MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (1/2)

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

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Steadies As USD Rally Pauses

GOLD

Gold is slightly above NY closing levels, last around $1637.5 (+0.10-0.15% for the session). We got to fresh lows in the early part of trading, amid a firmer USD trend. However, support was evident ahead of $1632, which was also the low at the start of the month. We rebounded back above $1640 before running out of momentum.

  • Gold continues to move with broader USD sentiment, although there appears to be decent support between current spot levels and recent lows sub $1620.
  • The topside remains capped by moves into the $1670/$1680 region. The overnight high came close to $1670, while the simple 50-day MA comes in just above $1676.
  • The hawkish backdrop presented by Powell didn't help gold overnight, but real yields remain below recent highs (last 1.57%), which is likely helping keep dips in the precious metal supported.
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