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July 23 – A Reuters survey shows that investors have significantly reduced their bearish bets on the South Korean won as South Korea attempts to expand its foreign exchange market, trade performance is strong, and sentiment towards the won has improved. A two-week survey of 10 respondents showed that short positions in the won fell to their lowest level in five months, while bearish bets on the Thai baht and New Taiwan dollar rose to multi-month highs. A combination of factors has boosted market participants confidence in the won: the launch of 24-hour onshore USD/KRW spot trading, strong AI chip exports driving economic recovery, and tighter monetary policy. “Confidence in the won has increased as South Korean authorities have opened up the foreign exchange market. South Korea’s strong trade performance is also likely to drive capital inflows,” said Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corporation.UAE Foreign Trade Minister: The UAE will soon import high-end AI chips from the United States.On July 23, Chow Tai Fook (01929.HK) released its unaudited key operating data for the three months ended June 30, 2026, showing a 15.1% year-on-year increase in retail sales. Same-store average selling price for gold jewelry remained strong during the quarter. The average selling price in mainland China continued to rise to HK$10,600 (Q1 Fiscal Year 2026: HK$8,400), while the average selling price in Hong Kong and Macau rose to HK$17,100 (Q1 Fiscal Year 2026: HK$15,600).On July 23, a press conference was held in Shanghai. Huang Binbing, Deputy Director of the Publicity Department of the Shanghai Municipal Committee and Deputy Director of the Shanghai State-owned Assets Supervision and Administration Commission, stated that Shanghai will focus on building a service platform for the overseas expansion of games, continue to support the development of the online literature platform "Qidian International," and promote the establishment of micro-drama overseas expansion bases in relevant districts. The city will also continue to compile country-specific "Guides for Chinese Games Going Global," and, relying on universities and industry associations, provide copyright protection and financial services in the game industry. Furthermore, a one-stop service center for micro-dramas will be established, integrating overseas expansion services such as government consultation, marketing promotion, copyright protection, and financial support.Taiwans M2 money supply annual rate was 8.13% in June, compared with 7.83% in the previous month.

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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