GOLD: Gold Prices Lower As Greenback Strengthens Again
Jun-03 23:04
Gold prices fell 0.8% to $3353.30/oz on Tuesday as the US dollar strengthened again with the USD index up 0.4% and US yields picked up. Bullion is still up 2% this week though, consistent with its bullish theme, as geopolitical tensions rose over the weekend. The trade situation also remains highly uncertain and is being monitored closely. Gold has started today slightly higher at $3357.5.
- Gold finished off its intraday low of $3333.23, which remained above initial support at $3297.0, 20-day EMA. Moving average studies are in a bull-mode position signalling a dominant uptrend. Initial resistance is at $3392.2.
- Equities rallied with the S&P up 0.6% and Euro stoxx +0.4%. The S&P e-mini has started today slightly higher. Oil prices rose with WTI +1.3% to $63.34/bbl. Copper is up 0.1%, while silver is down 0.7% to $34.52.
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AUSTRALIA: Little To Stand Out This Week, Household Spending Tuesday
May-04 22:53
There are number of monthly data releases this week but nothing in particular that stands out. The closest to a highlight will be Tuesday’s March household spending data, which is set to replace retail sales in the middle of the year.
- Bloomberg consensus expects that household spending will rise 0.2% m/m & 3.9% y/y in March after rising 0.2% m/m & 3.3% y/y. March retail sales rose 0.3% m/m but flat Q1 volumes disappointed.
- The Melbourne Institute’s April inflation gauge prints on Monday and it has been running close to the trimmed CPI in recent months. It was 2.8% in March.
- ANZ job ads for April are also on Monday. Q1 saw vacancies continuing to moderate but the ratio with unemployment remains above average.
- The final April S&P Global composite and services PMIs print on Monday. The preliminary reading is consistent with positive but moderate growth.
- March building approvals are released on Tuesday and forecast to fall 1.8% m/m after a 0.3% drop the previous month.
- There are no RBA events scheduled for the week. The next meeting is May 20.
ASIA: Government Bond Issuance Today
May-04 22:48
- Philippines To Sell PHP 8.0Bln 182D Bills (PH0000059529)
- Philippines To Sell PHP 8.0Bln 91D Bills (PH0000059131)
- Philippines To Sell PHP 9.0Bln 364D Bills (PH0000060386)
ASIA: Coming Up in Asia Today
May-04 22:47
| 1930GMT | 0830HKT | 1030AEDT | Vietnam S&P Global PMI Mfg APR |
| 2300GMT | 1200HKT | 1400AEDT | Indonesia GDP QoQ |
| 2300GMT | 1200HKT | 1400AEDT | Indonesia GDP YoY |
| 0000GMT | 1300HKT | 1500AEDT | Singapore Retail Sales Ex Auto YoY MAR |
| 0000GMT | 1300HKT | 1500AEDT | Singapore Retail Sales YoY MAR |
| 1930GMT | 1300HKT | 1500AEDT | Singapore Retail Sales MoM MAR |
