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1. Precious Metals Market: Spot silver surged 6.00% to $109.797 per ounce, while the Shanghai silver futures main contract jumped 6.65%. Indian gold and silver futures both hit record highs. 2. Exchange Regulation: Violations: The Shanghai Futures Exchange discovered 16 clients in 3 groups suspected of failing to declare their actual control relationships in tin and silver futures trading, imposing a one-month restriction on opening new positions and restricting withdrawals. Trading Limits: The Shanghai Futures Exchange announced that starting from the night session of January 26, the maximum daily opening positions for silver and tin futures contracts will be adjusted to 800 lots and 200 lots respectively. Industry Interpretation: Analysts from CITIC Securities Futures and Guoxin Futures believe that the Shanghai Futures Exchanges rare midday announcement reflects a "zero-tolerance" stance and a determination to dynamically "apply the brakes" to cool down the market. 3. Inventory and Open Interest Data: COMEX silver inventory decreased significantly by 16.957 million ounces month-on-month, while SHFE silver inventory decreased by 43.9 tons month-on-month. SPDR Gold ETF holdings increased slightly, while SLV Silver ETF holdings increased by 16.9 tons. COMEX silver non-commercial long positions decreased by 4,372 contracts, while short positions increased by 2,474 contracts, indicating an increase in short-selling pressure. 4. Fund subscriptions suspended: Guotou Silver LOF will suspend subscriptions starting January 28th. 5. Summary of institutional views: Investinglive analyst: Spot silver trading prices are still about half of the 1980 inflation-adjusted peak, but also warns of potential short-term selling pressure or margin changes, and does not recommend chasing the price higher. Julius Baer analyst: Silver has become the "Trump of the trading world," with prices entirely driven by buying interest rather than fundamentals; upward momentum may continue to $125 or even $150. Jinyuan Futures: This round of market activity driven by chasing the price higher is extremely fragile; the risk of a silver price correction from its high levels is increasing; pay attention to the potential for platinum and palladium to catch up. Dongwu Futures: Geopolitical crises (Greenland/US/Europe/Middle East) and the trend of de-dollarization (crisis on the Fed/central bank gold purchases) are the core drivers, with silver, possessing industrial attributes, experiencing even greater gains. 22V Research: This is not a cyclical fluctuation in silver, but rather related to the AI industry, exhibiting parabolic fluctuations within a commodity bull market. (The above content is compiled from publicly available market data and is for reference only, not investment advice.)Sources say Japan and the United States plan to invest in synthetic diamond production.On January 27, Yonhap News Agency reported that South Korean President Lee Jae-myung stated that resource allocation needs to be rationally adjusted to change the current situation of excessive asset concentration in real estate. He said that excessive housing market expansion will inevitably create a bubble, which could severely damage the overall economy and undermine mutual trust among members of society. Lee Jae-myung also mentioned the governments recent decision not to extend the temporary suspension of the capital gains tax on owners of multiple properties, criticizing the repeated extensions of the suspension period after the legislation and the opposition to not extending the suspension period.Citigroup: Initiates coverage of Sanofi (SNY.O) with a neutral rating and a target price of €85.On January 27th, a team led by Shen Zhichun, President of Samsung Electronics China Research Institute, and Lee Sang-bin, Resident Staff Member/Director of Samsung Research Institute Korea, visited the Haihe Laboratory for Brain-Computer Interaction and Human-Computer Collaboration. Shen Zhichun stated that Samsung Electronics China Research Institute is actively responding to national policy and plans to invest in research and technology reserves in the field of brain-computer interfaces. He expressed full confidence in the industrialization prospects of brain-computer interface technology and looked forward to further deepening communication and collaboration with the laboratory in the future. It is understood that Samsung Electronics China Research Institute is Samsung Electronics only pioneering research institute in China, focusing on cutting-edge technologies such as artificial intelligence, next-generation communication technologies, and standardization.

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

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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.


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