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Futures data from September 17th: Spot gold prices surged above the 3,700 mark overnight, with COMEX gold futures rising 0.23% to $3,727.50 per ounce, and SHFE gold futures closing up 0.19%. Expectations of a Federal Reserve rate cut, a weakening dollar, and geopolitical uncertainty are all contributing to golds performance. Focus is on the Federal Reserves September meeting and the subsequent Quarterly Economic Projections (SEP). The US dollar continued to weaken on Tuesday, with the US dollar index falling 0.74% to a low of 96.54, hitting a near two-month low. Furthermore, the dollar fell 0.9% against the euro, reaching its lowest level since September 2021. Regarding economic data, US retail sales for August, released on Tuesday, rose 0.6% month-over-month, exceeding expectations of a 0.2% increase. The previous reading was revised from 0.5% to 0.6%, demonstrating resilience in consumer spending. The Federal Reserve held its meeting early Thursday morning, and a rate cut is all but certain. With the US Presidents newly nominated Fed Governor, Milan, participating in the FOMC meeting, the published dot plot is expected to show a more dovish tone, with the number of rate cuts for 2025 expected to fluctuate between two and three. Furthermore, continued pressure from the White House on Powell and other governors is crucial. Concerns about the Feds independence may continue to exacerbate market volatility.According to the Wall Street Journal: Eli Lilly (LLY.N) will invest $5 billion to build a factory in Virginia, USA.Japanese Ministry of Finance: Japans exports to the United States fell 13.8% year-on-year in August; exports to the European Union increased 5.5% year-on-year in August.Japans seasonally adjusted merchandise trade account in August was -150.125 billion yen, compared with expectations of -341.3 billion yen and the previous value of -303 billion yen.Japans annualized rate of merchandise imports in August was -5.2%, in line with expectations of -4.2%. The previous value was revised from -7.50% to -7.40%.

REUTERS NEXT: U.S. Treasury’s Adeyemo calls for global cooperation on crypto regulations

Cory Russell

Dec 02, 2022 16:03

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According to US Deputy Treasury Secretary Wally Adeyemo on Thursday, the failure of the cryptocurrency exchange FTX, based in the Bahamas, highlights the necessity for the United States to work with other nations to create comprehensive international laws for the crypto sector.


Adeyemo stressed the significance of setting up regulatory frameworks to safeguard consumers, investors, and financial stability as well as to prevent unauthorized uses of cryptocurrencies at the Reuters NEXT conference. He claimed that the effort needed to be expanded because FTX was not an American company.


"This is a worldwide occurrence. And when we consider innovations like cryptocurrencies, we'll need to work closely with our international allies to build a regulatory system in a framework that helps us to ensure we protect the global economy, Adeyemo told Reuters NEXT.

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