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Dr Copper chimes in on the recession debate

The Federal Reserve (Fed) is the central bank of the United States and operates under a dual mandate to effectively promote the goals of maximum employment while maintaining price stability.

June 23, 2022 05:44 AM

Copper Carves Out a Bullish Reversal at $4.27

Traders remain net-long copper futures, although we now need a fresh batch of bulls to enter, for it to continue its rally from $4.27.

Asian Open: Copper Turns Higher at Key Support Zone

Having fallen over 11% from October’s high, momentum for copper has finally turned higher from a key area of resistance to suggest a swing low has been seen.

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Asian Open: It’s Raining Yen, Hallelujah

If weekend reports are to be believed, large stimulus packages are to be announced in Japan which include cash handouts to all children aged 18 and below, regardless of household income.

Gold echoes cagey market sentiment

The price of gold fell yesterday as risk sentiment improved following sharp falls in the equity markets the day before. The dollar bounced back thanks to better-than-expected readings in the Philly Fed Manufacturing Index and weekly US unemployment claims while a mini flash crash in the GBP/USD pair also helped to underpin the Dollar Index, which in turn increased the pressure on gold. Today however, the dollar is once again weaker while equities were slightly stronger in Europe at the time of this writing. Consequently gold was a little firmer.

Noble Capitulation?

The fall of shares in Singapore’s largest trading firm extended to more than 50% for the week on Friday, after its chairman and founder stood down.

Gold up as dollar stalls ahead of US CPI, retail sales

The dollar buying witnessed at the start of the week was driven by rising expectations about a June rate hike following last week’s FOMC statement and a solid US monthly jobs report. But the greenback’s bullish run then paused in midweek amid the lack of any further stimulus. Today, market participants will finally have some top tier data at their disposal. The headline consumer price index measure of inflation will be the key figure to watch, although retail sales should also garner some attention, especially after earnings results from key US retailers disappointed expectations.

GOLD: Commodities stage small rebound ahead of NFP, French elections

The first trading week of May is about to end, which means all of the attention will be on the US non-farm payrolls data. Well, that would have been the case had it not been for the small matter of the French elections at the weekend and also this week's collapse in commodity prices. Gold, silver, copper and iron ore, as well as crude oil prices, have all fallen sharply on a combination of worries about Chinese demand and in most cases excessive supply. But the commodities have all bounced back this morning, with crude oil most noticeably as it has recovered from a decline of around 3% overnight to turn flat at the time of this writing.

Copper tanks as commodities hit by firm dollar

It hasn’t been a good day for commodities with gold, silver, copper and oil all falling sharply. Copper has been hit the hardest, followed by silver. The metals have been weighed down in part because of the stronger US dollar, which has risen to its highest level since March 21 against the Japanese yen.

Gold approaches key levels ahead of FOMC, NFP

Precious metals started the new trading week and month lower yesterday after falling in the last two weeks of April. Both metals were trading lower again at the time of this writing; gold was trading around $1255 and silver $16.80 per troy ounce. During the last couple of weeks of April, the Dollar Index also fell, chiefly due to a sharp rally in the EUR/USD and GBP/USD currency pairs.

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