-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessHolding On To Friday’s Lows; Fedspeak In Focus
Gold sits ~$4/oz weaker at typing to print $1,835/oz, having struggled to make headway above neutral levels in fairly limited Asia-Pac dealing. The precious metal operates a little above Friday’s worst levels, with U.S. Tsy futures and U.S. e-mini equity index futures noted to have unwound their earlier risk-positive moves despite an absence of meaningful macro headline flow.
- To recap Friday’s price action, gold snapped a two-day streak of gains, closing ~$18/oz lower amidst an uptick in U.S. real yields and the USD (DXY), ultimately capping a ~$32 overall lower close for the week.
- July FOMC dated OIS now price in an ~80% chance of a 75bp hike for that meeting, with a cumulative ~196bp of tightening priced in through the remaining four meetings for calendar ‘22. Relatively hawkish comments from the Fed’s Waller (voter) on Saturday supporting a 75bp move in July (flagging data-dependence) helped put a cap on gold, having emphasised tolerance for economic pain to bring down higher prices.
- Keeping within the U.S., debate re: stagflation continues to simmer, with the Fed’s Mester (voter) on Sunday pointing out that recession risks are rising, while Treasury Secretary Yellen said that she expects the economy to slow. A note that both officials were clear in stating that they currently do not predict an impending recession.
- Looking ahead (and keeping in mind the U.S. Juneteenth holiday on Monday), Fed Chair Powell will testify on semi-annual monetary policy before the Senate Banking Committee on Wednesday (1430 BST), with participants likely focusing on firmer clues towards a 50bp or 75bp hike for July.
- From a technical perspective, gold remains vulnerable following the ~$50/oz lower daily close seen on Jun 13. Focus is on a potential move lower towards support at $1,787.0/oz (May 16 low), a break of which would signal a resumption of the downtrend. On the other hand, key resistance holds at around $1,889.1/oz (trendline resistance from Mar 8 high).
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.