China keeps its 1-year loan prime rate unchanged at 3.85%, as expected

China keeps its 1-year loan prime rate unchanged at 3.85%, as expected.
The 5-year loan prime rate is unchanged at 4.65%, as expected as well.

Ross J Burland FXStreet

The People's Bank of China (PBoC) left its benchmark interest rates for corporate and household loans steady for the 15th straight month at its July fixing, as the economy continues to recover from the downturn caused by the COVID-19 shocks. The one-year loan prime rate (LPR) was left unchanged at 3.85%, while the five-year remained at 4.65%.

The impact on the market was nil, as investors stay out of risky asset classes pertaining to the fears of the delta wave covid variant and possible negative ramifications for global growth.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

GBP/USD clings to daily gains near 1.3550

GBP/USD adds to Friday’s advance, briefly hitting three-month tops near 1.3570 before edging lower on Monday. Fading expectations of a Fed rate hike in September weigh on the Greenback, helping Cable to keep its bullish momentum ahead of the release of the UK jobs report on Tuesday.

EUR/USD: Gains appear capped by 1.1600

EUR/USD consolidates its daily gains well north of the 1.1500 hurdle following the closing bell on Wall Street on Monday. The pair’s multi-day bounce comes on the back of renewed selling pressure on the US Dollar investors continue to trim bets of Fed rate hikes. Moving forward, Germany’s ZEW prints are due on Tuesday alongside a slew of US hard data.

Gold loses some traction, still above $4,400

Gold faces some loss of momentum and slips back toward the vicinity of the $4,400 mark per troy ounce on Monday. The yellow metal adds to Friday’s uptick and its positive performance follows the steady offered stance in the US Dollar amid dwindling bets for further tightening by the Fed in the next few months.

Strategy pauses Bitcoin sales, increases USD Reserve to $4.8 billion

Bitcoin (BTC) treasury firm Strategy (MSTR) increased its USD Reserve to $4.8 billion after raising $333.7 million through common stock sales, while also repurchasing $132.2 million of its STRC preferred shares, according to a Form 8-K filing on Monday. Strategy sold 3.458 million shares of its Class A common stock, MSTR, last week, generating $333.7 million in net proceeds.

Economists agree: Fed to leave interest rates unchanged this year – Reuters poll

A large majority of economists expect the Federal Reserve (Fed) to keep interest rates unchanged in September and for the rest of this year, according to a Reuters poll conducted between August 12 and 17.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.