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Reserve Bank of New Zealand Governor Brehman: Previous rate cuts are still providing some stimulus to the economy.Bank of Japan Governor Kazuo Ueda will attend a meeting of the House of Councillors Finance Committee from 04:15 to 04:40 GMT (12:15 to 12:40 Beijing time).Futures News, April 9th: 1. Heavy rainfall and severe convective weather are expected in southern Jianghuai and northern Jiangnan regions. From April 9th to 10th, moderate to heavy rain is expected in parts of southern Jianghuai and northern Jiangnan, with localized torrential rain or extremely heavy rain, accompanied by short-term heavy rainfall, thunderstorms, strong winds, or hail. ② The Central Meteorological Observatory continued to issue a blue rainstorm warning and a yellow convective weather warning at 06:00 on April 9th. It is expected that from 08:00 on April 9th to 08:00 on April 10th, heavy rain is expected in parts of southern Anhui, southern Jiangsu, southeastern Hubei, northeastern Hunan, northern Jiangxi, and northern Zhejiang, with torrential rain in parts of southern Anhui, northern Jiangxi, and northern Zhejiang, and localized extremely heavy rain (100-110 mm). These areas will also experience short-term heavy rainfall (maximum hourly rainfall of 20-40 mm, locally exceeding 50 mm). 1. Thunderstorms with winds of level 8 or higher, or hail, are expected in parts of eastern Jianghan Plain and northern Jiangnan region. Parts of southeastern Hubei, northern Jiangxi, and northeastern Hunan will experience thunderstorms with winds of level 10 or higher, with maximum wind speeds reaching level 11 or higher. The possibility of tornadoes cannot be ruled out in some areas. 2. Heavy rainfall occurred in Argentina and Brazil. Yesterday, moderate to heavy rain occurred in eastern Argentina, southern Brazil, Uruguay, southern Paraguay, the southeastern coast of the United States, northern Palestine, Indonesia, and Malaysia, with some areas experiencing torrential rain or extremely heavy rain. In addition, moderate to heavy snow or sleet occurred in southern Canada, the Great Lakes region, the Labrador Peninsula, Iceland, Norway, Finland, central Russia, and northern Inner Mongolia, with some areas experiencing blizzards or extremely heavy snow. 3. Blizzards occurred in central and southern Russia and the Far East. Over the next three days, affected by a cold vortex, moderate to heavy snow or sleet is expected in parts of southern Central Siberia, the Far East, northern Mongolia, Kyrgyzstan, Tajikistan, and high-altitude areas of central Afghanistan, with some areas experiencing heavy to blizzard conditions and localized blizzards.Samsung Electronics and SK Hynix both fell by about 2%.According to data from shipping intelligence company Kpler, no oil tankers have passed through the Strait of Hormuz since the ceasefire was reached yesterday; the four vessels that have passed through were all dry cargo ships.

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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