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DownDetector, a network monitoring website, reports user complaints that social media platform “X” is experiencing issues.January 24th - The market is widely focused on when the window for reserve requirement ratio (RRR) and interest rate cuts will open. Ming Ming, chief economist at CITIC Securities, stated that based on past experience, a reduction in the relending rate opens up corresponding room for overall interest rate cuts. With a large number of fixed deposits maturing in the first quarter, the pressure on bank interest rate spreads is easing, and the timing of a policy rate cut is expected in the second quarter. "A RRR cut is expected to be implemented in the first quarter, but a comprehensive interest rate cut still needs to wait," analyzed a research report from Galaxy Securities. The report suggests that with fiscal policy taking the lead and monetary policy actively cooperating with fiscal policy, a 50 basis point RRR cut is likely to be implemented. A comprehensive interest rate cut still needs to wait for the right opportunity; it is expected that there will be one to two interest rate cuts throughout the year, totaling a reduction of 10 to 20 basis points in the policy rate, thereby guiding the LPR (Loan Prime Rate) downward, which will then be transmitted to further reduce loan and deposit rates.January 24 - According to the China Coast Guard, on January 23, the China Coast Guard continued its search and rescue operation for crew members of a capsized foreign cargo ship near Huangyan Island. As of now, four crew members remain missing. The China Coast Guard vessels Dongsha and Sanmen, together with the Philippine Coast Guard vessel 9701, which arrived at the scene that evening, are conducting search and rescue operations in designated areas.On January 24th, Xiaomi Group announced its plan to repurchase no more than HK$2.5 billion worth of its Class B ordinary shares, with the repurchase program officially commencing on January 23rd. Since 2026, major Hong Kong stock market indices have generally maintained a volatile but upward trend, with repurchase amounts exceeding HK$11 billion. Industry leaders have maintained their repurchase pace and intensity; Tencent Holdings, for example, has repurchased over HK$6 billion this year. However, according to statistics, only 108 Hong Kong-listed companies have joined the repurchase program this year, a decrease from 121 in the same period last year, with a more significant reduction in the repurchase amount.The Dow Jones Industrial Average closed down 285.30 points, or 0.58%, at 49,098.71 on Friday, January 23; the S&P 500 rose 2.26 points, or 0.03%, to 6,915.61 on Friday, January 23; and the Nasdaq Composite rose 65.22 points, or 0.28%, to 23,501.24 on Friday, January 23.

Gold Price Prediction: The XAU/USD pair will fall below $1870 as yields rise ahead of Fed Chair Powell's speech

Alina Haynes

Jan 10, 2023 14:55

截屏2023-01-09 下午5.31.06_1024x576.png

 

In the Tokyo session, the gold price (XAU/USD) has fallen below the immediate resistance of $1,870.00. The precious metal has broken through the consolidation formed in the band of $1,870.00-1,881.50 as demand for US government bonds deteriorates ahead of the speech by Federal Reserve (Fed) chairman Jerome Powell on Tuesday.

 

The 10-year US Treasury yields have risen beyond 3.54 percent, dampening risk appetite. Meanwhile, S&P500 futures have become volatile following a sell-off late in Monday's session, signaling caution in establishing positions in risky assets. The US Dollar Index (DXY) is anticipated to attempt a break above the immediate resistance of 103.00 into the auction area.

 

Investors anticipate Fed Powell's speech for fresh cues, as it will provide a head start for the entirety of CY2023. Despite a sharp reduction in December wage inflation, some Fed policymakers continue to endorse a terminal rate prediction of 5.00-5.25%.

 

Mary Daly, president of the San Francisco Fed Bank, argued that interest rates between 5% and 5.25 percent are fair. Also, the president of the Atlanta Federal Reserve bank, Raphael Bostic, anticipates an interest rate peak in the range of 5% to 5.25 percent and the continuation of higher interest rates through CY2023.

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