BOE: Bailey also sees two sided risks; doesn't see second round impacts for now
Mar-05 15:03
- "I'm rather more in the case two, with sort of balance on either side than poly Megan [Greene] Is. But, you know, that's reasonable. People can take those views quite reasonably."
- "I'm very much, as Alan said, you know, two sided risks here and I sort of two sided risks have increased so that bears out Alan's point about uncertainty."
- "Is this going to have second round effects or not? Now my view is, at the moment, I would say less likely, and that's a sort of contextual point, really, that set against a weakening pattern of the economy, probably less likely. However, since some of it is in energy and food, those are the two things that, when you ask people what shapes their perceptions of inflation, those two things, because we all consume them most frequently, they do have quite a big impact, so we have to watch that. And secondly, of course, you know, you've got the sort of the hangover effect from the last shock, with people saying inflation is going up again, is it? So we have to watch that carefully"
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MNI: US DEC CONSTRUCT SPENDING +0.5%
Feb-03 15:00
- MNI: US DEC CONSTRUCT SPENDING +0.5%
- US DEC PRIVATE CONSTRUCT SPENDING +0.9%
- US DEC PUBLIC CONSTRUCT SPENDING -0.5%
MNI: US ISM JAN MANUF PURCHASING MANAGERS INDEX 50.9
Feb-03 15:00
- MNI: US ISM JAN MANUF PURCHASING MANAGERS INDEX 50.9
- US ISM JAN MANUF PRICES PAID INDEX 54.9
- US ISM JAN MANUF NEW ORDERS INDEX 55.1
- US ISM JAN MANUF EMPLOYMENT INDEX 50.3
- US ISM JAN MANUF PRODUCTION INDEX 52.5
- US ISM JAN MANUF SUPPLIER DELIVERY INDEX 50.9
GOLD TECHS: Northbound
Feb-03 14:59
- RES 4: $2917.5 - 1.764 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 3: $2900.0 - Round number resistance
- RES 2: $2867.5 - 1.50 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 1: $2845.2 - 1.382 proj of the Nov 14 - Dec 12 - 19 price swing
- PRICE: $2828.9 @ 14:57 GMT Feb 3
- SUP 1: $2728.1/2687.5 - 20- and 50-day EMA values
- SUP 2: $2656.9 - Low Jan 13
- SUP 3: $2614.8 - Low Jan 6
- SUP 4: $2583.6 - Low Dec 19 and a key support
A bull cycle in Gold remains in play. Last week’s extension higher and today’s gains confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on $2845.2 next, a Fibonacci projection. The first key support to watch is $2687.5, the 50-day EMA. The 20-day EMA is at $2728.1.
