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Shanghai Auntie (02589.HK) continues to rise, currently up over 10%.The Hang Seng Tech Index fell further to 2%, while the Hang Seng Index is currently down 1.12%.Futures Commentary by Everbright Futures: Overnight, COMEX gold weakened amid fluctuations. After opening today, overseas gold prices rebounded somewhat, with a gain of approximately 0.45% as of this writing. Market sentiment remains volatile. 1. On the policy front, the remarks made by Federal Reserve Chair nominee Warsh at his Senate confirmation hearing last night exerted some downward pressure on gold prices. Warsh stated that he is "committed to ensuring that the implementation of monetary policy remains strictly independent," emphasizing that interest rate decisions "must be strictly independent of political considerations," and pointing out that Trump never asked him to commit to rate cuts. The market interpreted this statement as a hawkish signal, coupled with his call for a "new inflation framework and communication method" from the Fed, further strengthening market expectations that monetary policy is unlikely to shift to easing in the short term, thus putting pressure on gold. 2. On the geopolitical front, a dramatic reversal occurred. Earlier today, Trump publicly stated that he did not intend to extend the ceasefire agreement between the US and Iran, which expires on the evening of the 22nd, and threatened to resume bombings against Iran after the ceasefire expires, triggering a rise in market risk aversion. However, hours later, Trump announced on social media that, at Pakistans request, he agreed to extend the ceasefire, pending Irans submission of a negotiating proposal. He also instructed the US military to continue its naval blockade of Iran and maintain a state of readiness. This fluctuating stance caused market sentiment to waver. 3. In summary, the obstruction of navigation in the Strait of Hormuz pushed up oil prices and inflation expectations, coupled with persistent expectations of Fed tightening, becoming the core factor suppressing gold prices. The US-Iran negotiations have been repeatedly uncertain, increasing short-term market divergence. Before the negotiations become clearer, traders are advised to control their positions and wait for confirmation of direction. However, given the current US stance of still favoring a negotiated solution, traders may consider buying on dips during periods of volatility.Market news: Japans finance minister will meet with the banking sector to discuss the threat posed by Anthropics Mythos model.On April 22, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.3380%, and the lowest was 0.8440%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0670%, and the lowest was 1.0030%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.1550%, and the lowest was 1.0000%.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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