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Gold Spot

Gold prices were pinned below the key $1,800 per-ounce level, as investors turned cautious ahead of this week’s U.S. Federal Reserve meeting outcome for clues on when the central bank might rein in its easy monetary policies. The dollar index was steady and hovered just below recent peaks. Fed officials are likely to affirm after their two-day meeting that a strong U.S. recovery and their planning for an eventual policy shift both remain underway. Large stimulus measures tend to support gold, which is often considered a hedge against inflation and currency debasement.

Technical Resistance: 1808/1818

Technical support: 1790/1781

Market headlines:

  • Dollar loiters near highs as traders await Fed
  • China tightens grips on local government hidden debt
  • South Korea’s second-quarter GDP growth hits decade high but risks loom
  • USDMYR traded at 4.2290

Economic data:

  • 27 July 2021 Malaysia time 03:30pm – BoJ Governor Kuroda Speaks
  • 27 July 2021 Malaysia time 10:00pm – U.S. CB Consumer Confidence

Dollar loiters near highs as traders await Fed

The U.S. dollar hovered just below recent peaks, as investors turned to this week’s Federal Reserve meeting for clues on the policy outlook, while cryptocurrencies pulled back sharply after an attempt to break out of a monthlong range. The dollar had dipped about 0.3% against the euro overnight. But the greenback has been rising broadly for more than a month as markets are wary of the Fed starting to taper its monetary support, and data shows investors are now long dollars for the first time since March 2020. The dollar traded at $1.1809 per euro and bought 110.27 yen early in the Asia session. The Australian and New Zealand dollars held on to modest overnight gains. The Fed meeting focus is on discussions around bond purchases and insight into the bank’s comfort with surging inflation, with the upshot for currency markets not clear cut.

China tightens grips on local government hidden debt

China is stepping up restrictions on financing to local government financing vehicles (LGFVs) to mitigate risks from hidden debt, the official Securities Times reported. Several banks and insurers are connecting their systems with a platform of the Ministry of Finance that monitors liability and expenditure of LGFVs, the newspaper said, citing industry sources. Local governments have been under pressure to boost economic growth through infrastructure spending via LGFVs, but the risk of defaults has raised jitters in financial markets as Beijing has signaled it will allow some heavily indebted LGFVs to fail. In future, banks and insurers will refrain from providing fresh liquidity to those platforms that enjoy implicit guarantees from local governments and will prevent hidden debts from increasing.

South Korea’s second-quarter GDP growth hits decade high but risks loom

South Korea’s economy expanded at the fastest annual pace in a decade in the second quarter, thanks to a pickup in private consumption, though a resurgence of COVID-19 casts doubts over the outlook for growth for the rest of the year. Data from the Bank of Korea showed gross domestic product (GDP) grew 0.7% in the second quarter, after rising 1.7% three months earlier. The economy surged 5.9% year-on-year, the fastest growth in a decade and up sharply from 1.9% in the first quarter, in part because of the low base effect of last year but also driven by strong exports and imports as major trading partners continued to reopen. That, however, missed market forecast growth of 6.0% for the annual reading. The result would be no surprise for the BOK, which is expected to be the first Asian central bank to raise interest rates from pandemic-era lows, as growth and inflation return.

Source: Bloomberg, Investing.com, Reuters, CNBC

 

黄金现货

由于投资者在本周美联储会议结果之前变得谨慎,以寻找央行何时可能控制其宽松货币政策的线索,黄金价格被压在每盎司 1,800 美元的关键水平下方。美元指数持稳并在近期高点下方徘徊。美联储官员可能会在为期两天的会议后确认,美国强劲的复苏和他们对最终政策转变的计划仍在进行中。大规模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:1808/1818

技术支持 :1790/1781

主要头条:

  • 美元徘徊在高位附近等待美联储
  • 中国收紧对地方政府隐性债务的控制
  • 韩国第二季度 GDP 增长创十年新高,但风险迫在眉睫
  • 美元兑马币交易RM 4.2290

 

经济数据:

  • 2021年7月 27日,马来西亚时间 03:30 pm – 日本央行行长黑田东彦发言
  • 2021年7月 27日,马来西亚时间 10:00 pm – 美国消费者信心指数

美元徘徊在高位附近等待美联储

美元徘徊在近期高点下方,因为投资者转向本周的美联储会议以寻找有关政策前景的线索,而加密货币在试图突破一个月的区间后大幅回落。隔夜美元兑欧元下跌约 0.3%。但由于市场对美联储开始缩减其货币支持持谨慎态度,美元已经普遍上涨一个多月,数据显示投资者现在自 2020 年 3 月以来首次做多美元。美元兑欧元汇率为 1.1809 美元,亚洲时段早盘买入 110.27 日元。澳元和新西兰元保持隔夜小幅上涨。美联储会议的重点是围绕债券购买进行讨论,并深入了解银行对通胀飙升的信心,但货币市场的结果尚不清楚。

中国收紧对地方政府隐性债务的控制

据官方证券时报报道,中国正在加强对地方政府融资平台(LGFV)的融资限制,以降低隐性债务的风险。该报援引业内消息人士的话称,几家银行和保险公司正在将他们的系统与财政部的一个平台连接起来,该平台监控地方政府融资平台的负债和支出。地方政府一直面临着通过地方政府融资平台的基础设施支出来促进经济增长的压力,但由于北京方面暗示将允许一些负债累累的地方政府融资平台倒闭,违约风险引发了金融市场的不安。未来,银行和保险公司将不再向享受地方政府隐性担保的平台提供新的流动性,并防止隐性债务增加。

韩国第二季度 GDP 增长创十年新高,但风险迫在眉睫

由于私人消费回升,韩国经济在第二季度以十年来最快的年度速度增长,尽管 COVID-19 的卷土重来使人们对今年剩余时间的增长前景产生怀疑。韩国央行数据显示,继三个月前增长 1.7% 后,第二季度国内生产总值 (GDP) 增长 0.7%。经济同比增长 5.9%,为十年来最快增速,较第一季度的 1.9% 大幅上升,部分原因是去年的低基数效应,但也受到作为主要贸易的进出口强劲的推动合作伙伴继续重新开放。然而,这低于年度读数 6.0% 的市场预测增长。随着经济增长和通胀回归,韩国央行预计将成为第一家从大流行时期的低点提高利率的亚洲央行,结果将不足为奇。

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