Global Market Report - 21 Apr 2022

Gold Spot

Gold steadied on Wednesday, recouping some losses after hitting a near two-week trough, as the dollar and U.S. Treasury yields eased off recent peaks. But further gains in bullion were capped by prospects of aggressive tightening of U.S. monetary policy. The dollar held near recent highs, making greenback-priced gold less attractive for other currency holders. U.S. Treasury yields hovered near multi-year highs, as investors prepared for the Federal Reserve to aggressively raise interest rates.

Technical Resistance: 1966/1978

Technical support: 1935/1924

Market headlines:

Economic data:                

  • 2022 Malaysia time 05:00 pm - Eurozone Consumer Price Index (CPI) YoY
  • 2022 Malaysia time 11:00 pm - U.S. Fed Chair Powell Speaks

Canada inflation surges more than expected in March, hitting 31-year high

Canada's annual inflation rate accelerated faster than expected in March, hitting a 31-year high amid broad price pressures, official data showed on Wednesday, pointing toward another oversized rate hike from the Bank of Canada in June. The headline rate hit 6.7% in March, well above analyst expectations of 6.1% and a full percentage point higher than in February. It was the 12th consecutive month above the central bank's 1-3% control range and just short of the 6.9% hit in January 1991. The higher-than-expected number increases the likelihood of the Bank of Canada making another large rate hike when it next meets in June. The bank raised rates by half a percentage point last week and said more increases were coming to fight inflation.

Bank of Japan boosts defense of yield target, offers to buy debt for four days

The Bank of Japan on Wednesday boosted efforts to defend its yield target, making a fresh offer to buy an unlimited amount of the 10-year bonds for four consecutive sessions. The move comes as the yield on the 10-year JGB remained at 0.25%, the upper limit of its target of around zero percent, throughout Wednesday, despite the central bank's offer to buy an unlimited amount of the 10-year bonds at that rate.

Ringgit hits 4.28 against US dollar, lowest since June 2020

The ringgit on Wednesday (April 20) weakened further against the US dollar, depreciating below RM4.28 — the lowest level in 22 months — although crude oil prices have been staying at above US$100 per barrel. The local currency appears to have diverged from the crude oil price trend in recent months. The ringgit did not appreciate against the greenback when the crude oil prices climbed further as it usually did in the past.

Source: Bloomberg, Investing.com, Reuters

黄金现货

由于美元和美国国债收益率从近期高点回落,黄金周三企稳,在触及近两周低点后收复部分失地。但金价的进一步上涨受到美国积极收紧货币政策的前景的限制。美元保持在近期高点附近,使得以美元计价的黄金对其他货币持有者的吸引力降低。由于投资者为美联储大举加息做准备,美国国债收益率徘徊在多年高位附近。

技术阻力:1966/1978

技术支持 :1935/1924

主要头条:

• 加拿大3月通胀超预期 创31年新高

• 日本央行加强对收益率目标的防御,提出购买为期四天的债券

• 令吉兑美元触及 4.28,为 2020 年 6 月以来最低

• 美元兑马币交易 4.2880

经济数据:

  • 2022年4月21日,马来西亚时间 05:00 pm – 欧元区CPI年率(%) (同比) (三月)      
  • 2022年4月21日,马来西亚时间 11:00 pm – 美联储主席鲍威尔(Jerome Powell)讲话 

加拿大3月通胀超预期 31年新高

周三的官方数据显示,加拿大的年度通胀率在 3 月份加速超过预期,在广泛的价格压力下触及 31 年高位,表明加拿大央行将在 6 月份再次大幅加息。 3 月份整体利率达到 6.7%,远高于分析师预期的 6.1%,比 2 月份高出整整一个百分点。这是连续第 12 个月高于央行 1-3% 的控制范围,仅低于 1991 年 1 月的 6.9%。高于预期的数字增加了加拿大央行在加息时再次大幅加息的可能性。下次见面在六月。该银行上周将利率提高了半个百分点,并表示将进一步加息以对抗通胀。

日本央行加强对收益率目标的防御,提出购买为期四天的债券

日本央行周三加大力度捍卫其收益率目标,连续四个交易日提出无限量购买 10 年期债券的新提议。尽管日本央行提出以该利率无限量购买 10 年期债券,但 10 年期日本国债收益率在整个周三仍保持在 0.25%,这是其目标在 0% 左右的上限。

令吉兑美元触及 4.28,为 2020 6 月以来最低

周三(4 月 20 日)令吉兑美元进一步走弱,贬值至 4.28 令吉以下——22 个月以来的最低水平——尽管原油价格一直保持在每桶 100 美元以上。近几个月来,当地货币似乎与原油价格走势背道而驰。当原油价格像过去通常那样进一步攀升时,令吉兑美元并没有升值。资料来源: Bloomberg, Investing.com, Reuters

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