MNI China Daily Summary: Monday, March 3

MNI BRIEF: No Surprises For ECB As Inflation Slows In February

MNI: UK FINAL FEB MANUF PMI 46.9 (FLASH: 46.4); JAN 48.3

MNI: China CFETS Yuan Index Up 0.27% In Week of Feb 28

MNI: PBOC Net Drains CNY195.5 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1745 Mon; -1.16% Y/Y

MNI: EUROZONE FEB FLASH HICP +2.4% Y/Y

MNI: UK BOE JAN MORTGAGE APPROVALS 66,189

MNI: UK JAN M4 MONEY SUPPLY +1.3% M/M, +4.1% Y/Y

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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GOLD: Back to Normality as Gold Rallies Again. 

GOLD
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  • As Friday’s sell off fades into the background and the rally resumes, the biggest sell off of the year appears to be nothing more than profit taking, a view supported by holdings data showing money managers have reduced positions.
  • Overnight, gold resumed its rally up +.49% to US2,896.56 in US trading and despite a slow start in the Asian trading day, suddenly jumped higher to bust through $2,900 to reach $2,909.80.
  • Gold has benefited from concerns over tariffs and overnight the President spoke again about tariffs saying, “On Trade, I have decided, for purposes of Fairness, that whatever Countries charge the United States of America, we will charge them - No more, no less!"  He continued saying "I have instructed my Secretary of State, Secretary of Commerce, Secretary of the Treasury, and United States Trade Representative (USTR) to do all work necessary to deliver reciprocity to our System of Trade!"
  • The technicals for gold remain the same, with the uptrend still intact and with the risks of an all-out trade war coupled with an signs that inflation isn’t gone in the US,  the near term demand dynamic for gold could see it push through the $3,000 barrier sooner than expected. 
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  • As Friday’s sell off fades into the background and the rally resumes, the biggest sell off of the year appears to be nothing more than profit taking, a view supported by holdings data showing money managers have reduced positions.
  • Overnight, gold resumed its rally up +.49% to US2,896.56 in US trading and despite a slow start in the Asian trading day, suddenly jumped higher to bust through $2,900 to reach $2,909.80.
  • Gold has benefited from concerns over tariffs and overnight the President spoke again about tariffs saying, “On Trade, I have decided, for purposes of Fairness, that whatever Countries charge the United States of America, we will charge them - No more, no less!"  He continued saying "I have instructed my Secretary of State, Secretary of Commerce, Secretary of the Treasury, and United States Trade Representative (USTR) to do all work necessary to deliver reciprocity to our System of Trade!"
  • The technicals for gold remain the same, with the uptrend still intact and with the risks of an all-out trade war coupled with an signs that inflation isn’t gone in the US,  the near term demand dynamic for gold could see it push through the $3,000 barrier sooner than expected.