EUR/USD 1.16338
-0.058%
Gold 4344.63
-0.269%
Oil 56.765
-0.241%
USD/JPY 151.114
0.240%
GBP/USD 1.33905
-0.096%
GBP/JPY 202.353
0.150%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Gold prices fell slightly on Tuesday, October 21, as investors took profits after gold prices hit a new high in the previous trading day. Tim Waterer, chief market analyst at KCM Trade, said, "Profit-taking and weakening safe-haven inflows have weakened the advantage of gold prices today... Any pullback in gold will be seen as a buying opportunity, and the Federal Reserve is still on the track of interest rate cuts. If the US CPI data released later this week does not bring any unpleasant upward surprises, then the current gold price rally has further room to rise."Insurers managing $23 trillion plan to further increase their holdings of private market assets to achieve smooth long-term returns, according to a BlackRock survey.On October 21st, the overnight Shibor (Shibor) rate was at 1.3170%, unchanged from the previous trading day. The 7-day Shibor rate was at 1.4260%, up 0.80 basis points; the 14-day Shibor rate was at 1.5040%, up 3.60 basis points; the January Shibor rate was at 1.5570%, unchanged from the previous trading day; and the March Shibor rate was at 1.5860%, up 0.40 basis points.Hong Kong-listed consumer stocks weakened, with Pop Mart (09992.HK) falling more than 5%, Gu Ming (01364.HK) falling more than 4%, and BRUCO (00325.HK), Laopu Gold (06181.HK), and Mixue Group (02097.HK) following suit.Futures data from October 21st revealed that as of October 20th, the mainstream benzene market in East China closed at 5,535 yuan/ton, down 220 yuan/ton from 5,755 yuan/ton at the beginning of October. Looking at the post-holiday market, major ports in East China maintained a steady pace of destocking in early October, but concerns about crude oil oversupply intensified, with Brent crude futures falling to a five-month low and weakening market sentiment. Coupled with a lack of downstream market support, exacerbating losses, and a lack of new orders from end users, secondary downstream inventories remained high and difficult to reduce, creating significant price transmission resistance. The market may face downward pressure in late October.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

 EUR:GBP.png

 

The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


Suggestion