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Gold Spot

Gold prices slipped, as a buoyant dollar and a rebound in U.S. Treasury yields stemmed inflows into the safe-haven bullion spurred by fears the Delta coronavirus variant may stall a global recovery. Spot gold was down 0.1% at $1,807 per ounce. Yields on 10-year Treasuries bounced off five-month lows, increasing the opportunity cost of holding non-interest bearing gold. The dollar, also considered a safe bet during geopolitical uncertainties, held near a 3-1/2-month peak against its rivals, potentially trimming appetite for gold by making the metal more expensive for holders of other currencies.

Technical Resistance: 1818/1825

Technical support: 1796/1789

Market headlines:

  • IMF urges countries to shift from economic rescue to reforms
  • BOJ’s price outlook views muddled by commodity rise, weak spending
  • China holds benchmark lending rate for 15th straight month
  • USDMYR traded at 4.2320

 

Economic data:

  • 21 July 2021 Malaysia time 07:50am – Japan Monetary Policy Meeting Minutes
  • 21 July 2021 Malaysia time 10:30pm – S. Crude Oil Inventories

IMF urges countries to shift from economic rescue to reforms

The International Monetary Fund’s No. 2 official called on countries to pivot from saving their economies from collapse to reviving growth-oriented policy reforms to boost their recovery prospects and make them more sustainable. IMF First Deputy Managing Director Geoffrey Okamoto said that the COVID-19 pandemic delayed and reversed some pro-growth reforms and restoring these can help make up for output lost during the pandemic. Reforms that allow for faster restructurings and resolution of unviable businesses and labor policies to help retrain workers and line them up with job openings can help shift workers and capital to more promising, dynamic parts of the economy, Okamoto said. Improved competition policy frameworks such as those being debated in Europe and the United States can reduce the concentration of market power among a few firms and create more dynamic competition and innovation.

BOJ’s price outlook views muddled by commodity rise, weak spending

Bank of Japan policymakers saw the price outlook muddled by rising global commodity costs and soft consumption, minutes of their June meeting showed, underscoring the central bank’s policy conundrum brought on by the COVID-19 pandemic. Japan has not been immune to global commodity inflation with companies seeing input costs rising, though consumer prices have barely risen in contrast to those of other advanced nations that are reopening their economies. At the June meeting, the BOJ kept monetary policy steady and unveiled a plan to create a new scheme to boost funding for activities aimed at combating climate change.

China holds benchmark lending rate for 15th straight month

China kept its benchmark lending rate for corporate and household loans unchanged at its monthly fixing, despite growing expectations for a cut after a surprise lowering of bank reserve requirements. The one-year loan prime rate (LPR) was kept at 3.85%. The five-year LPR remained at 4.65%. The rate was unchanged for the 15th straight month. The People’s Bank of China (PBOC) lowered the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan ($154.21 billion) in long-term liquidity to underpin its post-COVID economic recovery that was starting to lose momentum. However, the central bank then kept borrowing costs of medium-term lending facility (MLF), which serves as a guide for the LPR, unchanged at its latest operation last week, when it partially rolled over maturing loans.

Source: Bloomberg, Investing.com, Reuters, CNBC

 

黄金现货

黄金价格下跌,因美元走强和美国国债收益率反弹阻止资金流入避险黄金,这是由于担心三角洲冠状病毒变体可能会阻碍全球复苏。现货金下跌 0.1% 至每盎司 1,807 美元。 10 年期美国国债收益率从五个月低点反弹,增加了持有无息黄金的机会成本。在地缘政治不确定性期间也被视为安全赌注的美元兑其竞争对手保持在 3-1/2 个月的高位附近,这可能会因其他货币持有者的黄金价格上涨而削弱对黄金的需求。

技术阻力:1818/1825

技术支持 :1796/1789

主要头条:

  • IMF 敦促各国从经济救助转向改革
  • 日本央行的价格前景因商品上涨和支出疲软而变得混乱
  • 中国连续第 15 个月保持基准贷款利率不变
  • 美元兑马币交易RM 4.2320

 

经济数据:

  • 2021年7月 21日,马来西亚时间 07:50 am – 日本货币政策会议纪要
  • 2021年7月 21日,马来西亚时间 10:30 Pm – 美国原油库存

IMF 敦促各国从经济救助转向改革

国际货币基金组织的二号官员呼吁各国从挽救经济崩溃转向恢复以增长为导向的政策改革,以提高其复苏前景并使其更具可持续性。 IMF 第一副总裁杰弗里·冈本 (Geoffrey Okamoto) 表示,COVID-19 大流行推迟并逆转了一些有利于增长的改革,恢复这些改革有助于弥补大流行期间的产出损失。冈本说,允许更快地重组和解决不可行的企业和劳工政策以帮助再培训工人并使他们与职位空缺保持一致的改革可以帮助工人和资本转移到更有前途、更有活力的经济领域。改进的竞争政策框架,例如在欧洲和美国正在辩论的那些,可以减少市场力量在少数公司之间的集中,并创造更有活力的竞争和创新。

日本央行的价格前景因商品上涨和支出疲软而变得混乱

日本央行 6 月会议纪要显示,日本央行决策者认为价格前景因全球大宗商品成本上升和消费疲软而变得混乱,这突显出央行因 COVID-19 大流行而面临的政策难题。日本也未能幸免于全球大宗商品通胀,企业看到投入成本上升,但与其他重新开放经济的发达国家相比,消费者价格几乎没有上涨。在 6 月的会议上,日本央行保持货币政策稳定,并公布了一项计划,以制定一项新计划,以增加应对气候变化活动的资金。

中国连续第 15 个月保持基准贷款利率不变

尽管在银行存款准备金率意外降低后对降息的预期越来越高,但中国将企业和家庭贷款的基准贷款利率维持在每月固定不变。一年期贷款最优惠利率(LPR)维持在 3.85%。五年期LPR保持在4.65%。该利率连续第 15 个月保持不变。中国人民银行(PBOC)降低了银行必须作为准备金持有的现金数量,释放了约 1 万亿元人民币(1,542.1 亿美元)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。然而,央行随后将作为 LPR 指南的中期借贷便利 (MLF) 的借贷成本在上周的最新操作中保持不变,当时它部分展期到期贷款。

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