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August 13th - According to foreign media reports, Japanese Prime Minister Sanae Takaichi supports a near-term interest rate hike by the Bank of Japan, with the next move likely in September or October. The Bank of Japans concerns about the weak yen pushing up prices, coupled with the governments desire to enhance the effectiveness of recent joint US-Japan foreign exchange market intervention, have led to a convergence in their stance on the necessity of a near-term rate hike. The Prime Ministers Office believes that specific monetary policy measures, including interest rate hikes, should be decided by the Bank of Japan, but both sides should cooperate closely to achieve the 2% inflation target with "stability."Market news: The Bank of Japan may raise interest rates in September or October.Market news: Japanese Prime Minister Sanae Takaichi reportedly supports the Bank of Japan raising interest rates more quickly.On August 13, the Bank of Korea (BOK) purchased gold-related assets for the first time in 13 years to hedge against geopolitical and economic uncertainties. According to a filing with the U.S. Securities and Exchange Commission, the BOK held 679,765 shares of SPDR Gold Shares, worth approximately $250 million, at the end of the second quarter. The filing shows that three months prior, the bank did not hold any shares in the worlds largest physical gold-backed ETF. The BOK stated that this investment marks its first purchase of gold-linked assets since 2013. This purchase will not increase the banks official gold reserves, as gold ETFs are classified as securities and are part of its foreign exchange reserves. Choi Kyuho, an economist at Hanwha Investment & Securities, said, "The BOKs current gold allocation is quite low. From a global standards perspective, the BOK still has room to purchase more gold. I believe they will gradually increase their gold holdings."According to Interfax news agency, local officials said a drone struck an industrial area in Bashkorto, Russia.

Natural Gas prices fall below $2.70 despite USD Index attempts to recover, and demand concerns grow

Alina Haynes

Mar 14, 2023 13:12

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After a perpendicular recovery to close to $2.70 in the Asian session, Natural Gas futures have turned sideways. Weakness in the US Dollar Index (DXY), in general, has aided the upward bias in natural gas prices. Natural Gas futures appear vulnerable near $2.70 as the USD Index has demonstrated a recovery move to near 103.90 as investors become anxious ahead of the release of the United States Consumer Price Index (CPI) data.

 

The Federal Reserve's decision to raise interest rates is anticipated to have a negative impact on industrial demand for natural gas (Fed). The market anticipates that Fed chair Jerome Powell's scheduled rate hikes will lead to a recession in the near future.

 

Meanwhile, Winter is nearing its conclusion and summer has not yet arrived. Consequently, demand for residential purposes to heat domestic spaces will remain low. Additionally, because residences will require less electricity to operate air conditioners, power companies are less reliant on natural gas.

 

The recent decline in the USD Index is what has given Natural Gas prices new life. The US Energy Information Administration's (EIA) inventory data, which is released every Thursday, will dominate this week's trading in Natural Gas futures.

 

Going forward, investors eagerly anticipate the publication of US inflation data in order to form a new consensus. According to the projections, the headline CPI could fall to 6.0% from the previous release of 6.4%. And, core inflation, which excludes crude and food prices, is anticipated to decrease slightly to 5.5% from the previous release of 5.6%.

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