GOLD: Switzerland Planning To Propose US Gold Refinery - RTRS
Sep-11 10:55
Reuters report that Switzerland is proposing to build a gold refinery in the US. From the story
- "Switzerland is proposing that its gold industry builds a refinery in the United States or increases its processing capacity there as part of a plan to reduce U.S. trade tariffs, according to two people familiar with the matter."
- "Switzerland is a top refiner of gold, and part of the plan is for the gold industry to raise its refining capacity in the U.S. to help even out trade flows, said the people familiar with discussions, speaking on condition of anonymity due to the sensitivity of the matter"
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US TSYS: Little Changed Ahead Of CPI Report
Aug-12 10:49
- Treasuries are near unchanged across the curve ahead of the July CPI report (MNI CPI Preview).
- Cash yields are 0-0.5bp lower on the day across the curve, with 2Y yields at 2.768% hovering around a 38.2% retrace of the slide from 3.95% to 3.655% on the July payrolls report from Aug 1.
- TYU5 trades at 111-25 (-03+) on another thin session for overnight volumes nearing a cumulative 200k. The overnight low of 111-23 takes it a little further away from resistance at 112-15+ (Aug 5 high) whilst support isn’t seen until 110-19+ (Jul 24 low).
- Data: CPI Jul (0830ET), Real av earnings Jul (0830ET), Federal budget bal Jul (1400ET)
- Fedspeak: Barkin (1000ET), Schmid (1030ET) - see STIR bullet
- Bill issuance: US Tsy to sell $85B 6-W bills (1130ET)
- Politics: White House Press Secretary Leavitt Briefing (1300ET). A limited public schedule for President Trump but with post-CPI remarks watched after his extraordinary termination of BLS’s McEntarfer after this month’s weak payrolls report.
OPTIONS: Expiries for Aug12 NY cut 1000ET (Source DTCC)
Aug-12 10:45
- EUR/USD: $1.1500(E1.5bln), $1.1535-50(E1.2bln), $1.1650(E1.1bln)
- USD/JPY: Y147.30-50($1.6bln)
- AUD/USD: $0.6560-75(A$1.5bln)
- USD/CAD: C$1.3785($664mln)
STIR: 21bp Fed Cut Seen Next Month Ahead Of CPI, Fedspeak To Follow
Aug-12 10:39
- Fed Funds implied rates have nudged a little higher for September (21bp cut priced, close to least since the Aug 1 NFP report) but are otherwise unchanged on the day ahead of CPI.
- MNI US CPI Preview: https://media.marketnews.com/USCPI_Prev_Aug2025_2fe4cdf4a1.pdf
- Cumulative cuts from 4.33% effective: 21bp Sep, 37.5bp Oct, 57bp Dec, 68bp Jan and 80.5bp Mar.
- The SOFR implied yield of 3.12% (SFRH7) is 1.5bp higher on the day having last closed higher prior to the July payrolls report on Aug 1.
- Today’s Fedspeak comes after US CPI:
- 1000ET – Barkin (non-voter) speaks at Health Management Academy (text + Q&A – no livestream). He last spoke on Jul 15, noting the most recent inflation data revealed some growing price pressures, and that more were on the way, with suppliers trying to pass on cost pressures to consumers who may not be able to absorb more price increases.
- 1030ET – Schmid (’25 voter, hawk) speaks on mon pol and economic outlook (text + Q&A). Previously one of the most hawkish members on the FOMC, he last spoke on Jun 25 saying he was watching data for signs of broad-based price increases. He also wanted to replace core inflation with a gauge that includes food.
