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Gold prices fell slightly on Tuesday, October 21, as investors took profits after gold prices hit a new high in the previous trading day. Tim Waterer, chief market analyst at KCM Trade, said, "Profit-taking and weakening safe-haven inflows have weakened the advantage of gold prices today... Any pullback in gold will be seen as a buying opportunity, and the Federal Reserve is still on the track of interest rate cuts. If the US CPI data released later this week does not bring any unpleasant upward surprises, then the current gold price rally has further room to rise."Insurers managing $23 trillion plan to further increase their holdings of private market assets to achieve smooth long-term returns, according to a BlackRock survey.On October 21st, the overnight Shibor (Shibor) rate was at 1.3170%, unchanged from the previous trading day. The 7-day Shibor rate was at 1.4260%, up 0.80 basis points; the 14-day Shibor rate was at 1.5040%, up 3.60 basis points; the January Shibor rate was at 1.5570%, unchanged from the previous trading day; and the March Shibor rate was at 1.5860%, up 0.40 basis points.Hong Kong-listed consumer stocks weakened, with Pop Mart (09992.HK) falling more than 5%, Gu Ming (01364.HK) falling more than 4%, and BRUCO (00325.HK), Laopu Gold (06181.HK), and Mixue Group (02097.HK) following suit.Futures data from October 21st revealed that as of October 20th, the mainstream benzene market in East China closed at 5,535 yuan/ton, down 220 yuan/ton from 5,755 yuan/ton at the beginning of October. Looking at the post-holiday market, major ports in East China maintained a steady pace of destocking in early October, but concerns about crude oil oversupply intensified, with Brent crude futures falling to a five-month low and weakening market sentiment. Coupled with a lack of downstream market support, exacerbating losses, and a lack of new orders from end users, secondary downstream inventories remained high and difficult to reduce, creating significant price transmission resistance. The market may face downward pressure in late October.

UK GDP comes into focus when the EUR/GBP crosses a hurdle near 0.8440

Alina Haynes

Aug 11, 2022 12:03

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During the early Tokyo trading session, selling pressure developed on the EUR/GBP exchange rate towards the significant resistance level (R) of 0.8440. Prior to then, the cross had reversed after a sudden decline to about 0.8420. The German Harmonized Index of Consumer Prices (HICP), which measures consumer price changes, held stable at 8.5%, while the asset declined on Wednesday after breaching a crucial support level of 0.8440. Furthermore, Germany's inflation rate matched expectations.

 

It is interesting that decreased oil prices have led to a dramatic decline in inflation in the US economy. The decline in oil prices should also contain inflation in Germany. This suggests that the ongoing energy crisis in Germany brought on by Russia shutting down a crucial gas pipeline to Europe has been unaffected by the reduction in oil prices.

 

Investors sold off the common currency's bulls. The multiplying effects of the inflation issue provide the European Central Bank (ECB) with an ever-more challenging situation.

 

The market was expecting the UK's GDP to grow by 0.3% in the second quarter, but analysts estimate a 0.2% decline. The 1.3% decrease in the UK GDP is anticipated to more than outweigh the 0.5% monthly expansion. Additionally, annual GDP predictions were reduced from 8.7% to 2.8%.

 

It is also anticipated that manufacturing output will fall short of expectations. An annual decline of 1.3% from the previous 2.3% is projected. However, the rate of industrial production increase each year might be between 1.4% and 1.6%.


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