BOC DISCUSSED BOTH A 25BP AND A 50BP CUT AS OPTIONS

BOC'S MACKLEM SAYS HE'S A FAN OF FISCAL GUARDRAILS

TRUDEAU CALLS BOC RATE CUT 'A STEP IN THE RIGHT DIRECTION'

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Another Significant Drop As USD & Yields Move Higher

GOLD

Gold is little changed in the Asia-Pac session, after closing 1.1% lower at $2006.25 on Wednesday. Bullion is close to testing the $2,000 an-ounce level, after holding above that threshold since mid-December.

  • Wednesday’s move can be attributed to USD strength and higher US Treasury yields. The US Treasury curve bear-flattened, with yields 2-14bps higher, after US Retail Sales printed stronger than expected in December. The control group, which feeds into GDP, was the clear standout, jumping 0.76% m/m (cons 0.2%) after a slightly upward revised 0.47% (initial 0.40%).
  • Industrial Production also fared slightly better than expected in December, rising 0.05% m/m (cons -0.1%) but the beat was offset by a downward revised 0.0% m/m (initial 0.2%) in November.
  • From a technical standpoint, the precious metal pushed through supports at $2017.3/2013.4 (50-day EMA/Jan 11 low), opening a key support at $1973.2 (Dec 13 low).
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.