Gold moved higher in US trading on Friday as China announced retaliatory tariffs on US exports and furious President Tump threatened further action.
Risk appetite collapsed at Monday's Asian open after Trump announced additional tariffs on Chinese exports and called on US companies to pull out of China.
Gold spiked higher with fresh 6-year highs above $1,550 per ounce as the US 10-year yield dipped below 1.45% and the Chinese yuan declined to 11-year lows.
Trump took a different tack on Monday with comments that China had called and wanted to return to the negotiating table and that a deal was achievable. In response, equity futures jumped and gold retreated to just below $1,530 per ounce as USD/JPY recovered sharply from 2019 lows near 104.50 to trade at 105.80.
Confidence in the global economy will, however, weaken further in the short term, especially given the corrosive impact of ongoing trade disputes. A series of comments from President Trump will also dent investors' confidence with strong demand for safe haven assets.
The Federal Reserve will cut interest rates again at the September meeting and the ECB will also announce a package of monetary measures next month. Global monetary stimulus will tend to support gold over the medium term.
If currency wars escalate, gold buying will intensify as fiat currencies come under sustained pressure.
CFTC data recorded an increase in long, non-commercial gold positions to 300,000 contracts from 290,000 previously. This was the longest net positioning since September 2016 and the fourth highest reading in 10 years. This positioning will maintain the risk of liquidation and sharp losses if risk appetite improves. Caution is, therefore, needed on aggressive long positions with patience required.
最新的 CFTC 報告顯示,美國美元的拋售潮已經結束或接近結束。報告週內,對主要貨幣的淨空頭部位減少了 10.94 億美元,降至 121.8 億美元。
美國與中國之間的貿易談判將進入第二天,雙方的目標是緩解與科技出口及稀土元素相關的緊張局勢。 昨天,兩國代表在倫敦結束了超過六小時的首次會談。
歐元和英鎊相對於美元依然在一個範圍內波動,在中美首日談判後承受了一些壓力。然而,除了這場備受關注的高調會議外,昨天還進行了幾位歐洲官員的採訪,期間也討論了利率話題。
月有陰晴圓缺,物事終不常。在市場緩步發展的同時,投資者密切關注著全球最有價值公司的競爭。
週二有一些宏觀經濟報告預定發布。歐元區和美國的經濟事件日曆均为空白,而英國將發布一些確實引人關注但預計不會引起市場強烈反應的報告。
週一,英鎊兌美元匯率對未見顯著波動。然而,鑑於美國當前的局勢,很難想像美元會有任何增長。
週一,歐元/美元貨幣對的交易非常疲軟。這很不幸,因為每一天的新聞背景都變得更加有趣。
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