Check out the news that happened in the last 24 hours
1️⃣ Yesterday's main news
- US June CPI data hits new high in almost 13 years.
- Fed Brad: It's time to withdraw stimulus measures.
- Fed Bostic: High incarceration rate leads to the goal of full employment and US economic growth.
- European Central Bank Commissioner Centeno said the rise in inflation in the euro area was temporary.
- IEA Monthly Report: Unless OPEC+ increases production, the oil market will "tighten significantly".
- French Monetary Authority: Cryptocurrencies need to be regulated by the whole EU.
- Fitch: Confirms that the US is rated "AAA", and the outlook is negative.
2️⃣ Financial facts and data today
- New Zealand interest rate decision.
- monthly US PPI rate in June.
- Central Bank of Canada decides interest rate
- EIA crude oil inventories from the United States through the week of July 9
- Fed Chairman Powell will have a hearing.
US June CPI data hits new high in almost 13 years
- US unadjusted annual CPI in June recorded 5.4%, new high since August 2008; monthly CPI rate after June seasonal adjustment was 0.9%, new high since June 2008; Unadjusted core CPI annual rate in June was recorded at 4.5%, higher than expected and the highest level since 1991.
- After the data was released, US federal funds futures showed that the probability of the Fed raising rates in December 2022 is 90% and the probability of raising rates in January 2023 is 100%.
📕 Comment on Gold on 14/07/2021:
- In yesterday's session, precious metal Gold had a span to retest the resistance around 1817. After touching this price range, it immediately dropped to 1805, showing that selling pressure around this price level is still there. Gold hasn't had much volatility since it moved sideways in the 1790-1818 price range. So I still maintain my opinion like recent analysis that we can trade in this range.
- Intraday resistance area of precious metal Gold is around 1812-1818 and the support price push up precious metal is around 1790-1795.
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