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Gold Spot

Gold jumped on Wednesday after U.S. Federal Reserve Chair Jerome Powell reassured investors that the central bank would continue its accommodative monetary policy despite a spike in inflation readings. At the beginning of his two-day testimony before the Congress, Powell stuck to the view that the current price increases are transitory and that the central bank is focused on getting as many people back to work as possible. Large stimulus measures tend to support gold, which is often considered a hedge against inflation and currency debasement.

Technical Resistance: 1840/1857

Technical support: 1806/1796

Market headlines:

  • Biden backs $3.5 trillion spending plan, Republicans blast massive package
  • China central bank injects 100 billion yuan worth of medium term loans, rate unchanged
  • Ringgit weakens past 4.2000 against US dollar for first time since August 2020
  • USDMYR traded at 4.1980

 

Economic data:

  • 15 July 2021 Malaysia time 10:00am – China Gross Domestic Product (GDP) YoY
  • 15 July 2021 Malaysia time 09:30pm – U.S. Fed Chair Powell Testifies

Biden backs $3.5 trillion spending plan, Republicans blast massive package

President Joe Biden made the case for his sweeping, two-track infrastructure initiative on Capitol Hill, a day after leading Senate Democrats agreed on a $3.5 trillion plan billed as the biggest boost in decades for U.S. families. Biden joined fellow Democrats for a closed-door lunch where he sought their support and discussed strategy for passing both a $1.2 trillion bipartisan infrastructure deal to rebuild America’s roads and bridges, and the larger Democratic package that also addresses climate change and the need for stronger social services. Republicans voiced immediate objections to the plan’s massive size, as did at least one key moderate Democrat whose support would be critical to passage. Biden urged senators to think about how the package would affect average Americans.

China central bank injects 100 billion yuan worth of medium term loans, rate unchanged

 

China’s central bank partially rolled over maturing medium-term loans, the same day when a cut in the banks’ reserve requirements takes effect. The People’s Bank of China (PBOC) said in a statement it was keeping the rate on 100 billion yuan ($15.46 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions steady at 2.95% from previous operations. The fresh fund injection did not cover all the expiring MLF loans with a value of 400 billion yuan due on the same day. China cut the amount of cash that banks must hold as reserves, effective on July 15, releasing around 1 trillion yuan in long-term liquidity to underpin its post-COVID economic recovery that was starting to lose momentum.

Ringgit weakens past 4.2000 against US dollar for first time since August 2020

The ringgit weakened past 4.2000 against the US dollar for the first time since August 2020 as the greenback strengthened, and as investors weighed Malaysia’s political and Covid-19 situation. The ringgit depreciated to 4.2001 against the US dollar — compared with yesterday’s close of 4.1920 — after trading between 4.1985 and 4.2023. The ringgit posted a mixed performance against other regional currencies. Bank Negara Malaysia (BNM) data showed that the last time the ringgit weakened past 4.2000 against the US dollar was on Aug 14, 2020, when the exchange rate stood at 4.2025 compared with 4.1895 a day earlier. The ringgit traded against a strengthening US dollar as US inflation data led to the expectation of earlier interest rate hikes there compared to what Federal Reserve officials have so far indicated.

Source: Bloomberg, Investing.com, Reuters, CNBC

 

黄金现货

在美联储主席杰罗姆鲍威尔向投资者保证,尽管通胀数据飙升,美联储仍将继续其宽松货币政策后,黄金周三上涨。在国会为期两天的证词开始时,鲍威尔坚持认为当前的价格上涨是暂时的,央行的重点是让尽可能多的人重返工作岗位。大型刺激措施往往支持黄金,黄金通常被认为是对冲通胀和货币贬值的工具。

技术阻力:1840/1857

技术支持 :1806/1796

主要头条:

  • 拜登支持5 万亿美元的支出计划,共和党人推出大规模计划
  • 央行投放1000亿元中期贷款,利率不变
  • 马币兑美元自 2020 年 8 月以来首次跌破2000
  • 美元兑马币交易RM 4.1980

 

经济数据:

  • 2021年7月 15日,马来西亚时间 10:00 am – 中国国内生产总值 (GDP) 同比
  • 2021年7月 15日,马来西亚时间 09:30 pm – 美联储主席鲍威尔作证词

 

拜登支持 3.5 万亿美元的支出计划,共和党人推出大规模计划

在参议院民主党领袖就一项 3.5 万亿美元的计划达成一致后一天,乔·拜登总统在国会山为其全面的双轨基础设施计划提出了理由,该计划被称为数十年来对美国家庭最大的提振。拜登与民主党同僚一起参加了一次闭门午餐,在那里他寻求他们的支持并讨论了通过一项 1.2 万亿美元的两党基础设施​​协议以重建美国道路和桥梁的战略,以及更大的民主党一揽子计划,该计划还解决了气候变化和加强社会的需求。服务。共和党人立即表示反对该计划的庞大规模,至少一位关键的温和民主党人也表示反对,他们的支持对通过至关重要。拜登敦促参议员考虑该计划将如何影响普通美国人。

央行投放1000亿元中期贷款,利率不变

中国央行部分展期到期的中期贷款,同一天,银行存款准备金率下调生效。中国人民银行(PBOC)在一份声明中表示,将向部分金融机构提供价值 1,000 亿元人民币(合 154.6 亿美元)的一年期中期借贷便利(MLF)贷款利率维持在先前操作的 2.95% 不变。 .新的注资并未涵盖当日到期的4000亿元MLF贷款。自 7 月 15 日起,中国削减了银行必须持有的现金储备,释放了约 1 万亿元人民币的长期流动性,以支持其在疫情后开始失去动力的经济复苏。

马币兑美元自 2020 8 月以来首次跌破 4.2000

随着美元走强,以及投资者权衡马来西亚的政治和 Covid-19 局势,令吉兑美元汇率自 2020 年 8 月以来首次跌破 4.2000。令吉兑美元汇率在 4.1985 至 4.2023 之间交易后贬值至 4.2001,而昨天的收盘价为 4.1920。令吉兑其他区域货币的表现喜忧参半。马来西亚国家银行(BNM)的数据显示,令吉兑美元最后一次跌破 4.2000 是在 2020 年 8 月 14 日,当时汇率为 4.2025,而一天前为 4.1895。林吉特兑美元走强,因为美国通胀数据导致人们预期较美联储官员迄今所表示的更早加息。

资料来源: Bloomberg, Investing.com, Reuters, CNBC