Weekend: China to extend 3 lending tools for further targeted economic support
Sunday statement from the People’s Bank of China. China’s central bank says it’ll be rolling over three lending tools to extend sup[port measures for targeted sectors. a lending tool for supporting carbon emission reduction to the end of 2024 extend a relending tool for promoting the clean use of coal to the end of 2023 […]
Nigeria’s Atiku joins calls to extend deadline on old banknotes By Reuters
© Reuters. FILE PHOTO: A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde/File Photo LAGOS (Reuters) – Nigerian opposition presidential candidate Atiku Abubakar urged the central bank on Saturday to extend a Jan. […]
USD/CAD struggles to extend recovery above 1.3380 ahead of BoC policy
USD/CAD is facing stiff resistance in surpassing the 1.3380 hurdle as the focus shifts to BoC policy. BoC Governor is expected to hike interest rates further by 25 bps to 4.5%. A sell-off in S&P500 futures is portraying caution in the market mood. The USD/CAD pair is facing barricades in paddling above the immediate resistance […]
UK Chancellor Hunt wants to extend fuel duty cut by 12 months
Jeremey Hunt is the UK finance minister (Chancellor of The Exchequer). UK media (The Times) report Hunt wants an extension to the 5 pence cut in the price of petrol and diesel for another year in his spring budget. the Times says he Hunt is also facing pressure to freeze fuel duty for another year. […]
XAU/USD rally to extend toward $1,973/98, with fresh cap expected here – Credit Suisse
Strategists at Credit Suisse expect Gold to extend its race higher toward the $1,973/98 resistance zone. Initial support seen at $1,867 “Gold is expected to extend its rally to resistance next at the 78.6% retracement of the 2022 fall and April 2022 high at $1,973/98, with a fresh cap expected here. Only above the $2,070/75 […]
XAU/USD aims to extend rally above $1,920 as Fed to ease policy tightening pace
Gold price is looking to extend gains above $1,920.00 decisively amid weakness in the US Dollar Index (DXY). The Fed is expected to scale down the policy tightening pace amid declining inflation. S&P500 recorded a four-day winning streak, portraying a risk-on market mood. Gold price (XAU/USD) has turned sideways after a juggernaut rally to near […]
USD/CNY unlikely to extend its decline toward 6.30 – SocGen
China FX has front-loaded the China reopening and economists at Société Générale are cautious about chasing a CNY rally. Neutral on Yuan “As USD/CNY has already reversed more than 50% of the rise in 2022, it would be necessary to feed more positive surprises to the market to deepen a CNY rally to the 6.30 […]
Room for the Euro to extend the move higher – MUFG
Analysts at MUFG Bank have a bullish outlook for the EUR/CHF cross, considering it could benefit from a further scaling back of fears over recession in the Eurozone. Key quotes: “After trading within a narrow range between 0.9800 and 0.9950 throughout most of Q4, the pair has broken higher in recent days as it first […]
WTI struggles to extend recovery towards $79.00, optimism remains on softer US inflation
Oil prices have turned sideways after failing to extend recovery to near $80.00. The black gold price has not run out of steam as the US administration is ceasing oil supply to China. Falling US inflation has triggered odds of a slowdown in the pace of the Fed’s policy tightening. West Texas Intermediate (WTI), futures […]
XAU/USD to extend its rally on slowing inflation – Commerzbank
Gold price climbed to $1,880 at the start of the week, thereby posting an eight-month high. The US inflation data for December will be released on Thursday and could lend further tailwind to the yellow metal, economists at Commerzbank report. Inflation rate to have fallen from 7.1% to 6.5% “US inflation data could lend further […]