EUR/USD 1.16325
-0.094%
Gold 4616.97
-0.214%
Oil 59.389
-2.603%
USD/JPY 158.551
0.076%
GBP/USD 1.34131
-0.250%
GBP/JPY 212.671
-0.154%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On January 15th, Zou Lan, spokesperson and vice governor of the Peoples Bank of China, stated that the central bank, in conjunction with the State Financial Regulatory Commission, will lower the minimum down payment ratio for commercial property purchase loans to 30% to support the reduction of inventory in the commercial real estate market. A representative from the China Index Academy stated that previously, the minimum down payment ratio for commercial properties (including shops, office buildings, hotels, and commercial complexes) was 50%. The central banks move to lower the down payment ratio to 30% directly reduces the barrier to entry for purchasing commercial properties and helps to stimulate activity in the commercial real estate market.On January 15th, the State Administration for Market Regulation (National Standardization Administration) approved and released a batch of important national standards, covering emerging fields, transportation and green and low-carbon development, work safety, and peoples daily lives. In emerging fields, four national standards for industrial internet platforms were released, providing crucial support for the large-scale development and application of industrial internet platforms. Four national standards for digital supply chains were also released, facilitating the digital development of supply chains and enhancing the resilience of the industrial chain. Five national standards for integrated safety in smart factories were released, promoting the manufacturing industry towards a high-quality and sustainable development stage through data-driven precision management. Finally, a national standard for the technical specifications of classification and comprehensive utilization of recyclable rare earth secondary resources was released, supporting the recycling and utilization of rare earth resources.January 15th - According to multiple sources, the tax evasion period for overseas income of mainland Chinese tax residents has been extended, now extending to as early as 2020 or even 2017. Since 2025, many tax residents have received notices and reminders from tax authorities requiring them to conduct self-assessments of their domestic and overseas income and file tax returns promptly. The tax evasion scope mainly covers the past three years, primarily 2022 and 2023.On January 15th, MIUI analyst Lee Hardman stated in a report that Japanese authorities may find it difficult to support the yen through potential intervention. He pointed out that market concerns about fiscal risks are unlikely to subside in the short term, and the Federal Reserve is expected to keep interest rates unchanged until a new chairman takes office. The Japanese Finance Minister hinted at possible intervention after the yens recent sharp decline, primarily influenced by Prime Minister Sanae Takashis plan to call a snap election. Investors are betting that if Takashi consolidates her power, she may push for further fiscal stimulus, thereby reducing the likelihood of interest rate hikes.On January 15th, ING analyst Bert Colijn stated in a report that the Eurozone industrial recovery appears to be showing signs of renewed vitality. Industrial output rose 0.7% month-on-month in November, marking the third consecutive month of increase. Colijn pointed out that excluding the unusually high output in March due to manufacturers anticipating US tariffs, production has reached its highest level in two and a half years. He stated, "The industrial outlook is improving as investment drives production growth." However, the coming months may be disappointing, as the manufacturing Purchasing Managers Index (PMI) has shown a steady decline in confidence since August. Colijn added, "While there may be significant volatility, Eurozone industry is indeed showing more signs of recovery as investment plans are gradually implemented."

Gold Price Forecast: XAU / USD bears move in for the kill ahead of a key event, Fed's Powell

Alina Haynes

Mar 07, 2023 11:57

 253.png

 

Even though the US Dollar fell and yields increased advance of Jerome Powell's testimony before Congress, gold prices were slightly weaker during the US session. After breaking a streak of four consecutive weekly declines, the yellow metal was falling below $1,850. Initially, China's modest growth objective led to a strengthening of the US dollar, but Powell is expected to reiterate the view that rates will rise faster than predicted.

 

Recent statements by Fed officials have reaffirmed the need to continue raising interest rates until they reach at least 5%, and a plethora of data points in that general direction. "Several regional Fed presidents have signaled an openness to higher interest rates and larger increases if the data remain robust. It would mark a shift in the Fed’s guidance if Powell articulates similar sentiments at tomorrow’s testimony and a step back from the cautious policy around rates,'' analysts at ANZ Bank said.

 

Recent strength in Nonfarm Payrolls and Retail Sales data suggests that policy is not restrictive enough, and the Fed may have been caught off guard by weak fourth-quarter data. The analysts added that the Fed might benefit from highlighting the significance of short-term inflation expectations and current inflation in its estimates of restrictiveness.

 

In the meantime, the Nonfarm Payrolls data will be the focus, as many Fed members are anticipating a slowdown in job growth following January's surge of over 500,000 new positions. However, if the employment market doesn't cool sufficiently, the markets will likely see that the March FOMC meeting will likely see a 50bp hike, which is anticipated to impact heavily on the Gold price. ''A return to CTA selling could be in the cards as prices still tantalize with a break below the 200dma and key $1,800/oz mark,'' analysts at TD Securities argued.

Suggestion