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☆ Dollar shaky after U.S. credit rating downgrade
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: +3 min

The dollar struggled to make headway on Wednesday after a cut on the U.S. government's top credit rating by Fitch raised questions about the country's fiscal outlook, though it drew some support from a relatively resilient run of economic data. "We don't think the Fitch decision is that material. Elsewhere, the Japanese yen was roughly 0.1% stronger at 143.21 per dollar, paring some of its gains from earlier in the morning. "I think the market is still trying to get their head around what this whole thing means," said NAB's Catril. The New Zealand dollar fell 0.23% to $0.6136, after data on Wednesday showed the country's jobless rate hit a two-year high in the second quarter.

Persons: Fitch, Sterling, we've, Rodrigo Catril, NAB's Catril, Matt Simpson Organizations: AAA, White, U.S, Fitch, National Australia Bank, NAB, Bank of Japan's, Reserve Bank of Australia, Index, New Zealand Locations: States

☆ Dollar shaky after US credit rating downgrade
▼ + stars: | 2023-08-02 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

U.S. Dollar banknote is seen in this illustration taken July 17, 2022. "We don't think the Fitch decision is that material. Elsewhere, the Japanese yen was roughly 0.1% stronger at 143.21 per dollar, paring some of its gains from earlier in the morning. "I think the market is still trying to get their head around what this whole thing means," said NAB's Catril. The New Zealand dollar fell 0.23% to $0.6136, after data on Wednesday showed the country's jobless rate hit a two-year high in the second quarter.

Persons: Dado Ruvic, Fitch, Sterling, we've, Rodrigo Catril, NAB's Catril, Matt Simpson, Rae Wee, Shri Navaratnam Organizations: REUTERS, AAA, White, U.S, Fitch, National Australia Bank, NAB, Bank of Japan's, Reserve Bank of Australia, Index, New Zealand, Thomson Locations: SINGAPORE, States

☆ Aussie set for biggest one-day drop since March, yen at 3-week low
▼ + stars: | 2023-08-01 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The Aussie fell 1.4% to $0.6626, wiping out the 0.87% gains it clocked in July and set for its sharpest daily drop since March. "I think it was right that the RBA held today, given trimmed mean inflation and unemployment matched the RBA's forecasts. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) missed analysts forecasts and showed the first decline in activity since April. The euro eased 0.2% to $1.0975, not too far from an almost three-week low touched on Friday. Money markets now see a 60% probability that the Bank of England will hike rates by 25 basis points on Thursday.

Persons: David Gray, Matt Simpson, Carlos Casanova, Kit Juckes, Sterling, Joice Alves, Ankur Banerjee, Alex Richardson, Hugh Lawson Organizations: REUTERS, Australian, Reserve Bank of Australia, Bank of Japan's, City, Federal, P Global, European Central Bank, ECB, Societe Generale, Bank of, Thomson Locations: Sydney, Australia, China, Asia, Hong Kong, U.S, Bank of England, London, Singapore

☆ Gold heads for monthly gain on hopes for an end to rate-hike cycle
▼ + stars: | 2023-07-31 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold prices were bound for their biggest monthly gain in four on Monday as expectations grew that major global central banks may be nearing the end of current monetary policy tightening cycles. Spot gold was down 0.2% at $1,954.79 per ounce by 0431 GMT, while U.S. gold futures slipped 0.4% to $1,953.80 per ounce. Gold prices were set to end the month about 1.8% higher, the most since March, as expectations that U.S. interest rates could be nearing their peak put the dollar on track for its second straight monthly decline. Other precious metals also looked set to post monthly rises, with spot silver leading at 6.5%, but down 0.5% on the day at $24.22 an ounce.

Persons: Matt Simpson, Simpson, Baden Moore Organizations: Federal Reserve, Central Bank, National Australia Bank Locations: Moscow, Russia, China

☆ Reactions to Bank of Japan's monetary policy decision
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

July 28 (Reuters) - The Bank of Japan maintained ultra-low interest rates on Friday but took steps to make its yield curve control policy more flexible, underscoring growing concerns over the rising side- effects of prolonged monetary easing. It also maintained guidance allowing the 10-year yield to move 0.5% around the 0% target, but said those would be "references" rather than "rigid limits". The benchmark 10-year Japanese government bond yield remained at 0.5%, the BOJ's policy ceiling under YCC. "We maintain our view the BOJ will keep its ultra-easy monetary policy settings unchanged this year, and expect USD/JPY to remain solid at 140 by the end of this quarter." MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE, SINGAPORE"By the time the decision come in, we're not surprised given the overnight Nikkei report.

Persons: CAROL KONG, we're, It's, they're, MATT SIMPSON, Subhranshu Organizations: Bank of Japan, Japan's Nikkei, COMMONWEALTH BANK OF, BANK OF SINGAPORE, Nikkei, Thomson Locations: SYDNEY, SINGAPORE, BRISBANE

☆ Aussie surges after strong jobs data; China's yuan jumps
▼ + stars: | 2023-07-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

"Ultimately, it's another strong set of employment figures which keeps the pressure on a data-dependant (Reserve Bank of Australia) to potentially hike rates in August." The offshore yuan last bought 7.1901 per dollar, while the onshore yuan strengthened past 7.18 per dollar to a session-high of 7.1620. RATES OUTLOOKIn the broader currency market, sterling was nursing deep losses after a sharp fall in the previous session following Britain's inflation data, which undershot market expectations. "The market I think is a bit more reasonable now with its expectations for rate hikes by the BoE. "We thought (the fall) was too strong, so it looks like the dollar has regained some of those losses," said CBA's Capurso.

Persons: David Gray, Matt Simpson, it's, Ken Cheung, BoE, Joseph Capurso, Yannis Stournaras, CBA's Capurso, Rae Wee, Sam Holmes, Jamie Freed Organizations: REUTERS, Australian, New Zealand, Bank of Australia, prudential, U.S ., People's Bank of, Mizuho Bank, Bank of England, Traders, Commonwealth Bank of Australia, Central Bank, U.S, Thomson Locations: Sydney, Australia, SINGAPORE, China, Asia

☆ Gold edges lower on slight dollar uptick
▼ + stars: | 2023-07-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged lower on Monday as the dollar inched up, although investors largely bet on the U.S. Federal Reserve hitting the brakes soon on interest rate hikes. Spot gold fell 0.1% to $1,952.74 per ounce by 0307 GMT, around $11 lower from the three-month high hit on Friday. "Whilst inflation remains high, markets are responding to the relative change over the absolute level of interest rates going forward. And if peak cycles are close, it is another supportive feature for gold, alongside central bank buying," Simpson added. Lower interest rates decrease the opportunity cost of holding non-yielding bullion.

Persons: Matt Simpson, Simpson, Talim Organizations: Agosi AG, U.S . Federal Reserve, Index, Fed, European Central Bank, Hong, Japan's Nikkei Locations: Pforzheim, U.S, Europe, Hong Kong

☆ Gold set for best week since April on dollar drop
▼ + stars: | 2023-07-14 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Spot gold was little changed at $1,959.81 per ounce by 0504 GMT, and up 1.9% for the week. Making gold less expensive for overseas investors, the dollar index touched its lowest level since April 2022. However, if the Fed does indicate more rate increases, "that could provide some nervousness (among gold investors)" Simpson added. Spot silver fell 0.2% to $24.8091 per ounce, but was set for its biggest weekly gain since March.

Persons: Gold's, Matt Simpson, Christopher Waller, Simpson, Tim Waterer Organizations: Aurum, City, Federal, KCM

☆ Dollar slides ahead of U.S. inflation data, sterling hits 15-month peak
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: +3 min

An old British £1 note is pictured with a one Dollar bill note on January 07, 2023 in Bath, England. U.S. inflation data is due later on Wednesday, with expectations core consumer prices rose 5% on an annual basis in June. The figures should also provide further clarity on the Federal Reserve's progress in its fight against inflation. "We're already seeing markets move in anticipation of a softer U.S. inflation report," said Matt Simpson, senior market analyst at City Index. "Speculation of a possible tweak could allow the yen some support ahead of the BOJ meeting this month."

Persons: BoE, Matt Simpson, Simpson, YCC, Jane Foley, that's, Susan Kilsby Organizations: Bank of England, U.S ., Fed, Bank of Japan, Rabobank, New Zealand, Reserve Bank of New, ANZ Locations: Bath, England, U.S, Tuesday's, Asia, Reserve Bank of New Zealand

☆ Dollar slumps ahead of US inflation data, sterling rises
▼ + stars: | 2023-07-12 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

"The (RBNZ) statement and minutes retained their dovish undertone overall, but they can't not warn that inflation is still 'too high' as they need to contain inflation expectations," said Matt Simpson, senior market analyst at City Index. The broader market focus remained on U.S. inflation data due later on Wednesday, with expectations for core consumer prices to have risen 5% on an annual basis in June. "We're already seeing markets move in anticipation of a softer U.S. inflation report," said City Index's Simpson. U.S. Treasury yields came under pressure on Wednesday, with the two-year yield and benchmark 10-year yield settling below 5% and 4%, respectively. "Speculation of a possible tweak could allow the (yen) some support ahead of the BOJ meeting this month."

Persons: BoE, Matt Simpson, we've, Index's Simpson, Sterling, YCC, Jane Foley, Rae Wee, Jamie Freed, Edmund Klamann Organizations: Bank of England, New Zealand, Reserve Bank of New Zealand, U.S ., Fed, BoE . U.S, Treasury, Bank of Japan, Rabobank, Thomson Locations: SINGAPORE, U.S, Asia, BoE .

Spot gold held its ground at $1,926.19 per ounce by 0231 GMT. The dollar (.DXY) was near a two-month low on prospects of lower rates, while benchmark U.S. yields hovered near Monday's lows at 4.0018%. A weaker dollar makes gold cheaper for holders of foreign currencies. "As we've become accustomed to inflation decelerating, an upside surprise would spark the most volatile reaction and weigh on gold. Gold bulls need inflation to behave to justify a bullish breakout," Simpson added.

Persons: Matt Simpson, we've, Simpson, Seher, Sherry Jacob, Phillips Organizations: Index, U.S, Investors, U.S . CPI, Consumer, Thomson Locations: Wednesday's U.S, China, Bengaluru

Compounding worries that this would lead to a more hawkish central bank, Federal Reserve Bank of Dallas President Lorie Logan said on Thursday that a continued above-target inflation outlook and a stronger-than-expected labor market "calls for more-restrictive monetary policy." U.S. Treasury yields climbed after the labor market data boosted expectations for aggressive Fed rate hikes to rein in stubbornly high inflation. Emerging market stocks (.MSCIEF) lost 1.88%. In Treasuries 2-year Treasury yields rose above 5% for the first time since early March and touched their highest levels since June 2007. In currencies, the dollar index fell 0.048%, with the euro up 0.13% at $1.0865.

Persons: Lorie Logan, Alex Coffey, Coffey, Sterling, Janet Yellen, Matt Simpson, Brent, Sinéad Carew, Marc Jones, Clarence Fernandez, Hugh Lawson, Richard Chang Organizations: ADP, The Labor Department, Federal Reserve Bank, Dallas, Treasury, U.S, Dow Jones, Nasdaq, Japan's Nikkei, Reuters Graphics Reuters Graphics CHIPPING, Reuters, Thomson Locations: U.S, Asia, Pacific, Japan, United States, Europe, China, Beijing, New York, London

☆ Stocks slide, US yields climb amid hawkish Fed, China tensions
▼ + stars: | 2023-07-06 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

U.S. 10-year Treasury yields climbed to a fresh four-month high in Tokyo trading, and the dollar extended its rise against major peers. MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) dropped 0.7%, after a 0.4% slide for the world index (.MIWO00000PUS) on Wednesday. U.S. E-mini stock futures pointed to a 0.1% lower restart for the S&P 500 (.SPX), following its overnight 0.2% decline. Ten-year Treasury yields climbed as high as 3.957% in Tokyo trading, after surging some 9 basis points overnight. Against the yen, though, the dollar's advances were conspicuously subdued, considering the currency pair's traditional close relationship with long-term U.S. yields.

Persons: HSI, Janet Yellen, Matt Simpson, Matsuzawa, Kevin Buckland Organizations: U.S . Federal Reserve, Nikkei, Treasury, U.S, Nomura Securities, Bank of Japan's, Brent, . West Texas, Thomson Locations: TOKYO, Asia, Pacific, China, United States, Tokyo, Taiwan, ., U.S, Beijing, Saudi Arabia, Russia

☆ Gold steadies near three-month lows; focus shifts to Powell
▼ + stars: | 2023-06-28 | by ( ) www.cnbc.com time to read: +2 min

Gold held near three-month lows on Wednesday after strong U.S. economic readings offset the bullion's traditional safe-haven status, while traders positioned for Federal Reserve Chair Jerome Powell's speech and more data for clues on rate hikes. Spot gold rose 0.1% to $1,915.45 per ounce by 0524 GMT, hovering close to its lowest level since March 16 at $1,910. Data on Tuesday indicating that the economy remained on solid footing could lead to more Fed rate hikes to bring down inflation. Powell will speak at a policy panel on Wednesday before the European Central Bank Forum on Central Banking in Sintra along with other central bank members. Spot silver rose 0.2% to $22.93 per ounce, platinum fell 0.9% to $916.83 while palladium dropped 1.1% to $1,281.48.

Persons: Gold, Jerome Powell's, Matt Simpson, Simpson, Powell, Tim Waterer Organizations: Federal, City, Open, Committee, European Central Bank, Central Banking, KCM Locations: U.S, Sintra

☆ Gold ticks lower, traders assess Fed rate trajectory
▼ + stars: | 2023-06-19 | by ( ) www.cnbc.com time to read: +1 min

Fed officials struck a hawkish tone in their first comments since the central bank held the policy interest rate steady at its meeting last week. Although gold is considered a hedge against inflation, interest rate hikes raise the opportunity cost of holding non-yielding bullion. Traders are now pricing in an about 72% chance of Fed rate hike in July, according to the CME Fedwatch tool. "Near term, the risk of another one or two more Fed rate hikes can dim the appeal of gold, but to put in perspective, the Fed is closer to the end of the tightening cycle," said OCBC FX strategist Christopher Wong. Investors now await Fed Chair Jerome Powell's congressional testimonies on Wednesday and Thursday for further cues on future rates.

Persons: Matt Simpson, Bullion, Christopher Wong, Jerome Organizations: . Federal Reserve, Index, Traders, Investors Locations: Index .

☆ Dollar droops as bets build for Fed pause, yuan at 6-mth low
▼ + stars: | 2023-06-14 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The dollar index - which measures the currency against six major peers, including the euro and sterling - was little changed at 103.29 in early Asian trading, after dipping to the lowest since May 22 overnight at 103.04. "Whilst it was enough to send EUR/USD above 1.0800, it wasn't enough to keep it there given a hawkish pause seems quite likely." The European Central Bank decides policy on Thursday, with a quarter-point rate hike widely expected. The Australian dollar was flat at $0.6768, after reaching the highest since May 10 on Tuesday at $0.6807. The yuan weakened slightly and touched 7.1785 per dollar in offshore trading for the first time since Nov. 29.

Persons: Matt Simpson, Kevin Buckland, Jacqueline Wong Organizations: Federal Reserve, City Index, European Central Bank, Sterling, Bank of Japan, People's Bank, Thomson Locations: TOKYO, U.S, China

☆ Gold eases on stronger dollar, focus on central bank meetings
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices dipped on Monday as the U.S. dollar edged higher, and investors positioned for a series of major central bank policy meetings this week, with a likely pause in interest rate hikes by the U.S. Federal Reserve. Spot gold fell 0.3% to $1,954.78 per ounce by 0235 GMT. The release of U.S. consumer price index and producer price index data on Tuesday and Wednesday, respectively, are also on investors' radar, as a hotter CPI number could alter rate expectations. Fed fund futures show a 71.2% probability that the U.S. central bank will keep its benchmark overnight interest rate in the 5.00%-5.25% range when its two-day meeting ends on Wednesday. Palladium fell 0.7% to $1,313.77 after hitting its lowest since May 2019 on Friday.

Persons: Matt Simpson, Simpson Organizations: U.S, U.S . Federal Locations: Australia, U.S, China, India

☆ Gold eases as firmer dollar offsets support from bets on Fed pause
▼ + stars: | 2023-06-05 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged lower in rangebound trading on Monday as the dollar firmed after a strong U.S. payrolls report, overshadowing support from prospects that the Federal Reserve would pause its rate hikes this month. Spot gold was down 0.2% at $1,944.69 per ounce as of 0256 GMT, trading in a $6 range. But the unemployment rate surged to a seven-month high of 3.7% from a 53-year low of 3.4% in April. Asian shares extended a global rally on optimism that the Fed would pause its rate hikes this month, while oil prices jumped. Spot silver inched down 0.2% to $23.53 per ounce, platinum rose 0.2% to $1,005.00 per ounce, while palladium shed 0.6% to $1,412.46.

Persons: nonfarm, Philip Jefferson, Matt Simpson Organizations: Argor Hebaeus SA, Federal, Reuters, Index, U.S . House Locations: Swiss, Budapest, Hungary, U.S

☆ Shares fall as US debt deal goes to a vote; China data rattles nerves
▼ + stars: | 2023-05-31 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

Data showed China's manufacturing activity fell more than expected in May, while services growth -- which has been one of the few bright spots in its patchy recovery -- slackened to its slowest pace in four months. For any investors hoping for a sustained bounce in Chinese growth after the elimination of stringent COVID restrictions late last year, the figures offered more evidence that the economy is losing steam, further dimming the global outlook. The euro tumbled by as much as 0.7% on the day after data showed a rapid cooling in consumer price pressures in both France and Germany - the region's two largest economies. Meanwhile, Treasury yields fell after a deal to suspend the U.S. debt limit and avoid a default cleared a House of Representatives committee overnight. Two-year yields fell 5 bps to 4.428%.

Persons: they're, Michael Hewson, COVID, Matt Simpson, Treasuries, Brent, Tom Westbrook, Sam Holmes, Kim Coghill, Kirsten Donovan Organizations: Global, CMC, Burberry, Swatch Group, European Central Bank, Thomson Locations: China, Washington, Europe, France, Germany, Singapore

☆ Gold prices slip on U.S. debt limit deal, Fed rate-hike bets
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +1 min

Gold prices edged lower on Monday as a tentative deal sealed over the weekend to suspend the U.S. debt ceiling coupled with jitters around higher-for-longer interest rates dampened demand for the non-yielding metal. Spot gold was down 0.1% at $1,944.09 per ounce by 0252 GMT, hovering near two-month lows hit on Friday. Gold, which offers no yield of its own, tends to fall out of favor among investors when interest rates rise. Asian shares and U.S. stock futures rose as the deal to suspend the U.S. government's debt ceiling ended a protracted stalemate. Spot silver fell 0.2% to $23.26 per ounce, platinum edged 0.1% higher to $1,023.83, and palladium rose 0.3% to $1,428.07.

☆ Gold ticks up as traders navigate U.S. debt limit hitch, Fed cues
▼ + stars: | 2023-05-22 | 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 edged up on Monday as drawn-out discussions around the U.S. debt ceiling and Federal Reserve Chair Jerome Powell's less-hawkish comments added to the safe-haven bullion's appeal. Spot gold was up 0.1% at $1,978.06 per ounce as of 0347 GMT, while U.S. gold futures eased 0.1% to $1,979.40. Markets are now pricing in a 86.2% chance of the Fed standing pat on rates next month, the CME FedWatch tool showed. Spot silver fell 0.2% to $23.77 per ounce, platinum eased 0.1% to $1,061.68 and palladium dipped 0.3% to $1,508.54.

☆ Gold dips as markets assess Fed rate hike remarks, debt talks in focus
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: +1 min

Spot gold fell 0.2% to $2,016.72 per ounce by 0237 GMT, while U.S. gold futures were down 0.1% to $2,020.20. Gold hit $2,072.19 earlier this month, just shy of a record high of $2,072.49, after the Federal Reserve hinted that its marathon hiking cycle may be ending. However, U.S. central bankers on Monday signaled they see interest rates staying high and, if anything, going higher, given inflation that may be slow to improve and an economy showing only tentative signs of weakness. While gold is considered a hedge against inflation, rising interest rates dull the non-yielding bullion's appeal. Elsewhere, spot silver fell 0.3% to $24.04 per ounce, platinum dipped 0.1% to $1,063.66, while palladium was little changed at $1,531.60.

☆ Gold flat; set for weekly jump on hopes of Fed pause, banking woes
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold prices were flat on Friday but are set for their biggest weekly gain in nearly two months, as hopes of a pause in the U.S. Federal Reserve's interest rate hike cycle and banking worries in the country bolstered the safe-haven metal's appeal. Spot gold was little changed at $2,050.63 per ounce as of 0349 GMT, but was up 3% for the week. Mounting risks to the U.S. economy have also supported strong investor demand into gold as they sought haven assets, ANZ said in a note. The dollar index was set for a weekly drop, making gold more attractive for overseas buyers.

☆ Gold holds tight range as traders seek direction from U.S. data
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: +2 min

Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea. Gold prices moved in a tight range on Wednesday, with recessionary fears lending some support to the safe-haven asset, while investors sought more clarity on the Federal Reserve's rate-hike trajectory from U.S. economic data due this week. Recessionary fears already seem to be providing a floor for gold prices, and "Friday's personal consumption expenditures report will likely pack the biggest punch for gold," Simpson added. Market participants expect the Fed to hike interest rates by 25 basis points. Although gold is considered a hedge against inflation and economic uncertainty, higher interest rates dim the non-yielding asset's appeal.

☆ Gold holds tight range as traders seek direction from US data
▼ + stars: | 2023-04-26 | by ( Arundhati Sarkar | ) www.reuters.com time to read: +2 min

Spot gold held its ground at $1,997.40 per ounce by 0307 GMT. Investors seemed reluctant to offload their gold holdings amid weak U.S. economic data, and "trading conditions will remain choppy, and any dips towards $1,950 could be snapped up," said Matt Simpson, a senior market analyst at City Index. Recessionary fears already seem to be providing a floor for gold prices, and "Friday's personal consumption expenditures report will likely pack the biggest punch for gold," Simpson added. Although gold is considered a hedge against inflation and economic uncertainty, higher interest rates dim the non-yielding asset's appeal. Palladium gained 1.1% to $1,499.47, on track to snap two session of losses, if gains hold.

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