MNI: Macklem Says BOC Getting Closer To Rate Cut Conditions

BOC: RECENT DATA HAVE SHOWN DIFFERENT TRENDS THAN U.S.

BOC MACKLEM SENATE STATEMENT SIMILAR TO PAST COMMENTS

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

EZ/UK Bond Supply Calendar: LT OAT Auction on Thursday

Fed Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Still Losing Ground

GOLD

Gold saw a brief dip sub $1730 (low was a $1723 handle), but we are now back above this level, last tracking at $1732. This is down slightly from NY closing levels. The broader trend for the precious metal still looks skewed to the downside given ongoing USD strength.

  • Gold's fortunes look tied to broader USD sentiment in the near term. The earlier dip came as EUR/USD almost fell through parity against the USD.
  • Overnight moves in gold also tracked USD swings. The precious metals lost 0.5% yesterday and we are now at lows going back to late September last year. This low had a $1722 handle, which was close to levels we saw earlier today (~$1723). Beyond that is sub $1700 recorded in August last year.
  • Lower back end US yields didn't help gold much overnight, although real 10yr yields are only marginally off recent highs, which is arguably a more important driver.
  • Weaker equities also haven't generated much safe have support during today’s session.
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.