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STIR

Effective Fed Funds Rate

CZECHIA

CZKJPY Settles Slightly Above 5

FRANCE T-BILL AUCTION RESULTS

12/21/47/51-week BTFs

WTI TECHS

Inverted Head And Shoulder In WTI?

GOLD
GOLD: VIEW: UBS "exp. prices to test $1,800/oz near term, and would not rule out
a temp. break of this level. However, we remain sceptical of a sustained move
towards fresh record highs. With concern about the global econ already being
priced in & real rates at the lows, we think further macro catalysts are needed
to spark a sharp, sustained gold rally. We exp. another bout of consolidation
into year-end around the range seen for most of Q2. We keep our annual avg.
forecasts unch. at $1,650/oz over the next couple of years, although we are
increasingly mindful of the growing upside risks to our view, particularly
beyond '20. The gold mkt would be propelled higher if there is a stronger build
in gold allocations from an even broader investor base amid concerns about the
longer term impact of unprecedented stimulus on debt & fiscal balances.
Moreover, gold's appeal as a diversifier in lieu of/in addition to bonds is
gaining ground with the Fed unlikely to take policy rates -ve. A weaker growth
recovery than exp., potentially driven by further waves COVID-19 infections, is
another factor that could drive stronger interest. Finally, +ve inflation
surprises that cause further real rate compression would also push gold higher."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com