- Story Log
User | Time | Action Performed |
---|---|---|
-
Analyzing Gold’s Decline: Potential Support and Recovery
video Gold confirmed a breakdown from its small rising trend channel today as it fell through the lower trendline of the pattern and yesterday’s low of 1,977. Weakness was further confirmed on a drop below last Wednesday’s minor swing low of 1,970. Support for the day was seen at 1,957, leading to a bounce to test resistance around the 1,970 level. Given the characteristics of the breakdown it seems likely that a deeper retracement is in the works before gold is ready to resume its ascent. chart The rising narrow parallel channel has characteristics like a rising wedge. It shows upward momentum declining in a ... (full story)
- Comments
- Subscribe
-
- Older Stories
The US Treasury reiterated its call for greater transparency in how Beijing conducts its exchange-rate policy and said it was monitoring China alongside five other major trading ...
A jump in US yields over recent weeks amounts to nothing less than an “earthquake” for the bond market, according to Federal Reserve Governor Christopher Waller. Yields on 10-year ...
The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of major U.S. trading partners, comprising about 78 percent of U.S. foreign trade in goods and services, during the four quarters through June 2023. “The global economy continues to be more resilient than many predicted one year ago. Nevertheless, the global economic outlook continues to face elevated uncertainty associated with Russia’s war against Ukraine, geopolitical stresses in the Middle East, still-elevated core inflation, and the potential for stresses in China’s property sector to deepen. Most foreign exchange intervention by U.S. trading partners over the Report period was in the form of selling dollars, actions that served to strengthen their currencies. However, Treasury remains vigilant to countries’ currency practices and the Biden Administration strongly opposes attempts by the United States’ trading partners to artificially manipulate currency values to gain unfair advantage over American workers,” said Secretary of the Treasury Janet L. Yellen. In accordance with the Omnibus Trade and Competitiveness Act of 1988, the Report analyzed the practices of the United States’ major trading partners and concludes that no major U.S. trading partner manipulated the rate of exchange between its currency and the U.S. dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade during the four quarters through June 2023. In this Report, Treasury found that no major trading partner met all three criteria for enhanced analysis under the Trade Facilitation and Trade Enforcement Act of 2015 during the four quarters ending June 2023. Six economies are on Treasury’s “Monitoring List” of major trading partners thMacroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, November 2023 Global economic growth in both 2022 and so far in 2023 has been stronger than expected. The IMF estimates global growth was 2.2% in 2022 (measured on a Q4/Q4 basis), outperforming the projection of 1.7% it made in October 2022. It projects global growth to increase to 2.9% in 2023 and further to 3.2% in 2024 on the same Q4/Q4 basis. Prices of commodities like food and energy have become less volatile, supply chain pressures continued to ease, and in some countries domestic demand received a boost from excess savings. Despite more resilient near-term performance, the global economic outlook continues to face elevated uncertainty associated with Russia’s war against Ukraine, geopolitical stresses in the Middle East, still-elevated core inflation, and the potential for stresses in China’s property sector to deepen. Global current account imbalances remained elevated in 2022 relative to pre-pandemic levels, as trade and tourism patterns remained disrupted and rising commodity prices tended to strengthen the current accounts of commodity exporting countries and weaken those of commodity importers. As these impulses wane, the IMF projects global imbalances to narrow in 2023 but highlights risks around this forecast, including additional shocks to commodity prices or the risk of a severe tightening of financial conditions. Among major U.S. trading partners, the very large surpluses of Germany, Ireland, Switzerland, Taiwan, the Netherlands, and Singapore have each remained significant as a share of GDP over the four quarters through June 2023. China’s surplus was higher in dollar terms at $389 billion (2.2% of GDP) over four quarters through June 2023, compared to $380 billion in the four quarters through June 2022 (2.1% GDP). Meanwhile, the U.S. current account deficit narrowed to 3.3% of GDP in the four quarters through June 2023, down from 4.0% of GDP in the four quarters through June 2022. Differing growth and inflation outlooks have led to a range of monetary policy actions across countries, and fundamentals including interest rate differentials, terms of trade shocks, and growth expectations have had large impacts on currencies. In 2022, the doll post: US Treasury Refrains From Designating Any Currency Manipulators - Reiterates Call For More China Transparency On Exchange Rate - Drops South Korea, Switzerland From Currency Watchlist
-
- Newer Stories
Copper futures recover some of their losses after dropping to one-week lows on Tuesday. Bob Iaccino explains.
Metals retreated from their highest in about five weeks as investors weighed demand prospects following mixed trade data from top buyer China. China’s exports fell more than ...
In the past month, the price of gold experienced a significant rally following a steep decline in late September into early October. The precious metal saw an increase of more ...
- Story Stats
- Posted: Nov 7, 2023 5:42pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 438