MNI China Daily Summary: Friday, April 26

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MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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

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

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Slightly Weaker After Another Record High On Thursday

GOLD
Energy BulletsCommodities

Gold is slightly weaker in the Asia-Pac session, after closing 0.5% higher at $2159.98 on Thursday after pushing to a fresh record high of $2164.78.

  • The precious metal was supported by lower US Treasury yields and further weakness for the USD index.
  • US tsys rallied through technical resistance early in the NY session after lower-than-expected Unit Labor Costs (0.4% vs. 0.7% est). Weekly jobless claims were largely in line: (216k vs. 217k est) while Continuing Claims rose (1.906M vs. 1.880M est; prior down-revised to 1.898M from 1.905M)). Additional data: Nonfarm Productivity (3.2% vs. 3.1% est); Trade Balance (-$67.4B vs. -$63.5B est).
  • No new insight from Fed Chairman Powell on Thursday as he repeated yesterday's policy testimony to Congress.
  • Bullion has added more than 6% over the last seven sessions.
  • (Bloomberg) The precious metal’s sharp jump “has surprised us in its intensity, and outpaced cues” from foreign exchange and rates markets, said JPMorgan Chase & Co. analysts including Gregory Shearer in a note.
  • The next resistance is $2177.6 (Fibonacci projection), according to MNI's technicals team.
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Gold is slightly weaker in the Asia-Pac session, after closing 0.5% higher at $2159.98 on Thursday after pushing to a fresh record high of $2164.78.

  • The precious metal was supported by lower US Treasury yields and further weakness for the USD index.
  • US tsys rallied through technical resistance early in the NY session after lower-than-expected Unit Labor Costs (0.4% vs. 0.7% est). Weekly jobless claims were largely in line: (216k vs. 217k est) while Continuing Claims rose (1.906M vs. 1.880M est; prior down-revised to 1.898M from 1.905M)). Additional data: Nonfarm Productivity (3.2% vs. 3.1% est); Trade Balance (-$67.4B vs. -$63.5B est).
  • No new insight from Fed Chairman Powell on Thursday as he repeated yesterday's policy testimony to Congress.
  • Bullion has added more than 6% over the last seven sessions.
  • (Bloomberg) The precious metal’s sharp jump “has surprised us in its intensity, and outpaced cues” from foreign exchange and rates markets, said JPMorgan Chase & Co. analysts including Gregory Shearer in a note.
  • The next resistance is $2177.6 (Fibonacci projection), according to MNI's technicals team.