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July 2nd - Two sources familiar with the matter revealed that Japan is gradually reducing its practice of issuing early warnings of intervention risks, instead taking more targeted actions to combat speculators and increase the cost of shorting the yen. The sources stated that, unlike previous cautious verbal warnings before intervention, the Ministry of Finance may suddenly intervene to clear speculative yen positions. Officials are also avoiding mentioning any specific "bottom line" exchange rate levels that might trigger intervention. This shift reflects a more aggressive strategy from the Ministry of Finance, using silence as a policy tool to make the market unpredictable. The sources indicated that this increases the risk of sudden intervention, and the driving factor for this intervention may be the accumulation of speculative short yen positions, rather than the yen exchange rate breaking through a publicly recognized threshold. Two other sources said that this move by the Ministry of Finance, along with the Bank of Japans continued hawkish rhetoric, indicates that both sides are taking coordinated action to curb yen shorting.The yield on Japans 30-year government bonds rose 4.5 basis points to 4.000%, the highest level since May 22.July 2nd - Recently, the China Meteorological Administration, in conjunction with the National Development and Reform Commission, issued the "National Meteorological Development 15th Five-Year Plan". The plan clarifies that by 2030, significant breakthroughs will be achieved in key meteorological technologies; artificial intelligence will be deeply integrated into the meteorological field; the monitoring, forecasting, and early warning capabilities for extreme weather will be significantly improved; major progress will be made in Earth system forecasting and the construction of Earth system data platforms; meteorological data elements will become an important driving force for economic and social development; and the ability to coordinate development and ensure meteorological safety will be comprehensively enhanced. my countrys overall meteorological strength and international influence will be greatly enhanced, with meteorological science and technology, monitoring, and forecasting capabilities reaching world-class levels; meteorological services will achieve world-leading status; and China will become an important force in global meteorological governance.Market sources say Japan is gradually reducing its practice of issuing early warnings and interventions to focus instead on cracking down on speculators. The timing of interventions is not targeted at the yens level, but rather aimed at preventing excessive depreciation.July 2nd - According to Nikkei, Apple plans to launch an ambitious iPhone lineup in the second half of this year and the first half of 2027, including at least five new models, and will increase foldable phone production to higher levels than previously expected in order to seize market share amid industry-wide shortages of key components. Sources familiar with the matter said Apple has asked suppliers to prepare production of approximately 10 million foldable iPhones this year, higher than the 7 to 8 million units predicted in previous months. The company has already ordered approximately 80 million smartphone-related components and parts for these new models, which will launch in the second half of 2026, including the iPhone Pro, iPhone Pro Max, and the first foldable iPhone. Sources indicated that compared to most competitors, Apple has stronger bargaining power in the procurement of memory and key components, and Apples total iPhone production in 2026, including existing and upcoming models, is expected to far exceed 220 million units.

Ahead of preliminary US S&P PMI data, the XAU/USD remains sideways below $2,000, according to our Gold Price Forecast

Alina Haynes

Apr 20, 2023 13:49

 截屏2022-08-04 下午5.25.46_1024x576.png

 

In the early European session, the Gold price (XAU / USD) is exhibiting erratic movements near $1,994.00. The precious metal is in a state of indecision as investors await the release of preliminary S&P PMI data for the United States on Friday.

 

After violent swings influenced by the Federal Reserve's (Fed) Beige Book, the US Dollar Index (DXY) is showing signs of volatility contraction below 102.00. The declining trend of advances to consumer and business loans by U.S. commercial banks has intensified concerns of a recession in the U.S. economy, despite the fact that economic activity in 12 Fed districts remained virtually unchanged. To prevent a decline in asset quality, banks have tightened credit disbursement requirements.

 

In the meantime, S&P futures have recorded sizeable losses during the Asian session, as investors are wary of firms' comments regarding revenue guidance. The market anticipates that constrained credit conditions will impact the working capital management of cash-reliant companies, thereby affecting their output.

 

The market expects preliminary US S&P PMI data to reveal a Manufacturing PMI reading of 49.0, a decrease from the previous reading of 49.9. The Services PMI is anticipated to decrease to 51.5 from 52.6 previously reported.


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