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The Peoples Bank of China announced today that it conducted 402 billion yuan of 7-day reverse repurchase operations, with a bid amount of 402 billion yuan and a winning bid amount of 402 billion yuan. The operation rate was 1.40%, unchanged from the previous rate.Futures Commentary by Everbright Futures: On January 26th, COMEX gold continued its upward trend, slightly retreating at the close to $5004.8 per ounce, a gain of 0.50%. Domestic SHFE gold traded in a high-level range overnight, closing at 1148.14 yuan per gram, a gain of 1.49%. 1. A report from the US Department of Commerce showed that durable goods orders rose 5.3%, compared to a revised 2.1% decline in the previous month. This was the largest increase in six months, driven by orders for commercial aircraft and other capital equipment. On the news front, Polymarket data showed that the market is betting on a 78% probability of a new US government shutdown before the end of January, compared to less than 10% last Friday. 2. Geopolitically, the US Navys USS Abraham Lincoln carrier strike group has arrived in the Middle East and is about to conduct several days of combat readiness exercises. The US militarys deployment around Iran has raised concerns in the market that geopolitical tensions may be rising again. The Federal Reserves interest rate meeting is scheduled for this week, and the probability of a rate cut in January remains low. However, with the market already anticipating this, its impact on gold has actually decreased. Nevertheless, with Trump continuing to stir up trouble in Greenland and the current situation in Iran, geopolitical tensions are escalating rather than decreasing. This erosion of market confidence in the dollar is a strong boost for gold, and its safe-haven appeal is unlikely to diminish in the short term. A bullish bias is expected in the short term, with attention focused on the outcome of the selection process for the next Federal Reserve Chair.January 27th - Latest industry data shows that major UK retailers saw their fastest price increases this month since February 2024, driven by rising prices in food, furniture, health, and beauty products. The British Retail Consortium (BRC) Store Price Index shows that retail prices rose 1.5% year-on-year in January, up from 0.7% in December. Food prices rose 3.9% year-on-year, up from 3.3% in December, marking the largest increase since October last year. "Any claims that inflation has peaked are not supported by these figures," said BRC Chief Executive Dickinson. "Store price inflation surged this month as businesses faced persistently high energy costs and the continued pass-through of National Insurance (NPIC) increases. Meat, fish, and fruit were particularly affected."BHP Billiton has surpassed Commonwealth Bank of Australia to become Australias most valuable stock.Chart: Speculative Sentiment Index on Tuesday, January 27, 2026

NZD/USD Maintains Below 0.6300 as Market Sentiment Declines; US Inflation Watched

Daniel Rogers

May 11, 2022 10:18

The NZD/USD pair is crumbling like a house of cards as market participants dump risk-perceived securities as uncertainty about the US inflation report looms in the FX realm. In anticipation of stronger inflation numbers that may require the Federal Reserve (Fed) to implement consecutive big rate hikes, the asset has fallen below 0.6300.

 

The market also anticipates that the Fed will announce a 75 basis point (bps) increase in interest rates in June. Although it appears inconsistent with Fed head Jerome Powell's statement that a 75 basis point rate hike is not under discussion. The Fed had no choice but to increase interest rates as a result of the multi-decade inflation's resurgence.

 

According to the market consensus, the annual CPI is projected to be 8.1%, while the core CPI, which excludes food and energy, is projected to be 6%. In the meantime, Loretta Mester, president of the Federal Reserve Bank of Cleveland, has stated that the Fed would continue to raise interest rates unless it observes a significant decline in inflation levels.

 

On the kiwi front, the situation appears to have deteriorated, as the Bank of New Zealand (BNZ) has predicted that "New Zealand's economic growth will cease in 2023." It appears that greater inflation has begun to manifest itself presently. The BNZ also reported that the likelihood of a recession in New Zealand is growing daily. This may diminish the demand for antipodean goods even further.

NZD/USD

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