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On April 3, the Australian bond market has experienced a dovish turn since the White House announced its new tariff agenda. IG market analyst Tony Sycamore said that the market has priced in an 85% chance that the Reserve Bank of Australia will cut interest rates by 25 basis points in May. Subsequent rate cuts are expected in August and November, with a cumulative rate cut of 75 basis points by November. He added that US tariffs have far exceeded expectations, increasing the likelihood of a trade war and recession in the United States. He also said that since goods from countries such as Vietnam are now effectively shut out of the United States, cheap goods are expected to flood other Asian markets.Japan’s Chief Cabinet Secretary Yoshimasa Hayashi declined to comment when asked about the possibility of retaliation against U.S. tariffs.Japanese Chief Cabinet Secretary Yoshimasa Hayashi: We believe that the recent US tariff measures may have a significant impact on the multilateral trading system, and we strongly call on the United States to exclude Japan from these measures.Japanese Economy, Trade and Industry Minister Yoji Muto: The online meeting with US counterparts was held before the tariffs were announced.Japanese Minister of Economy, Trade and Industry Yoji Muto: We have told the United States that tariff measures may hinder Japanese companies investment in the United States.

Gold Price Prediction: The XAU/USD pair remains stable near $1,750 as central bankers travel to Jackson Hole

Alina Haynes

Aug 24, 2022 15:11

 截屏2022-06-15 下午4.05.18_1024x576.png

 

Gold price (XAU/USD) ranges between $1,745 and $1,746 as traders prepare for Wednesday's European session.

 

In doing so, the shiny metal reflects the cautious disposition of the markets ahead of the US Durable Goods Orders report for July. The fact that global officials have recently left for Friday's important address at the Kansas City Fed's symposium in Jackson Hole further restrains the bullion's quick movement.

 

According to Reuters, "many of the central bankers travelling to the Grand Teton mountains this week are hopeful that the current inflationary pressures will abate swiftly enough to allow them to fight the projected economic downturns around the world."

 

Notably, the decline in US 10-year Treasury yields, near 3.03% and down 2.5 basis points (bps), also benefits the gold price. In contrast, economic concerns surrounding China, the world's largest consumer of commodities, impact on the XAU/USD exchange rate. Bloomberg reported that "authorities have been attempting to put a floor under a downturn caused by China's widening real estate crisis as well as a lingering impact to consumer and business mood caused by a stop-and-go Covid control plan."

 

Stock futures remain moderately offered as the US Dollar Index (DXY) oscillates near the intraday high after reversing from the yearly peak the day before.

 

US Durable Goods Orders for July, anticipated to be 0.6% versus 2.0% previously, will be crucial for intraday direction. However, Friday's statement by Fed Chairman Jerome Powell at the Kansas City Fed's conference in Jackson Hole deserves significant consideration. If authorities see recession as a greater risk than inflation and demonstrate a willingness to reverse the previously hawkish tilt, the XAU/USD could see additional gains.


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