Daily Archives: December 20, 2018
COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- The dollar index, a contrarian bet to gold and other commodities, remained down 0.2% at 96.377, after the Fed indicated it would take into account “a wide range of information” in deciding further rate hikes and its dot plot indicated expectations from the FOMC of two rate hikes in 2019, down from three. The FOMC said in determining the timing and size of future rate adjustments, it “will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective.”
- Despite data showing a disappointing U.S. crude inventory draw, oil prices jumped 2% on Wednesday, recouping about a third of the previous day’s losses after the Federal Reserve indicated there could be fewer rate hikes next year. U.S. West Texas Intermediate crude settled up 96 cents, or 2.1%, at $47.20 per barrel. It had fallen 7% on Tuesday and plumbed an August 2017 low of $46.12. U.K. Brent, the global oil benchmark, was up 30 cents, or 0.5%, at $56.56 per barrel by 3:10 PM ET (20:10 GMT).
- China’s Sinograin said it had recently bought a few batches of soybeans from the United States, amid a truce in a trade war between the two nations. The state stockpiler made the purchases “to implement the consensus achieved by China and the United States’ heads of state”, it said in a statement dated Dec. 19 that was published on its website.
- After weeks of market volatility and calls by President Donald Trump for the Federal Reserve to stop raising interest rates, the U.S. central bank instead did it again, and stuck by a plan to keep withdrawing support from an economy it views as strong. U.S. stocks and bond yields fell hard. With the Fed signaling “some further gradual” rate hikes and no break from cutting its massive bond portfolio, traders fretted that policymakers could choke off economic growth.
- The U.S. Treasury and U.S. Trade Representative’s office signed a bilateral deal with the United Kingdom to provide insurance market regulatory certainty and continuity after the country exits the European Union, they said in a statement on Wednesday. The Treasury and USTR signed the pact on Dec. 18, according to the statement published on the USTR’s website. They had announced their intent to sign the U.S.-UK Covered Agreement earlier this month, in a bid to provide stability as Britain prepares to leave the EU on March 29, 2019.
- The U.S. Federal Reserve has begun signaling the end of its rate-hike cycle is not far off, winding down its sometimes Sisyphean effort to restore a semblance of normalcy to monetary policy. It has been a slow slog – the Fed has managed just nine increases in three years, and it may squeeze in just a couple more.
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