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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.
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Free AccessSetting Up For Fifth Consecutive Day Of Gains
Gold is 0.5% higher in the Asia-Pac session, extending its four-day rally, after closing 0.5% higher at $2077.49 on Wednesday.
- Bullion was supported yesterday by lower US Treasury yields as investors became increasingly confident that the Federal Reserve will loosen monetary policy aggressively in 2024.
- The yield on the US Treasury 10-year dropped 11 bps to 3.79% - the lowest level since mid-July. The ball started rolling after the Richmond Fed Mfg Index (-11 vs. -3 est, -5 prior) and Business Conditions (0.0 vs. -9 prior) printed the lowest reading since April. A decent $58bn 5-year Treasury auction then allowed the rally to extend into the close.
- Projected rate cuts for early 2024 also gained momentum, with March 2024 fully pricing in a 25 bp cut. A cumulative 54 bps of easing is priced for May 2024, with -167 bps by December 2024.
- Later today the US calendar sees Weekly Claims, Retail/Wholesale Inventories and Home Sales. The US Treasury wraps up 2023's supply with a $40bn 7-year Note auction.
- From a technical standpoint, yesterday’s increase cleared resistance at $2073.4 (61.8% retrace of the Dec 4-14 bear leg) to open $2097.1 (76.4% retrace of the same move), according to MNI’s technical team.
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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.