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Gold Spot

Gold hit a one-month peak, spurred by U.S. Federal Reserve Chair Jerome Powell’s dovish comments and some concerns over a stalling global economy. Spot gold rose 0.1% to $1,829.64 per ounce. Gold prices had hit a one-month peak earlier in the session after Powell said in congressional testimony that the U.S. job market was “still a way off” from the progress that the central bank wants to see before reducing its support for the economy. China’s economy grew more slowly than expected in the second quarter, while U.S. weekly jobless claims dropped to a 16-month low last week. Non-yielding gold tends to gain in a low interest-rate environment, while some investors also view gold as a hedge against higher inflation.

Technical Resistance: 1840/1857

Technical support: 1820/1810

Market headlines:

  • Fed’s Powell rapped on inflation, regulations in Senate hearing
  • Undeterred by global inflation, BOJ to signal prolonged easy policy
  • India central bank chief warns of downsides to direct financing of government deficit
  • USDMYR traded at 4.2023

Economic data:

  • 16 July 2021 Malaysia time 11:00am – Bank of Japan Monetary Policy Statement
  • 16 July 2021 Malaysia time 05:00pm – Eurozone Consumer Price Index (CPI) YoY
  • 17 July 2021 Malaysia time 01:39am – Japan Interest Rate Decision

Fed’s Powell rapped on inflation, regulations in Senate hearing

U.S. Federal Reserve Chair Jerome Powell faced sharp questions about inflation and banking regulation in a hearing before the Senate Banking Committee. Powell delivered the same pledge of “powerful support” to complete the U.S. economic recovery as he did before the House Financial Services Committee, an indication he sees no need to rush the withdrawal of support from the economy because of a recent jump in inflation. Republicans on the panel, however, challenging Powell on whether a sharp acceleration in inflation will, as the Fed expects, prove temporary or not. The risk: If inflation takes root, it might require more aggressive action by the Fed in the form of higher interest rates, derailing the very recovery the central bank aims to encourage.

Undeterred by global inflation, BOJ to signal prolonged easy policy

 

The Bank of Japan will likely maintain its massive stimulus programme and stress that global worries over rising inflation will not distract it from efforts to shield the economy from the coronavirus pandemic’s lingering pain. A resurgence in infections led the government to impose a new state of emergency in Olympic host city Tokyo less than two weeks before the Games, dashing policymakers’ hope of a strong rebound in growth during the quarter. The BOJ is thus widely expected to maintain its yield curve control targets at -0.1% for short-term interest rates and 0% for 10-year bond yields at a two-day meeting. The BOJ is expected to slash this fiscal year’s growth forecast in a quarterly outlook report due out after the meeting.

India central bank chief warns of downsides to direct financing of government deficit

Direct financing or monetization of the government’s fiscal deficit by the central bank has several downsides, Reserve Bank of India Governor Shaktikanta Das said in an interview. He added that the RBI’s role as the government’s debt manager had helped quicken the pace of monetary policy transmission during the pandemic as lower funding rates co-existed with plenty of liquidity. Das also denied the RBI’s sustained focus on yield-curve control was impacting its focus on inflation and repeated that it was only interested in an orderly evolution of the yield curve. Das also reiterated that the current high levels of retail inflation are transitory and influenced by supply-side factors and should moderate in the third quarter.

Source: Bloomberg, Investing.com, Reuters, CNBC

 

黄金现货

在美联储主席杰罗姆鲍威尔的言论以及对全球经济停滞不前的一些担忧的刺激下,黄金触及一个月高位。现货金上涨 0.1% 至每盎司 1,829.64 美元。鲍威尔在国会作证时表示,美国就业市场与美联储希望在减少对经济的支持之前看到的进展“仍有一段距离”。中国经济二季度增速低于预期,而美国上周初请失业金人数降至 16 个月低点。在低利率环境下,无收益黄金往往会上涨,而一些投资者也将黄金视为对冲更高通胀的工具。

技术阻力:1840/1857

技术支持 :1820/1810

主要头条:

  • 美联储的鲍威尔在参议院听证会上抨击通胀和监管
  • 日本央行不受全球通胀影响,暗示将延长宽松政策
  • 印度央行行长警告政府赤字直接融资的不利影响
  • 美元兑马币交易RM 4.2023

 

经济数据:

  • 2021年7月 16日,马来西亚时间 11:00 am – 日本央行货币政策声明
  • 2021年7月 16日,马来西亚时间 05:00 pm – 欧盟消费者物价指数(CPI)同比
  • 2021年7月 17日,马来西亚时间 01:40 am – 日本利率决定

 

美联储的鲍威尔在参议院听证会上抨击通胀和监管

美国联邦储备委员会主席杰罗姆鲍威尔在参议院银行委员会的听证会上面临有关通胀和银行监管的尖锐问题。鲍威尔与他在众议院金融服务委员会上所做的一样,承诺为完成美国经济复苏提供“强有力的支持”,这表明他认为没有必要因为近期通胀飙升而急于撤回对经济的支持。然而,小组中的共和党人就通胀急剧加速是否会如美联储所预期的那样证明是暂时的,向鲍威尔提出质疑。风险:如果通胀生根发芽,可能需要美联储以更高利率的形式采取更积极的行动,从而破坏央行旨在鼓励的复苏。

日本央行不受全球通胀影响,暗示将延长宽松政策

日本央行可能会维持其大规模刺激计划,并强调全球对通胀上升的担忧不会分散其努力保护经济免受冠状病毒大流行挥之不去的痛苦的努力。感染人数再次上升,导致政府在奥运会举办城市东京在奥运会召开前不到两周就实施了新的紧急状态,使决策者对本季度经济增长强劲反弹的希望破灭。因此,人们普遍预计日本央行将在为期两天的会议上将其短期利率和 10 年期债券收益率的收益率曲线控制目标维持在 -0.1% 和 0%。预计日本央行将在会议后发布的季度展望报告中下调本财年的增长预期。

印度央行行长警告政府赤字直接融资的不利影响

印度储备银行行长 Shaktikanta Das 在接受采访时表示,中央银行对政府财政赤字的直接融资或货币化有几个缺点。他补充说,由于较低的融资利率与充足的流动性并存,印度储备银行作为政府债务管理人的角色有助于加快大流行期间货币政策的传导速度。达斯还否认印度储备银行对收益率曲线控制的持续关注影响了其对通胀的关注,达斯还重申,目前零售通胀的高水平是暂时的,受供应方因素的影响,应该会在第三季度缓和。

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