Global Market Report - 22 Mar 2022

Gold Spot

Gold prices rose on Monday, lifted by safe-haven demand as the Ukraine crisis showed no signs of abatement, although the gains were capped by the U.S. Federal Reserve's plan of aggressive measures to combat inflation. Ukraine on Monday rejected Russian calls to surrender the port city of Mariupol, where residents are besieged with little food, water and power and fierce fighting shows little sign of easing.

Technical Resistance: 1969/1984

Technical support: 1900/1884

Market headlines:

Economic data:                

  • 2022 Malaysia time 11:30 am – Reserve Bank of Australia Governor Lowe Speaks
  • 2022 Malaysia time 09:15 pm – European Central Bank President Lagarde Speaks

Expect ECB, Fed to be out of sync: ECB's Lagarde

The world’s two top central banks will move out of sync in the foreseeable future, as the war in Ukraine has vastly different effects on their economies, European Central Bank President Christine Lagarde said on Monday. The U.S. Federal Reserve raised interest rates last week and signalled a string of future moves, just days after the ECB said it was in no hurry to raise its record-low deposit rate, even while it continues to unwind exceptional stimulus. With food prices also expected to jump, the inflation surge will cut deep into households’ purchasing power and the ECB has cut its growth projections, with some policymakers arguing that an even worse outcome is already more likely.

Yen kicks off another week under pressure, with central bank policy in focus

The Japanese yen continued its slide on Monday morning, while the aussie and kiwi remained bid, with traders eying a string of public remarks by global central bank policy makers this week, including Fed chair Jay Powell later Monday. "Japan’s inflation dynamic is very different to that experienced in other major economies we monitor, as a result, an exit from the ultra-easy monetary policy by the Bank of Japan remains a long way off in our view," they said.

China keeps lending benchmark unchanged but Q2 easing expected

China kept its benchmark interest rate for corporate and household lending unchanged on Monday, as expected, although analysts say the case for monetary stimulus is building amid mounting external risks to an already slowing economy. Markets now widely expect policymakers to resume monetary easing soon to revive an economy hit by a domestic COVID-19 resurgence, weaker credit growth and a faltering property sector, while increasing global risks from the Ukraine conflict also add pressure.

Source: Bloomberg, Investing.com, Reuters

黄金现货

周一黄金价格上涨,受避险需求提振,因乌克兰危机没有减弱的迹象,尽管美联储采取积极措施应对通胀的计划限制了涨幅。乌克兰周一拒绝了俄罗斯要求投降港口城市马里乌波尔的呼吁,那里的居民被围困,几乎没有食物、水和电力,激烈的战斗几乎没有缓和的迹象。

技术阻力:1969/1984

技术支持 :1900/1884

主要头条:

• 预计欧洲央行,美联储将不同步:欧洲央行的拉加德

• 日元再度承压,央行政策成为焦点

• 中国维持贷款基准不变,但预计第二季度将放宽

• 美元兑马币交易 4.2140

经济数据:

  • 2022年3月22日,马来西亚时间 11:30 am –澳洲联储主席菲利普·洛威(Philip Lowe) 讲话
  • 2022年3月22日,马来西亚时间 09:15 pm –欧洲央行行长拉加德(Christine Lagarde)讲话

预计欧洲央行,美联储将不同步:欧洲央行的拉加德

欧洲央行行长克里斯蒂娜·拉加德(Christine Lagarde)周一表示,在可预见的未来,世界两大央行将不同步,因为乌克兰战争对其经济产生了截然不同的影响。就在欧洲央行表示不急于提高其创纪录的低存款利率几天后,美联储上周提高了利率,并暗示了一系列未来举措,尽管它继续取消特别刺激措施。由于预计食品价格也将上涨,通胀飙升将严重削弱家庭的购买力,而欧洲央行已经下调了增长预期,一些政策制定者认为,更糟糕的结果已经更有可能发生。

日元再度承压,央行政策成为焦点

日元周一上午继续下跌,而澳元和新西兰元保持买盘,交易员关注本周全球央行决策者的一系列公开言论,包括周一晚些时候的美联储主席杰伊鲍威尔。 “日本的通胀动态与我们监测的其他主要经济体的情况截然不同,因此,我们认为日本央行退出超宽松货币政策仍有很长的路要走,”他们表示。

中国维持贷款基准不变,但预计第二季度将放宽

正如预期的那样,中国周一维持企业和家庭贷款的基准利率不变,尽管分析师表示,在已经放缓的经济面临越来越大的外部风险的情况下,货币刺激的理由正在增加。市场现在普遍预计政策制定者将很快恢复货币宽松政策,以重振受到国内 COVID-19 复苏、信贷增长疲软和房地产行业步履蹒跚的打击的经济,同时乌克兰冲突带来的全球风险增加也增加了压力。资料来源: Bloomberg, Investing.com, Reuters

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