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South Koreas Industry Minister: Regrets US tariff measures.Tip: US President Trumps 25% tariff on imported cars has come into effect.Malaysias Ministry of Trade: Not considering retaliatory tariffs.Vishnu Varathan, head of macro research for Asia (excluding Japan) at Mizuho Securities, said on April 3 that U.S. reciprocal tariffs may continue to be a source of economic headwinds. These tariffs may also "inadvertently intensify and increase vulnerability to adverse demand shocks." Varathan said: "Asia has been particularly hard hit, especially in Cambodia, Vietnam, Thailand and Indonesia." In addition, South Korea, Japan, India and the European Union have not been spared, while the United Kingdom, Australia and Singapore have been the least affected. Varathan added that, therefore, the pressure on Asian currencies, except for Japan, may continue.On April 3, the Wall Street Journal reported that German automaker Volkswagen will impose an "import fee" on cars affected by US President Trumps 25% tariff. The report cited a memo sent to retailers saying that Volkswagen has temporarily stopped rail transportation from Mexico and will temporarily keep cars arriving by ship from Europe at the port. According to the agencys analysis of tariff codes contained in the Federal Register, Trumps 25% auto tariff will cover more than $460 billion worth of auto and auto parts imports each year. According to the report, Volkswagen told its dealers that it will provide more details on the pricing strategy for cars affected by tariffs by mid-April and plans to start distributing the cars to stores by the end of the month.

Gold Price Prediction: XAUUSD pulls back toward $1,750 ahead of Biden-Xi talks, and the Fed's pivot is anticipated

Daniel Rogers

Nov 14, 2022 18:42

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During Monday's Asian session, the gold price (XAUUSD) consolidates the largest weekly gains since March 2020 near $1,762. In doing so, the precious metal records modest losses within a bullish chart pattern that is one week old.

 

Notably, the light schedule appears to have prompted the XAUUSD retreat near the highest levels in three months. Anxiety ahead of a meeting between US President Joe Biden and China's Prime Minister Xi Jinping on the sidelines of the Group of 20 Nations (G20) summit in Bali is also likely to have prompted the gold buyers to be questioned.

 

Christopher Waller, governor of the Federal Reserve, attempted to defend the bulls by stating, "Rates will not fall until there is 'clear, strong evidence' that inflation is falling."

 

Against this backdrop, S&P 500 Futures retreat from a one-month high, falling 0.30 percent intraday near 3,990, while US 10-year Treasury yields rise six basis points (bps) to 3.89%, recording their first daily gain in four days.

 

As the market attitude deteriorates, updates from Bali can provide amusement for XAUUSD traders. Any spark in China's relations with its global counterpart, as a result of China's support for Russia, should exert additional downward pressure on gold. However, the previous week's discussions of the Fed's easy rate hikes in December, coupled with the disappointing US consumer-centric data, appear to keep gold buyers optimistic.

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