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☆ Dollar dips ahead of key US data, bitcoin soars
▼ + stars: | 2023-10-24 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsTOKYO, Oct 24 (Reuters) - The dollar softened against a basket of currencies on Tuesday, mirroring a dip in Treasuries yields as investors awaited key U.S. economic data before the Federal Reserve's monetary policy meeting next week. The dollar index last sat around 105.57, having lost over 0.5% in the previous session as U.S. Treasury yields tumbled. Bitcoin returned the market spotlight with the virtual currency soaring on speculation that the United States could soon approve a bitcoin exchange-traded fund. The PMI data could set the market expectations ahead of the GDP report, said Matt Simpson, senior market analyst at City Index. Traders see the 150 threshold as a possible line-in-the-sand for Japanese authorities to intervene in the currency market.

Persons: Dado Ruvic, Jerome Powell, Bitcoin, Matt Simpson, Kyle Rodda, bitcoin, Brigid Riley, Sam Holmes Organizations: REUTERS, Rights, Federal, Treasury, PMI, Fed, European Central Bank, Traders, Capital.com, Thomson Locations: United States

ON TRACK FOR GOVT GDP TARGETThe recovery momentum suggests the government's full year 2023 growth target of around 5.0% is likely to be achieved. The key issue is what growth target the government will set and how much fiscal easing will take place." The statistics bureau said China would be able to hit the 2023 growth target if the fourth quarter growth tops 4.4%. Moody's Analytics has also raised its 2023 growth projection to 5% from 4.9%. The faltering property sector has hit some of the biggest developers in the country.

Persons: Matt Simpson, Zhiwei Zhang, Tingshu Wang, Frederic Neumann, Louise Loo, Ellen Zhang, Joe Cash, Kevin Yao, Shri Navaratnam Organizations: Gross, National Bureau, Statistics, Reuters, Index, New, REUTERS, Nomura, JPMorgan, Analysts, Country Garden Holdings, HK, Global Research, HSBC, Oxford Economics, Monetary Fund, Thomson Locations: BEIJING, Brisbane, U.S, Beijing, China, New Zealand, Asia

☆ China's Q3 GDP growth, Sept activity show economic recovery gaining momentum
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +3 min

On a quarter-by-quarter basis, GDP grew 1.3% in the third quarter, accelerating from a revised 0.5% in the second quarter and above the forecast for growth of 1.0%. "It seems that all of that stimulus is finally beginning to take effect, with a broad beat from growth, retail sales, industrial production and unemployment," said Matt Simpson, senior market analyst at City Index in Brisbane. The economy faltered in the second quarter after a brief post-COVID recovery, dragged by a property downturn and huge debt due to a decades-long infrastructure binge. The recovery momentum suggests the government's full year 2023 growth target of around 5.0% is likely to be achieved. Growth of retail sales, a gauge of consumption, also beat expectations, rising 5.5% last month, and accelerating from a 4.6% increase in August.

Persons: Tingshu Wang, Matt Simpson, Zhiwei Zhang, Ellen Zhang, Joe Cash, Kevin Yao, Shri Navaratnam Organizations: REUTERS, Gross, National Bureau, Statistics, Index, Analysts, Thomson Locations: Beijing, China, BEIJING, Brisbane

☆ Gold skids, but holds above $1,900 as Israel-Hamas war rages
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Spot gold fell 0.7% to $1,919.21 per ounce by 0423 GMT and U.S. gold futures dropped 0.5% to $1,932.70. Given the surge in prices, gold will likely remain in focus for traders seeking to buy dips, which makes $1,920 and $1,900 of area of interest. But if tensions in the Middle East continue to escalate, shorting gold may not end too well for bears over the near-term. Data on Friday showed that COMEX gold speculators increased net short position by 11,784 contracts to 14,788 in week ended Oct. 10.

Persons: Hungary Gold, Matt Simpson, Wang Tao, Joe Biden, Jerome Powell's Organizations: Heraeus SA, Solar, Hamas, Investors, Federal Locations: Budapest, Hungary, Israel

☆ Safe-haven gold soars as investors bolt for safety from Middle East clashes
▼ + stars: | 2023-10-09 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on September 15, 2023. Gold prices climbed more than 1% on Monday as dramatic clashes between Israeli and Hamas forces over the weekend raised the risk of a wider Middle East conflict and spurred a rush to safe haven investments like bullion. Spot gold jumped 1% to $1,849.51 per ounce by 0317 GMT, having hit its highest level in a week. "Gold has regained its safe-haven status following the geopolitical events over the weekend," City Index Senior Analyst Matt Simpson said. Higher U.S. rates raise the opportunity cost of holding gold, which yields no interest.

Persons: Matt Simpson Organizations: Novosibirsk Refining Plant, Hamas, Federal, Higher Locations: Novosibirsk, Russia, Israel, Gaza, Higher U.S

☆ Pound, franc slide as central banks pause hikes; dollar holds firm
▼ + stars: | 2023-09-21 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The euro rose as high as 0.9677 francs and is set for its biggest one-day rise since June. The dollar rose 0.8% to 0.9053 francs , hitting its highest level since June 13. "The Swiss franc has understandably weakened after the surprise hold in the policy rate today," ING strategists said in a note. Meanwhile, Sweden's Riksbank and Norway's central bank both raised rates by 25 basis points, in line with expectations. Although you never know for sure with this central bank," said Matt Simpson, senior market analyst at City Index.

Persons: Dado Ruvic, Sterling, Goldman Sachs, Michael Cahill, Sweden's, Niels Christensen, Matt Simpson, Samuel Indyk, Brigid Riley, Kevin Buckland, Sam Holmes, Shri Navaratnam, Sharon Singleton Organizations: REUTERS, Swiss, British, U.S . Federal Reserve, Friday's Bank of Japan, Bank of England, Swiss National Bank, ING, Fed, Bank of Japan, New Zealand, NZ, Thomson Locations: Swiss, Sweden, Norway, Swedish, Norwegian

☆ Asian stocks steady, Japan, China central banks interrupt dollar's ascent
▼ + stars: | 2023-09-12 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Japanese government bonds remained under pressure on Tuesday, with 10-year JGB yields up 1 basis point to a fresh high of 0.71%. Japan's Nikkei (.N225) rose 0.61%, with markets looking to U.S. inflation data and this week's European Central Bank meeting to set interest rate expectations and the mood. Overnight, the weaker dollar and upgrade on Tesla from analysts at Morgan Stanley helped U.S. stock markets gain. "There is a sense that ECB is already done for the cycle," said Maybank analysts in a note to clients. "Recent PMI prints suggest that growth outlook could be deteriorating and puts the euro at risk of further downside.

Persons: Kazuo Ueda, Chris Weston, Matt Simpson, Christopher Wong, Morgan Stanley, bitcoin, Lincoln, Simon Cameron, MOore Organizations: Federal Reserve, Bank of Japan, Reuters, Investors, HK, Mainland Properties, Japan's Nikkei, Central Bank, Arm Holdings, New Zealand, ECB, PMI, Fed, Brent, Thomson Locations: SINGAPORE, China, Japan, Melbourne, Hang, Asia, Pacific, British, New York

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The greenback tumbled ahead of U.S. inflation data due on Wednesday, with traders on the lookout for whether the world's largest economy is indeed on track for a "soft landing", and whether the Federal Reserve has further to go in raising rates. "It seems that Ueda's comments were intended to stop the yen's slide against the dollar," said Takehiko Masuzawa, trading head at Phillip Securities Japan. DOLLAR SLIDEThe dollar index , which measures the U.S. currency against peers including the yen, was last down 0.26% to 104.59, near an almost one-week low. It was last nearly 0.8% higher at 7.2895 per dollar, while its offshore counterpart similarly was up about 0.9% to 7.3003 per dollar.

Persons: Florence Lo, Kazuo Ueda stoked, Ueda, Takehiko, Francesco Pesole, Matt Simpson, Rae Wee, Junko Fujita, Joice Alves, Jason Neely Organizations: U.S, REUTERS, Rights, Bank of Japan, Federal Reserve, Yomiuri, Phillip Securities Japan, Treasury, ING, Aussie, New Zealand, Thomson Locations: Rights SINGAPORE, LONDON, Japan, United States, Singapore, Tokyo, London

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. "It seems that Ueda's comments were intended to stop the yen's slide against the dollar," said Takehiko Masuzawa, trading head at Phillip Securities Japan. Christopher Wong, a currency strategist at OCBC, attributed the dollar's slide to traders "lightening up" on their long dollar positions ahead of the data. Against the weaker U.S. dollar, the Aussie and the New Zealand dollar were among the biggest beneficiaries, each rising more than 0.5%. The Australian dollar was last 0.6% higher at $0.64165, while the kiwi gained 0.52% to $0.5914.

Persons: Florence Lo, Kazuo Ueda stoked, Ueda, Takehiko, Sterling, Christopher Wong, Alvin Tan, Matt Simpson, Rae Wee, Junko Fujita, Sam Holmes, Christopher Cushing Organizations: U.S, REUTERS, Rights, Bank of Japan, Yomiuri, Federal Reserve, Phillip Securities Japan, British, Fed, Treasury, Asia FX, RBC Capital Markets, Index, Aussie, New Zealand, Thomson Locations: Rights SINGAPORE, Japan, Asia, United States, U.S, Singapore, Tokyo

☆ Gold gains as U.S. inflation data takes center stage this week
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: +1 min

Gold prices rose on Monday, supported by a retreat in the dollar as investors looked forward to U.S. inflation data that could define the Federal Reserve's moves on interest rates. Spot gold gained 0.3% to $1,922.89 per ounce by 0313 GMT, having lost 1% in the previous week. Gold had found support around its 200-day moving average, an important technical level not easy to crack, he said, adding that if U.S. inflation undershoots that could weigh further on the U.S. dollar. Spot gold may retest a resistance at $1,930 per ounce, according to Reuters technical analyst Wang Tao. The U.S. Consumer Price Index data for August due on Wednesday is expected to shape the Fed's interest rate decisions this year.

Persons: Matt Simpson, Gold, Wang Tao, Tim Waterer Organizations: U.S ., The U.S ., U.S, Consumer Locations: The

☆ Yen jumps on Ueda's remarks, dollar tentative ahead of U.S. inflation print
▼ + stars: | 2023-09-11 | by ( ) www.cnbc.com time to read: +3 min

A sheet of newly-designed Japanese 10,000 yen banknotes at the National Printing Bureau Tokyo plant in Tokyo, Japan, on Wednesday, June 28, 2023. Ueda told the Yomiuri newspaper in an interview that the BOJ could have enough data by year-end to determine whether it can end negative rates. "Ueda is laying the foundations for an exit from negative interest rates, and he is giving plenty of notice," said Matt Simpson, senior market analyst at City Index. The dollar index , which capped last week with eight straight weeks of gains, its longest run since 2014, dipped slightly to 104.84. The Australian dollar , often used as a liquid proxy for the yuan, rose 0.29% to $0.6397, while the New Zealand dollar edged 0.28% higher to $0.5900.

Persons: Kazuo Ueda stoked, Ueda, Matt Simpson, Alvin Tan, Index's Simpson Organizations: National Printing Bureau, Bank of Japan, Yomiuri, Federal Reserve, British, Sterling, Fed, U.S, Treasury, Asia FX, RBC Capital Markets, New Zealand Locations: National Printing Bureau Tokyo, Tokyo, Japan, U.S, Asia, United States

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The greenback scaled a fresh top of 147.875 yen in early Asia trade, its highest since last November. "Stronger-than-expected ISM services reaffirmed the U.S. outperformance narrative, adding broad support to the U.S. dollar," said Kirstine Kundby-Nielsen, analyst at Danske Bank. The onshore yuan slid to a fresh 10-month low of 7.3270 per dollar, not far from hitting a 16-year low. The Australian dollar was about flat at $0.6386, while the New Zealand dollar was up 0.2% at $0.5881, with both languishing near their recent 10-month lows.

Persons: Florence Lo, Kirstine Kundby, Joseph Capurso, Matt Simpson, Sterling, BoE, Andrew Bailey, Joice Alves, Rae Wee, Sharon Singleton Organizations: U.S, REUTERS, U.S ., Nielsen, Danske Bank, Federal Reserve, Commonwealth Bank of Australia, New Zealand, Index, Bank of England, European Central Bank, Thomson Locations: SINGAPORE, U.S, Asia, China's, Beijing, China, Bank, Japan, London, Singapore

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON/TOKYO, Aug 30 (Reuters) - The euro eased against the dollar on Wednesday as investors looked to more labour market data in the U.S. and inflation data in the euro zone to provide clues on the path for central banks policies. "One key input to arrive at a final assessment is the inflation data this week," he added. The euro eased 0.2% to $1.0856. The dollar index - which measures the currency against six major peers including the yen and euro - edged 0.1% higher at 103.67. INTERVENTION TERRITORYThe dollar rose 0.38% to 146.43 yen .

Persons: Dado Ruvic, Benjamin Schroeder, pare, Matt Simpson, Jerome Powell, Naoki Tamura, bitcoin, cryptocurrency, Joice Alves, Kevin Buckland, Tom Westbrook, Miral Organizations: REUTERS, Reuters, Money, ECB, ING, Index, Fed, Bank of Japan, Reserve Bank of Australia, People's Bank of, Thomson Locations: TOKYO, U.S, Spain, Germany, Westphalia, NRW, People's Bank of China, London, Tokyo

☆ Dollar finds feet as investors await further clues on Fed path
▼ + stars: | 2023-08-30 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTOKYO, Aug 30 (Reuters) - The U.S. dollar on Wednesday clawed back some of the previous session's sharp declines as investors looked ahead to more labour market data for clues on the path for Federal Reserve policy. The dollar index - which measures the currency against six major peers including the yen and euro - added 0.09% to 103.64 as of the Asian afternoon. On Tuesday, it had surged to a 10-month peak at 147.375 leading into the JOLTS report, only to end the day with a 0.45% decline. The Aussie dollar dipped as much as 0.46% after the data but eventually shook the data off to trade little changed at $0.64775. The Chinese yuan weakened slightly in offshore trading to 7.3002 per dollar, but remained well above the Aug. 17 low of 7.3490.

Persons: Dado Ruvic, pare, Matt Simpson, Simpson, Naoki Tamura, Jerome Powell, bitcoin, cryptocurrency, we're, Chris Weston, Kevin Buckland, Tom Westbrook, Lincoln, Sam Holmes Organizations: REUTERS, Rights, U.S, Federal Reserve, U.S ., Treasury, Bank of Japan, Money, Fed, Reserve Bank of Australia, People's Bank of, Thomson Locations: People's Bank of China

☆ Dollar licks wounds after jobs shock, Aussie dips as inflation cools
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: +3 min

Bank notes of the Australian Dollar lying on a table in Hamburg, Germany, 19 February 2016. The Japanese yen hovered around 146 per dollar following its overnight rebound from a 10-month trough at 147.375, as a drop in Treasury yields took away support for the U.S. currency. The Australian dollar dropped from near a two-week peak after inflation there cooled by more than economists predicted in July. The Aussie dollar dipped as much as 0.46% after the data before last trading 0.17% lower at $0.64685. The Chinese yuan weakened slightly in offshore markets to 7.2929 per dollar, but remained well above the Aug. 17 low of 7.3490 per dollar.

Persons: China's, Cryptocurrency bitcoin, Matt Simpson, Simpson, Jerome Powell Organizations: U.S, U.S ., Treasury, Money, Fed, Reserve Bank, People's Bank of Locations: Hamburg, Germany, U.S, Tuesday's, People's Bank of China

☆ Gold near 3-week high as markets cut back U.S. rate hike bets
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: +2 min

Pure 1,000-gram gold bars produced by South Korea's LS-Nikko are stacked in a dealers room in Seoul on January 9, 2009. Gold prices hovered near three-week highs on Wednesday, as investors pared back bets of further U.S. interest rate hikes in response to soft economic readings, with more data eyed this week to analyze the outlook. Spot gold was flat at $1,936.17 per ounce by 0328 GMT, about $2 below its highest levels since Aug. 7 hit on Tuesday. Gold may extend gains to $1,948 per ounce, as it has cleared a resistance at $1,936, said Reuters technical analyst Wang Tao. Platinum eased 0.1% to $975.07, having climbed to its highest level since July 19 in the previous session.

Persons: Matt Simpson, Wang Tao Organizations: South Korea's, Nikko, Treasury, U.S ., Commerce, Federal Locations: Seoul, ., U.S

☆ Stocks swoon, dollar firms as Powell speech looms
▼ + stars: | 2023-08-25 | by ( Kevin Buckland | ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Crude oil found its footing around one-month lows, but remained on course for a second weekly decline amid a firmer dollar and simmering China-centred worries about global growth. "However, there is also no real reason for Powell to strike a dovish tone," he added, "and that could mean an ugly end to the week for stocks, while the dollar shines." Against Japan's currency , the dollar edged tentatively back toward last week's nine-month high of 146.545, trading as strong as 146.21. In energy markets, crude prices rose slightly on Friday, but remained on track for weekly declines of between 1.5-2.5%.

Persons: Brendan McDermid, Jerome Powell, Jackson, Kazuo Ueda, Christine Lagarde, Powell, Matt Simpson, Simpson, Patrick Harker, Susan Collins, Joseph Capurso, Brent, Kevin Buckland, Jacqueline Wong Organizations: New York Stock Exchange, REUTERS, Rights, Federal, People's Bank of, Bank, Nasdaq, Japan's Nikkei, Nvidia, Advantest, Fed, Boston Philadelphia Fed, CNBC, Yahoo, U.S, Bank of Japan, CBA, Treasury, West Texas, Thomson Locations: New York City, U.S, . U.S, China, People's Bank of China, Asia, Tokyo, Jackson

☆ Stocks sink, dollar climbs as risk of hawkish Powell looms
▼ + stars: | 2023-08-25 | by ( Kevin Buckland | ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Crude oil found its footing around one-month lows, but remained on course for a second weekly decline amid a firmer dollar and simmering China-centered worries about global growth. "However, there is also no real reason for Powell to strike a dovish tone," he added, "and that could mean an ugly end to the week for stocks, while the dollar shines." Against Japan's currency , the dollar edged back toward last week's nine-month high of 146.545, last trading at 146.15. The Chinese yuan traded slightly weaker in offshore markets , slipping 0.07% to 7.2866 per dollar.

Persons: Brendan McDermid, Jerome Powell, Jackson, Kazuo Ueda, Christine Lagarde, Powell, Matt Simpson, Simpson, Patrick Harker, Brent, Kevin Buckland, Jacqueline Wong Organizations: New York Stock Exchange, REUTERS, Rights, Federal, People's Bank of, Bank, Nasdaq, Japan's Nikkei, Nvidia, Advantest, Philadelphia Fed, CNBC, U.S, Treasury, West Texas, Thomson Locations: New York City, U.S, . U.S, China, People's Bank of China, Asia, Tokyo

☆ Gold eases as U.S. dollar jumps, spotlight on Powell's speech
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: +1 min

Spot gold eased 0.2% to $1,913.90 per ounce by 0323 GMT, while U.S. gold futures shed 0.3% to $1,942. "The stronger U.S. dollar is clearly acting as a headwind for gold." The U.S. dollar raced for its sixth straight weekly gain, making bullion more expensive for overseas buyers. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell further on Thursday and were at their lowest since January 2020. Palladium was set for a second straight weekly decline.

Persons: Jerome Powell, Powell, Christine Lagarde's, Matt Simpson Organizations: U.S ., Federal, Treasury, European Central Bank, Trust Locations: U.S, Jackson Hole , Wyoming

☆ Dollar shines on US economic resilience; Aussie tumbles after employment data
▼ + stars: | 2023-08-17 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The Australian dollar tumbled after the country's July employment unexpectedly fell while its jobless rate ticked up more than expected. The Aussie sank nearly 1% after the release of the figures, dragging the New Zealand dollar alongside it. The yen bottomed out at 146.565 per dollar in early Asia trade, its lowest level since November, having come under renewed pressure as a result of interest rate differentials between the U.S. and Japan. "We've got the U.S. staying really resilient still, under the weight of high interest rates," said Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA). "We expect 25-basis-point rate hikes in both September and November, for a peak policy rate of 5.75%," said Wells Fargo economist Nick Bennenbroek of the Bank of England's monetary policy outlook.

Persons: Dado Ruvic, homebuilding, We've, Carol Kong, Kong, Wells, Nick Bennenbroek, Matt Simpson, there's, CBA's, Rae Wee, Gerry Doyle Organizations: REUTERS, Rights, dovish Bank of Japan, Aussie, New Zealand, U.S, Federal Reserve, Commonwealth Bank of Australia, Fed, FX, Bank of England, Bank, Zealand, Reserve Bank of Australia, People's Bank of China, The U.S, Thomson Locations: Asia, Japan, China, CBA's Kong, The

☆ Dollar shines on U.S. economic resilience, Aussie tumbles after employment data
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: +4 min

Hundred dollar bills are seen in this photo illustraiton in Warsaw, Poland on Sept. 21, 2022. The Australian dollar tumbled after the country's July employment unexpectedly fell while its jobless rate ticked up more than expected. The Aussie sank nearly 1% after the release of the figures, dragging the New Zealand dollar alongside it. "We've got the U.S. staying really resilient still, under the weight of high interest rates," said Carol Kong, a currency strategist at Commonwealth Bank of Australia, or CBA. "We expect 25-basis-point rate hikes in both September and November, for a peak policy rate of 5.75%," said Wells Fargo economist Nick Bennenbroek of the Bank of England's monetary policy outlook.

Persons: homebuilding, We've, Carol Kong, Kong, Wells, Nick Bennenbroek, Matt Simpson, there's, CBA's Organizations: dovish Bank of Japan, Aussie, New Zealand, U.S, Federal Reserve, Commonwealth Bank of Australia, Fed, FX, Bank of England, Bank, Australian, Zealand, Reserve Bank of Australia, People's Bank of China, The U.S Locations: Warsaw, Poland, Asia, Japan, China, CBA's Kong, The

☆ Gold at 5-month low as rallying U.S. yields bolster dollar
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: +2 min

Spot gold held its ground at $1,893 an ounce, as of 0335 GMT, having dropped to its weakest level since March 15 at $1,888.30. Benchmark 10-year U.S. Treasury yields hit a 10-month high, boosting the dollar to its highest level since mid-June and drawing investors away from non-interest-bearing gold. "Whilst the FOMC minutes saw the U.S. dollar and yields strengthen further to weigh on gold, there are tentative signs of stability for spot gold prices today," said Matt Simpson, a senior analyst at City Index. Reuters technical analyst Wang Tao says spot gold may fall to $1,879 per ounce, as it has broken two key supports. Upside to gold prices will likely need delivery of rate cuts expected in 2024, they added.

Persons: Matt Simpson, Wang Tao Organizations: Aurum, U.S ., Treasury, Federal Reserve, Reuters, NAB Commodities Research, Palladium

☆ Dollar firm, yuan slides after China unexpectedly cuts rates
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: +2 min

The safe-haven dollar stayed firm against major peers while the yuan sank to a nine-month trough after China's central bank unexpectedly cut key policy rates for a second time in three months on Tuesday to shore up the country's sputtering economy. Chinese data on industrial output and retail sales released shortly after the PBOC's rate cut also fell short of economists' forecasts. The Australian dollar , which often acts as a proxy trade on China, dipped as much as 0.39% to $0.6463 but failed to breach Monday's nine-month low of $0.6454. "There's a floor under (the Aussie dollar), and any rumors of stimulus could light the bullish match for these markets to bounce." Elsewhere, the U.S. dollar pushed to a fresh nine-month high of 145.60 yen before retreating to be down 0.09% at 145.435.

Persons: Matt Simpson Organizations: Reserve Bank, Australia's, U.S, Traders Locations: China

☆ Gold stays near 1-month lows as U.S. dollar, yields hold ground
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. REUTERS/Alexander ManzyukGold prices held near one-month lows on Friday, shrugging off cooler-than-expected U.S. inflation figures for last month, with bullion staying on course to wrap up its worst week in seven as the U.S. dollar and bond yields stood strong. Spot gold edged 0.1% higher to $1,913.95 per ounce by 0347 GMT, but traded near its lowest level since July 7 touched earlier in the day. Interest rate increases weigh on gold because they tend to lift bond yields and in turn raise the opportunity cost of holding non-yielding bullion. Gold prices have slid about 1.4% so far in the week as the U.S. dollar index and benchmark 10-year Treasury bond yields were both on track for their fourth consecutive weekly gain.

Persons: Alexander Manzyuk, Matt Simpson, Mary Daly Organizations: REUTERS, U.S ., City, U.S, Palladium Locations: Siberian, Krasnoyarsk, Russia, U.S

☆ Asian shares hesitant after Wall Street sell-off, dollar buoyant
▼ + stars: | 2023-08-03 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Both S&P 500 futures and Nasdaq futures added 0.2%, following a heavy wave of selling on Wall Street overnight. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.2%, having also suffered a colossal drop of 2.3% just a day earlier. U.S. 10-year yields hovered at 4.0856% in Asia, just a touch below a nine-month top of 4.1260% hit overnight. The risk-sensitive Australia dollar snapped a key support level to hover at $0.6532, just a touch above its 2023 low of $0.6459. Brent crude futures were up 0.2% at $83.33 per barrel and U.S. West Texas Intermediate crude futures rose 0.1% to $79.6.

Persons: Issei Kato, Fitch, Matt Simpson, nonfarm, Stella Qiu, Jacqueline Wong Organizations: REUTERS, Asia, Apple, Bank of, Nasdaq, Japan's Nikkei, Bank of Japan, Index, Inc, U.S, Bank of England, Brent, . West Texas, Thomson Locations: Tokyo, Japan, SYDNEY, Asia, Pacific, Brisbane, U.S

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