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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: XAU/USD seeks direction following Fed-inspired volatility; US Retail Sales to be monitored

Daniel Rogers

Dec 15, 2022 11:32

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Gold price (XAU/USD) is hanging around $1,810.00 in the early Asian session after dramatic fluctuations in response to the Federal Reserve's interest rate decision and policy guidance (Fed). The precious metal fluctuated wildly within a range of $1,796 to $1,814 and is now extremely quiet as investors analyze Fed head Jerome Powell's remarks prior to making an informed decision.

 

The US Dollar Index (DXY) fell to a new six-month low of 103.49 as the Federal Reserve opted to proceed with a measured approach to future policy tightening. S&P500 closed Wednesday on a pessimistic note as the Fed's prediction of a higher terminal rate of 5.1% generated a danger of liquidity crunch in the economy, which may exacerbate recession risks. However, the Fed has supplied a diplomatic perspective on recession by stating, "No one knows if a recession will occur or not."

 

In the meantime, 10-year US Treasury rates have declined further to 3.48 percent as Fed monetary policy that is less aggressive has stimulated demand for US Treasury bonds. Thursday's release of U.S. Retail Sales figures will be closely monitored by investors moving ahead. The monthly Retail Sales data (Nov) is anticipated to decrease by 0.1% compared to the prior reading of 1.3% growth. A drop in retail demand will contribute to additional inflation data softening.

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