FED'S DALY SAYS THERE'S NO URGENCY TO CUT RATES

MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

Seasonally Adjusted CPI Series: Flat Core Goods, Higher Services

EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

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

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

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Rebounds As USD Falters

GOLD

Gold is sitting slightly higher compared to NY closing levels, last around $1670 (+0.20-0.25% for the session so far). Earlier in the session we dipped to just under $1660, but rebounded amidst broad based USD weakness.

  • Gold continues to follow broader USD sentiment, albeit with a lower beta compared to some other asset classes. The DXY is only down slightly from NY closing levels at this stage.
  • Higher beta assets like equities and AUD, NZD and NOK are all enjoying firmer gains at this stage.
  • From a level’s standpoint, dips sub $1645 were supported overnight (post the CPI print), while we couldn't sustain a move above the $1680 level.
  • Longer term we still have late September lows just under $1620, while the 50-day MA (currently $1711.63) has provided resistance on the topside in recent months.
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