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According to RIA Novosti: Russian troops have occupied Zarichne in eastern Ukraine.Gold prices climbed again on December 24th, continuing their upward trend after hitting a record high in the previous trading session. Swissquote Bank senior analyst Ipek Ozkardeskaya pointed out that gold prices have broken historical highs more than 50 times this year, and the core factors driving the current price increase have not subsided. She stated, "Theoretically, the medium- to long-term outlook for gold remains optimistic."On December 24th, two Japanese government sources revealed that the Japanese government plans to reduce the issuance of new ultra-long-term government bonds to approximately 17 trillion yen in fiscal year 2026, the lowest level in 17 years. This move is intended to address market concerns about an oversupply of government bonds, with yields on ultra-long-term Japanese government bonds recently surging to record highs. The sources indicated that, as part of the new fiscal years bond issuance plan, the Ministry of Finance will also temporarily suspend increases in the issuance of benchmark 10-year Japanese government bonds. This adjustment highlights the Japanese governments sensitivity to the recent continued rise in government bond yields. Sources familiar with the matter said that the Ministry of Finance is considering reducing the monthly issuance of 20-year, 30-year, and 40-year Japanese government bonds by 100 billion yen each in fiscal year 2026. If this plan is implemented, the total annual issuance of ultra-long-term government bonds will fall to the lowest level since 2009 and is lower than the planned size for the current fiscal year ending in March 2026. The Ministry of Finance declined to comment.On December 24th, Pfizer (PFE.N) announced that a patient participating in a long-term study of its hemophilia drug died after experiencing severe side effects. Pfizers stock price closed down more than 1% that day. In a statement, Pfizer responded to the patients death, saying, "Pfizer, together with the trial investigators and an independent external data monitoring committee, is actively gathering information to better understand the complex, multifactorial circumstances surrounding this event." The company also stated that, based on its current understanding and overall clinical data collected to date, Pfizer does not expect the patients death to have any impact on the safety of patients receiving the drug.Sources say Japan will cut new issuances of ultra-long-term Japanese government bonds to about 17 trillion yen in the next fiscal year, the lowest level in 17 years.

Despite caution, EUR/USD continues bids above 1.0250

Daniel Rogers

Aug 15, 2022 14:55

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After the US sent a delegation to Taiwan over the weekend, despite House Speaker Nancy Pelosi's contentious visit to the disputed island, which enraged Beijing, investors sought protection in government bonds and the dollar in the face of rising US-China threats.

 

Rates are also heavily influenced by the likelihood that the Fed will raise interest rates by 50 basis points (bps) in September as a result of easing US inflation pressures, with all eyes on the FOMC minutes due out on Wednesday for new information on the direction the world's most potent central bank will take its policy.

 

Despite a decline in rates and a sluggish demand for riskier assets in early Asian trades, the US dollar is holding up well. The US dollar index is trading at 105.61, unchanged from its previous close of 105.88 on Friday. Despite Wall Street's stellar performance, a substantial dollar increase was caused by stronger US Michigan Consumer Sentiment data and a dimming US inflation forecast.

 

As the European energy crisis gets worse, the gains in the common currency on the EUR side of the equation are likely to remain small. Germany is already suffering the most as a result of a decrease in Russian gas exports, which is wreaking havoc on the old continent. The Rhine's ebbing waters, which make transport along the river more challenging, could cause a recession in Germany.

 

By the end of the week, the reference level was predicted to drop below 40 centimeters in Kaub, a notorious shipping bottleneck where the Rhine flows shallow and narrow. One of the most significant goods shipped on the waterway is coal.

 

On both sides of the Atlantic, Monday's economic calendar features few noteworthy data releases. As a result, the main currency pair will continue to be influenced by the current market sentiment and dollar price action.

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