XAU/USD may have bottomed out at the beginning of the week – Commerzbank
Share: Gold price shed more than 5% in February. XAU/USD is currently trading at a good $1,840, which puts it around $40 or 2% higher than on Tuesday. It appears that the yellow metal has bottomed out, strategists at Commmerzbank report. There is no longer any expectation of rate cuts this year “Weighing […]
Gold is an attractive asset for 2023 – SocGen
Share: 2023 will be the beginning of the end for USD strength. Thus, strategists at Société Générale believe that Gold exposure is set to provide great returns. Fixed income to do better than equities “Gold can offer protection against systemic risk.” “Continue rebalancing away from the USD. Gold will be a powerful protection […]
Bitcoin Price Falls. There’s Trouble at Silvergate.
Bitcoin and other cryptocurrencies were falling Thursday, under pressure but holding key levels amid signs of distress at Silvergate Capital an influential banker to the digital asset industry. The price of Bitcoin has declined nearly 2% over the past 24 hours to $23,275. The largest crypto has consolidated between $23,000 and $24,000 in recent weeks, […]
Rising Gold prices in the second half of the year to pull up Silver too – Commerzbank
Share: Silver has dropped back again this year. But strategists at Commerzbank expect increasing Gold prices to lift Silver too. Supply deficit likely to shrink on Silver market “Global demand is likely to decrease as compared with its record high last year. Growing supply is anticipated at the same time: mining production is […]
USD/CNH could still advance to 6.8500 and above – UOB
Share: Further gains could still lift USD/CNH to the 6.8500/6.8800 region in the next few weeks, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group. Key Quotes 24-hour view: “Our expectations for USD to edge lower did not materialize as it traded in a relatively quiet manner between […]
Australia’s 4 largest banks have all passed through the RBA rate hike
ANZ, CBA, NAB and Westpac are Australia’s 4 largest banks, by a long way. All have passed through, in full, the RBA 25bp rate hike to variable-rate mortgage loans. At the margin the higher mortgage rates will act to reduce demand in the economy. Which is sort of the point of an RBA rate hike. […]
USD/CAD to move downward to 1.255 by year-end – BofA
Share: Will USD/CAD eventually fall in 2023? Economists at Bank of America Global Research expect the pair to dive towards 1.25 by the end of the year. USD/CAD Q1 forecast remains at 1.32 “We maintain our downtrend USD/CAD forecast for the year despite the Bank of Canada rate hike pause.” “We believe the […]
Further gains to 6.8500/6.8800 remain on the table – UOB
Share: While above the 6.7400 level, USD/CNH could challenge the 6.8500 region ahead of 6.8800, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. Key Quotes 24-hour view: “We expected USD to trade within a range of 6.7800/6.8200 yesterday. USD subsequently traded between 6.7765 and 6.8070. The underlying tone […]
Long-term trend remains tilted to the upside – SocGen
Share: The rally in EUR/USD came to a shuddering halt after the dovish market interpretation of the ECB rate decision. Still, economists at Société Générale note that the long-term points to the upside. Further profit-taking cannot be ruled out “Tactically, further profit-taking cannot be ruled out.” “The ECB may try to correct the […]
A digital currency is likely to be needed, says U.K. Treasury and Bank of England
The U.K. government said Monday that a digital currency is likely needed, as countries around the world examine the changing nature of payments. A statement issued by both the U.K. Treasury and the Bank of England said they were seeking comments, though they said no decision has yet to be taken. The consultation will run […]