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China’s Gold Binge Extends to Seventh Month as Holdings Climb
China increased its gold reserves for a seventh straight month, signaling ongoing strong demand for the precious metal from the world’s central banks. China raised its gold holdings by about 16 tons in May, according to data from the People’s Bank of China on Wednesday. Total stockpiles now sit at about 2,092 tons, after adding a total of 144 tons from November through last month. Central banks bought a record volume of gold last year as nations stockpiled the precious metal amid rising geopolitical uncertainty and stubborn global inflation. While buying fell steeply in the first quarter of this year, according ... (full story)
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- From bankofcanada.ca|Jun 7, 2023|6 comments
The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is also continuing its policy of quantitative tightening. Globally, consumer price inflation is coming down, largely reflecting lower energy prices compared to a year ago, but underlying inflation remains stubbornly high. While economic growth around the world is softening in the face of higher interest rates, major central banks are signalling that interest rates may have to rise further to restore price stability. In the United States, the economy is slowing, although consumer spending remains surprisingly resilient and the labour market is still tight. Economic growth has essentially stalled in Europe but upward pressure on core prices is persisting. Growth in China is expected to slow after surging in the first quarter. Financial conditions have tightened back to those seen before the bank failures in the United States and Switzerland. Canada’s economy was stronger than expected in the first quarter of 2023, with GDP growth of 3.1%. Consumption growth was surprisingly strong and broad-based, even after accounting for the boost from population gains. Demand for services continued to rebound. In addition, spending on interest-sensitive goods increased and, more recently, housing market activity has picked up. The labour market remains tight: higher immigration and participation rates are expanding the supply of workers but new workers have been quickly hired, reflecting continued strong demand for labour. Overall, excess demand in the economy looks to be more persistent than anticipated. CPI inflation ticked up in April to 4.4%, the first increase in 10 months, with prices for a broad range of goods and services coming in higher than expected. Goods price inflation increased, despite lower energy costs. Services price inflation remained elevated, reflecting strong demand and a tight labour market. The Bank continues to expect C post at 10:00am: BoC statement changes https://t.co/xEvK0UPr7R post at 10:02am: BOC STATEMENT REMOVES APRIL LANGUAGE ABOUT HOW BANK IS PREPARED TO RAISE RATES FURTHER IF NEEDED. post at 10:03am: BOC: UNDERLYING INFLATION REMAINS STUBBORNLY HIGH GLOBALLY, MAJOR CENTRAL BANKS ARE SIGNALING THAT RATES MIGHT HAVE TO RISE FURTHER TO RESTORE PRICE STABILITY. post at 10:04am: BoC: Stronger GDP, CPI Uptick Cited As Reasons For Rate Hike - Concerns Have Increased That Inflation May Get Stuck Above 2% - To Assess Incoming Data, BoC Is ‘Resolute On Curbing Inflation’ - Excess Demand Looks ‘More Persistent’ Than Expected $USDCAD
- From finances.gouv.fr|Jun 7, 2023
As a moving average over three months, in April 2023, France's trade balance is stable after recovering by 0.8 billion euros in March. It stands at - 9.2 billion euros. Imports ...
- From forexlive.com|Jun 7, 2023
Since the China reopening rumours/news back in November 2022, Copper has been rallying strongly as the market expected more demand for the metal considering also that China is the ...
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- From zerohedge.com|Jun 7, 2023
Two days ago Australia shocked the market when it unexpectedly hiked rates to 4.1%, an 11 year high, and warned of more hikes to come. Today, it was Canada's turn. Moments ago the ...
- From mining-technology.com|Jun 7, 2023
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- From bnnbloomberg.ca|Jun 7, 2023
The US trade deficit widened in April to the largest in six months as imports picked up and exports declined. The shortfall in goods and services trade grew by $14 billion, or 23% ...
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- Posted: Jun 7, 2023 10:15am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 251