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Japanese Finance Minister Satsuki Katayama: Our planned stimulus package is not necessarily expansionary; we recognize the need for sensible spending.Futures News, November 21st: Crude oil prices continued their downward correction, while fuel oil news remained bearish, with no positive support from the supply and demand perspective in the short term. Market participants lacked confidence in future trading, opting for cautious small-order purchases, putting pressure on refinery shipments. It is expected that todays negotiations will maintain a stable to slightly lower trend.November 21 – Japanese authorities have issued their strongest warning to date to the foreign exchange market regarding the sharp fluctuations in the yen, with the Finance Minister specifically mentioning intervention as an option in an attempt to curb the yens continued depreciation. Finance Minister Satsuki Katayama stated on Friday, "The government will take appropriate measures to address disorderly fluctuations in the foreign exchange market, including those driven by speculation, based on the approach outlined in the September Japan-U.S. joint statement. Since the September document from the Japan and U.S. finance ministers explicitly included foreign exchange intervention, this is naturally something we can consider." Katayama expressed deep concern about recent exchange rate movements, noting their extremely one-sided and rapid nature. Following Katayamas remarks, the yen briefly strengthened but subsequently gave back all gains, continuing to hover near its lowest level since January.Japans preliminary manufacturing PMI for November was 48.8, down from 48.2 in the previous month.Japans preliminary services PMI for November was 53.1, unchanged from the previous month.

Gold Price Prediction: The XAU/USD pair seeks to maintain above $1,980, while investors observe the Fed's preferred inflation tool

Daniel Rogers

Mar 31, 2023 11:40

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During the Asian session, the gold price (XAU / USD) aims to maintain its auction above the critical resistance of $1,980.00. Even though the US Dollar Index (DXY) has shown signs of recovery from 102.00, the precious metal is aiming to surpass Thursday's high of $1,984.65.

 

In the Asian session, S&P500 futures have generated significant gains. US equities have sustained the purchasing frenzy, indicating a buoyant market sentiment. In the meantime, the demand for US government bonds has decreased further in the expectation that the US financial sector will not suffer further losses.

 

Investors are anticipating that the Federal Reserve will maintain its monetary policy posture in May, so the USD Index's recovery must pass through a number of filters. (Fed). Jerome Powell, chairman of the Federal Reserve, stated in a private meeting with US lawmakers that he anticipates one more rate hike in 2023. The Fed Chairman Powell's statement is not limited to the May policy. Therefore, the likelihood of a stable monetary policy in May is very high.

 

The USD Index will remain active on Friday prior to the release of the Personal Consumption Expenditures (PCE) Price Index data. Wells Fargo analysts anticipate that the PCE deflator will outpace nominal spending (+0.3%).


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