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On June 24, the Bank of Korea reiterated its hawkish stance, stating that rising housing prices, expanding household debt, and increased leveraged investment could exacerbate financial imbalances, necessitating further interest rate hikes at an appropriate time. The Bank of Koreas semi-annual Financial Stability Report, released Wednesday, noted that despite increased domestic and international uncertainties, the South Korean financial system remained generally stable thanks to strong economic growth, resilient financial institutions, and sound external payments. However, the report warned that the risk of financial imbalances could further increase as housing prices in Seoul and surrounding areas accelerate and investors become increasingly reliant on leveraged asset purchases. Furthermore, while banks and other financial institutions maintain capital and liquidity buffers, credit risks for vulnerable borrowers and businesses continue to rise. The report stated, "The Bank of Korea will maintain the benchmark interest rate at 2.5% from the second half of 2025, but considering inflationary pressures, economic conditions, and financial stability risks, it believes it is necessary to raise the policy rate at an appropriate time."ASE (ASE): Many customers are following Nvidia (NVDA.O) and AMD (AMD.O) in expanding their investments in Taiwan.Futures News, June 24th - According to foreign media reports, data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that as of the week ending June 20th, Japans commercial crude oil inventories were 9,757,338 kiloliters, an increase of 33,755 kiloliters from the previous weeks 9,723,583 kiloliters. Refinery operational capacity utilization was 80.3%, compared to 81.9% the previous week. Refinery design capacity utilization was 70.5%, unchanged from the previous week. Due to changes in Japans petroleum product supply structure, the Petroleum Institute of Japan has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.On June 24th, SoftBank Group Chairman Masayoshi Son stated at the shareholders meeting that Arm (ARM.O), SoftBanks UK-based chip design company, will evolve from a chip designer to a chip provider, and will be directly involved in manufacturing. He predicted that "the future AI era will be CPU-centric," and emphasized that Arm "still has more than 10 times the growth potential." He also mentioned SoftBanks approximately 300 billion yen investment in Intel, saying that "it was initially met with criticism," but currently "its profits, calculated by market capitalization, have reached trillions of yen."The China Earthquake Networks Center officially reported that a magnitude 3.6 earthquake occurred at 10:53 a.m. on June 24 in Dongchuan District, Kunming City, Yunnan Province (26.00 degrees north latitude, 103.13 degrees east longitude), with a focal depth of 10 kilometers.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.

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