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November 10th - According to a Nikkei report, economist Takuji Aida, who has been selected to join the Japanese governments key advisory committee, stated that the Bank of Japan should avoid raising interest rates in December and should wait until at least January to support the fragile economy. In an interview released on Monday, Aida pointed out that the government should use large-scale spending to mitigate the impact of rising living costs on the public before real household income returns to positive growth. "A December rate hike by the Bank of Japan would face significant risks," Aida said, citing the possibility that the Japanese economy may have already contracted in the third quarter. He has been selected to join Prime Minister Sanae Takaichis core think tank to participate in the deliberation of the governments growth strategy. Aida emphasized that a December rate hike would also contradict the governments efforts to stimulate the economy through large-scale spending. If the Bank of Japan can foresee robust economic growth in fiscal year 2026, then a rate hike in January of the following year would be a more feasible option.November 10th, Futures News: Economies.com analysts latest view: Spot gold recorded a significant rise in the previous trading session, strongly breaking through the key resistance level of $4,050, which was the potential target mentioned in our previous analysis. This positive performance further consolidates the prices stability above the 50-day EMA, providing additional momentum for spot gold to continue expanding its profits.November 10th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices rose during the previous trading day, touching the EMA50 moving average resistance level, attempting a technical correction within the short-term downtrend. The current price is still moving along the downward trend line, further strengthening selling pressure in the market.November 10th, Futures News: Economies.com analysts latest view: Brent crude oil futures prices showed a cautious upward trend in the previous trading session, mainly supported by a positive signal from the Relative Strength Index (RSI). Previously, prices had digested overbought conditions and touched the resistance level of its 50-day exponential moving average (EMA50). With the main bullish trend dominating and prices moving along the secondary trend line in the short term, this somewhat reduces the likelihood of further price rebounds in the near future.Li Auto: Cumulative deliveries of its Li Auto range-extended SUVs have exceeded 1.4 million.

Before Fed Hints And A Flood of U.S. Data, Gold's Early-year Rally Fizzles

Haiden Holmes

Jan 18, 2023 11:21

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The yellow metal held below a level not seen in eight months on Wednesday as markets remained cautious ahead of a flurry of Federal Reserve speakers and U.S. economic data due this week.


Despite the fact that projections of a less aggressive Federal Reserve and the possibility of a recession have spurred strong gains in gold over the past two weeks, traders are still looking for further confirmation of this trend. This week, several Fed officials are expected to appear, with Vice Chair Lael Brainard on Thursday being the most notable.


Numerous U.S. economic metrics will also shed insight on the performance of the world's largest economy in December, beginning with producer price index inflation, retail sales, and industrial output data expected Wednesday evening.


Spot gold remained constant at $1,908.74 per ounce at 19:19 EDT, while gold futures rose 0.1% to $1,911.30 per ounce (00:19 GMT). Tuesday saw declines of 0.5% for both assets.


Last week, gold climbed sharply to a more than eight-month high on the strength of a falling dollar and growing concerns of a recession this year. The yellow metal is presently trading almost $160 behind its all-time high due to an increase in wages that the Federal Reserve would hike interest rates at a slower pace this year.


This week, the dollar rebounded from a seven-month low against a basket of currencies, regaining some momentum. As traders awaited a Bank of Japan policy meeting slated for later in the day, dollar gains were limited.


Given that the BOJ's ultra-loose monetary policy tightening portends greater global economic headwinds, any signals of hawkishness from the central bank might shock the dollar and provide extra support for gold.


Other precious metals maintained tight ranges on Wednesday.


In response to signs of economic strength in China, the world's largest copper importer, copper prices dropped significantly on Wednesday.


Futures for high-grade copper fell 0.2% to $4.2272 a pound after gaining over 2% in the prior session.


According to figures released Tuesday, China's economic growth slowed sharply in 2022 compared to the previous year. However, better-than-expected growth in the fourth quarter, particularly in December, has fuelled optimism that the nation will enjoy a resurgence this year following the lifting of the majority of anti-COVID measures.

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