said, the hawkish Fed bets join geopolitical fears to exert downside pressure on the metal. However, the market’s consolidation ahead of the key central bank announcements seems to probe the bears, as well as the already priced 0.75% Fed rate hike.
Also, news of a snap lockdown in the steel hub of Tangshan, due to China’s zero covid policy, recently challenged theand strengthened the US dollar’s safe-haven demand. On the same line could be the news suggesting US Senators’ demand for secondary sanctions on Russian oil. Talking about the US data, mostly upbeat US housing data seemed to have propelled the yields to favor DXY bulls. The nine-month downtrend in the US NAHB Housing Market Index precedes the Building Permits to 1.517M in August versus 1.61Mand 1.685M prior. However, Housing Starts improved to 1.575M compared to 1.445M market consensus and 1.404M previous readings.
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