monday's close. Recent price fluctuations, however, seem to be constrained by a lack of noteworthy data or events and a cautious attitude ahead of Wednesday's release of the US Consumer Price Index (CPI) for July.

 

Gains in the EUR/USD the day before are shown by higher readings of the Eurozone Sentix Investor Confidence Index and a drop in US Treasury yields. The primary sentiment indicator Index, however, increased in August from -26.4 to -25.2, which was projected to be the value. According to specifics, the eurozone's present state has improved from this month's lowest position since March 2021, when it was -16.5, to -16.3. The expectations index is at its lowest level since December 2008, despite a little increase to -33.8. It is still very close to that level. The US Dollar Index (DXY), in contrast, saw a daily decrease of 0.19 percent to 106.37.

 

The moderate Azione's resignation from the newly formed alliance ahead of the September elections looks to have put negative pressure on the Euro elsewhere due to Italian political worries.

 

The moderate Azione has backed out of its coalition with the Democratic Party and the +Europe party after only agreeing to do so last week. According to party leader Carlo Calendar, "the parts didn't fit." According to Reuters and Market News Publishing US, the alliance was formed in an effort to stop a more conservative government from taking office after the election on September 25.

 

Notably, gains in the EUR/USD the day before appeared to have been constrained by US President Joe Biden's displeasure of China's efforts to retake Taiwan and his censure of House Speaker Nancy Pelosi's trip to Taipei.

 

These actions caused the 10-year US Treasury rates, which had increased by 14 basis points (bps) the day before, to fall by around seven basis points (bps) to 2.75 percent. Wall Street also started Monday's trading day on a positive one before ending on a mixed note, albeit as of press time, S&P 500 Futures are showing minor gains.

 

Participants in the EUR/USD market may be interested in the second quarter's (Q2) US Nonfarm Productivity and Unit Labor Costs data. Forecasts suggest that US Nonfarm Productivity may rise to -4.6% from -7.3%, while Unit Labor Costs may decrease to 9.5% from 12.6%. The news regarding Taiwan and Russia will also be important for determining direction.


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