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  1. ForexLive58

    Ahli Bank of Japan Asada: Kadar faedah hampir kepada paras neutral, meminta berhati-hati dalam kadar kenaikan kadar faedah

    Ahli semakan Bank of Japan Toichiro Asada memberi ucapan di Nagasaki, menggesa pertimbangan yang teliti terhadap kadar kenaikan kadar faedah selanjutnya atas alasan bahawa kadar dasar telah memasuki julat neutral yang dianggarkan oleh bank pusat melebihi 1% hingga 2.5%. Beliau mengundi menentang kenaikan kadar faedah pada bulan Jun dan September tahun ini, yang mendorong kadar dasar kepada 1.25%.

    Editorial Comment

    Asada explicitly places the current policy rate within the BOJ's estimated neutral range and has voted against rate hikes two consecutive times, offering a dovish first-hand signal on the policy path ahead of the December meeting. For the yen, divisions within the board over the pace of hikes mean policy normalization may proceed more slowly than the market had previously assumed, and the yen's support under interest-rate differential logic warrants reassessment. Traders should focus on changes in board members' remarks and the distribution of votes ahead of the December meeting, rather than the stance of a single member.

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    日本央行审议委员浅田反对年内两次加息，其讲话为12月会议前的政策路径与日元走势提供了一手线索。

  1. CNBC Top News80

    Presiden Fed Chicago Goolsbee menyebut laporan inflasi 'hampir mengganggu' kerana Fed mempertimbangkan kenaikan kadar selanjutnya

    Presiden Fed Chicago Goolsbee menggelar laporan CPI Oktober sebagai "hampir mengganggu" dan berkata bahawa tekanan harga yang disebabkan oleh tarif tidak reda seperti yang dijangkakan, dan inflasi tinggi yang berterusan dalam industri perkhidmatan membimbangkan. CPI meningkat 0.4% bulan ke bulan pada bulan Oktober, lebih tinggi daripada jangkaan ahli ekonomi; Gabenor Lembaga Rizab Persekutuan Waller berkata bahawa jika CPI teras adalah sekitar 0.3, kenaikan kadar faedah 50 mata asas pada bulan Disember perlu dibincangkan, manakala Presiden Fed Dallas Logan menyokong dua tambahan kadar faedah 25 mata asas.

    Editorial Comment

    After October CPI came in above expectations month-on-month, several Fed officials spoke out in quick succession, with the divergence centered on whether the December hike should be 50 basis points or two 25 basis point moves, and uncertainty over the policy path has clearly risen. For gold and forex traders, what is worth watching is whether officials repeatedly mention tariff pass-through and sticky services inflation, which will affect the market's reassessment of the terminal rate and dollar pricing.

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    多位美联储官员在CPI超预期后集中表态，读者可据此判断12月加息幅度分歧与市场定价变化。

  2. Odaily星球日报58

    Megafon Fed mengatakan terdapat sedikit ketegangan mengenai kenaikan kadar faedah pada bulan Disember, dan tumpuan beralih kepada tahap dan kadar kenaikan kadar faedah.

    Odaily Planet Daily memetik jurucakap Rizab Persekutuan sebagai berkata bahawa terdapat sedikit ketegangan mengenai kenaikan kadar faedah pada bulan Disember, dan tumpuan pasaran telah beralih kepada tahap dan kadar kenaikan kadar.

    Editorial Comment

    The "Fed whisperer" signaling that a December hike is all but certain means greater certainty over the policy path, shifting the market's focus from "whether to hike" to "how much and how fast." For gold, real rate expectations and the dollar's trajectory remain the core variables; for forex, diverging pricing of the hike's size and subsequent pace across currencies will amplify volatility, so watch for expectation gaps rather than the hike itself.

  3. 界面新闻55

    Bank pusat mengeluarkan laporan pelaksanaan dasar monetari suku ketiga, mencadangkan untuk meningkatkan pelarasan kitaran balas.

    Bank Rakyat China mengeluarkan laporan pelaksanaan dasar monetari China untuk suku ketiga 2026 pada 11 November. KDNK dalam tiga suku pertama meningkat sebanyak 4.6% tahun ke tahun. Laporan itu mencadangkan untuk meningkatkan pelarasan kitaran balas dan mengembangkan permintaan dalam negeri. Laporan itu menyatakan bahawa alat dasar monetari akan digunakan secara menyeluruh dan diselaraskan tepat pada masanya untuk mengekalkan kecairan yang mencukupi dan keadaan pembiayaan sosial yang agak longgar, dan menggalakkan transformasi penanda aras harga kadar faedah pinjaman daripada LPR rujukan utama kepada penanda aras yang lebih pelbagai. Pakar ekonomi Dong Ximiao percaya bahawa tumpuan susulan adalah pada transformasi rangka kerja dan pengoptimuman alat struktur. Wang Qing meramalkan bahawa alat mudah tunai jangka sederhana seperti repo terbalik pembelian dan MLF dijangka akan ditingkatkan dan diteruskan sebelum akhir tahun.

    Editorial Comment

    The PBOC's Q3 report places "stepping up countercyclical adjustment" alongside diversification of interest rate pricing benchmarks, implying that subsequent easing is more likely to be delivered through structural tools and mid-term liquidity injections rather than a single price signal. For traders, what is worth tracking is the actual rollover volume of tools such as outright reverse repos and MLF, as well as the marginal impact of the loan rate benchmark transition on the China-US interest rate differential narrative and RMB exchange rate expectations, which will also feed through indirectly to gold's macro pricing environment.

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    央行三季度报告给出逆周期调节与利率框架转型方向，多位经济学家补充了流动性投放与汇率判断。

  4. FXStreet News58

    ECB Nagel berkata kenaikan kadar faedah Disember masih jelas walaupun terdapat langkah-langkah bantuan tenaga

    Bank Pusat Eropah Nagel berkata walaupun langkah-langkah bantuan tenaga, kenaikan kadar pada bulan Disember masih jelas.

    Editorial Comment

    The ECB official has explicitly signaled that rate hikes will continue in December, meaning energy price intervention has not weakened its anti-inflation stance, and expectations of further monetary policy tightening in the euro area still need to be priced in by the foreign exchange market. For gold, the pace of ECB rate hikes may indirectly affect asset performance through the euro exchange rate and dollar liquidity. Going forward, attention should be paid to comments from other Governing Council members and whether inflation data confirm this path.

  5. 界面新闻62

    CME Fed Watch menunjukkan kebarangkalian Fed menaikkan kadar faedah sebanyak 25 mata asas pada bulan Disember ialah 88.5%

    CME Fed Watch menunjukkan bahawa kebarangkalian Fed mengekalkan kadar faedah tidak berubah pada bulan Disember ialah 0%, kebarangkalian untuk menaikkan kadar faedah sebanyak 25 mata asas ialah 88.5%, dan kebarangkalian untuk menaikkan kadar faedah sebanyak 50 mata asas ialah 11.5%. Pemerhatian juga menunjukkan bahawa kebarangkalian Rizab Persekutuan mengekalkan kadar faedah tidak berubah pada Januari tahun depan ialah 0%, dan kebarangkalian kenaikan kadar faedah terkumpul sebanyak 25, 50, dan 75 mata asas masing-masing ialah 33.6%, 59.2%, dan 7.1%.

    Editorial Comment

    CME FedWatch shows that the market has formed a strong consensus around a 25 bp rate hike in December, and the probability of further interest rate increases next January is not low. The short-term interest rate path remains the core pricing variable for gold and foreign exchange markets. Traders can monitor how subsequent economic data and Federal Reserve statements change the probabilities for each rate-hike tier, especially the impact of marginal changes in expectations on real interest rates and dollar assets.

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    材料呈现CME美联储观察公布的美联储12月及明年1月各档位加息概率，可帮助读者了解当前市场对美联储短期利率走向的预期。

  6. Odaily星球日报58

    Gabenor Fed Waller: Kami bukan penjaja super dan tidak akan menaikkan kadar faedah sebanyak 150 atau 200 mata asas

    Gabenor Fed Waller berkata bahawa Fed bukanlah super hawk dan tidak akan menaikkan kadar faedah sebanyak 150 atau 200 mata asas.

    Editorial Comment

    Fed Governor Waller publicly stated that the Fed is not super-hawkish, while explicitly ruling out the unconventional tightening options of 150-basis-point and 200-basis-point rate hikes. This official statement directly recalibrated the market's extreme expectations regarding the strength of Fed monetary policy tightening. Gold and forex traders can monitor the impact of changes in rate-path expectations on the pricing of related assets.

  7. ForexLive55

    Pegawai Fed Schmid menyebut trend harga asas melangkaui faktor tenaga membimbangkan

    Pegawai Rizab Persekutuan Schmid berkata selain faktor tenaga, terdapat beberapa trend yang membimbangkan dalam harga asas, dan kadar faedah semasa masih agak longgar. Beliau tidak fikir kadar faedah adalah terhad pada tahun lepas dan pada masa ini tidak melihat sekatan kecuali untuk hartanah; inflasi adalah kebimbangan terbesar beliau. Beliau juga berkata, tiba-tiba semua orang seperti helang, tetapi tidak ada yang mengundi untuk kenaikan kadar pada akhir Oktober.

    Editorial Comment

    Schmid's remarks show that Fed officials remain alert to the persistence of underlying inflation, and he believes current policy is not sufficiently restrictive, making it hard for uncertainty over the rate path to fade quickly. Markets should watch whether upcoming inflation data and officials' comments translate into actual voting positions, rather than pricing solely on hawkish rhetoric.

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    材料呈现美联储官员对底层通胀、利率限制性和加息分歧的判断，为观察美联储后续政策取向提供直接口径。

  8. ForexLive47

    ECB Lane berkata ambang untuk memberi panduan kadar faedah berarah pada masa ini adalah sangat tinggi

    Lane Bank Pusat Eropah berkata bahawa ambang untuk memberi panduan kadar faedah berarah pada masa ini adalah sangat tinggi. Bank pusat sangat mementingkan konsensus dan kaedah plot titik sukar digunakan. Beliau berkata bahawa inflasi asas tidak berubah dan merupakan garis panduan untuk memerhatikan inflasi setahun kemudian; jika harga tenaga terus jatuh, inflasi keseluruhan mungkin jatuh manakala inflasi asas meningkat. Analisis menunjukkan bahawa peniaga harus memberi perhatian kepada kekuatan inflasi berbanding dengan ramalan Bank Pusat Eropah. Jika inflasi asas lebih tinggi daripada ramalan, penurunan inflasi secara keseluruhan mungkin tidak mencukupi untuk bank pusat mengeluarkan isyarat laluan longgar.

    Editorial Comment

    Lane's remarks indicate the ECB will not easily provide directional interest rate guidance, and the policy path remains highly dependent on data and consensus. Markets should not bet on easing based solely on a single headline inflation print. FX traders should focus on the strength of core inflation relative to the central bank's projections; if core inflation stays above forecast, the bar for the ECB to signal easing will remain high. This framework will also affect gold through interest-rate expectations and euro volatility, so attention should be paid to how well subsequent inflation data and official statements corroborate each other.

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    读者可借此理解欧洲央行释放政策信号的判断框架，即基础通胀相对官方预测的表现比单一整体通胀数据更关键。

  9. FXStreet News58

    Fed Logan dijangka menaikkan kadar faedah dua kali lagi, mencadangkan kadar pengetatan yang lebih pantas pada musim sejuk

    Fed Logan dijangka menaikkan kadar faedah dua kali lagi dan membayangkan kadar pengetatan yang lebih pantas pada musim sejuk.

    Editorial Comment

    Fed official Logan's remarks that there will be two more rate hikes and that the tightening pace could be faster over the winter convey a hawkish monetary policy stance. This signal will affect market pricing expectations for the Fed's subsequent tightening path, thereby influencing the asset pricing logic in the gold and forex markets. Traders can focus on changes in expectations related to the winter tightening pace and the resulting disturbance to related assets.

  1. Kitco News62

    Tinjauan Reuters menunjukkan risiko inflasi kekal tinggi dan Fed akan menaikkan semula kadar faedah pada bulan Disember

    Kitco mengeluarkan berita bahawa tinjauan Reuters menunjukkan bahawa Rizab Persekutuan dijangka menaikkan semula kadar faedah pada bulan Disember berikutan risiko inflasi yang tinggi.

    Editorial Comment

    This Reuters survey presents policy expectations for another Fed rate hike in December against the backdrop of persistently elevated inflation risks, clarifying the supporting logic of inflation risks for rate-hike expectations. This conclusion is a survey-based expectation rather than established policy. Gold and forex traders can monitor its impact on the pricing logic of related assets and track market disturbances caused by changes in expectations.

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    呈现路透发布的加息预期调查结果，可帮助读者了解通胀风险高企与美联储12月加息一次预期的关联。

  2. Kitco News72

    Pegawai Fed membuka pintu kepada kenaikan kadar separuh peratus apabila inflasi bertambah buruk

    Pegawai Rizab Persekutuan telah membuka pintu kepada kenaikan setengah mata peratusan dalam kadar faedah apabila inflasi bertambah buruk.

    Editorial Comment

    The remarks imply that, against a backdrop of worsening inflation, the Fed may accelerate its pace of monetary policy tightening, which will directly affect the pricing logic of the US dollar exchange rate and the holding cost of gold. Traders should monitor subsequent inflation data and the consistency of official Fed communications, and watch for the transmission effects of shifts in policy expectations on the foreign exchange and gold markets.

  3. Odaily星球日报67

    Gabenor Fed Waller berkata sekurang-kurangnya tiga pemotongan kadar faedah berjaga-jaga sebelum ini perlu ditarik balik

    Gabenor Rizab Persekutuan Waller berkata bahawa sekurang-kurangnya tiga pemotongan kadar faedah berjaga-jaga sebelum ini perlu ditarik balik.

    Editorial Comment

    Fed Governor Waller stated that at least the three previously introduced precautionary rate cuts must be reversed, clearly signaling his stance on rolling back the earlier three precautionary cuts. This official statement can serve as a reference for markets in assessing the direction of U.S. interest-rate policy, and the resulting shift in policy expectations warrants continued monitoring by gold and foreign-exchange market participants.

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    呈现美联储理事沃勒对前期三次预防性降息的回调立场，可为市场判断美国利率政策走向提供官方人士的表态参考。

  4. MarketWatch Top Stories72

    Waller pegawai Fed termasuk perbincangan mengenai kenaikan kadar 50 mata asas pada bulan Disember

    Pegawai Fed Waller telah memasukkan kenaikan kadar faedah 50 mata asas pada bulan Disember dalam perbincangan. Dia mengambil kira perbincangan itu sebelum data Jabatan Buruh dikeluarkan, dan data buruh yang dikeluarkan adalah panas seperti yang dia takutkan.

    Editorial Comment

    Waller’s remarks indicate that a 50 bp rate hike in December has been brought into his policy discussion, with the hot jobs data serving as a key backdrop driving that consideration. Gold and forex market participants can use this to track shifts in expectations for the Fed’s rate-hike path and watch for signals from subsequent Fed officials’ remarks and employment data.

    Sebab kami memilih

    可帮助读者了解美联储12月加息50个基点的政策讨论背景，以及火热劳工数据和沃勒政策考量之间的关联。

  5. Odaily星球日报58

    Fed's Barkin: Arah kenaikan kadar faedah adalah jelas, tetapi risiko AI menjadikan kadar dasar lebih berhati-hati

    Barkin Federal Reserve berkata bahawa hala tuju untuk menaikkan kadar faedah adalah jelas, dan risiko AI menjadikan kadar dasar lebih berhati-hati.

    Editorial Comment

    Fed official Barkin explicitly stated that the direction of rate hikes is clear, while noting that AI risks require greater caution in the pace of monetary policy normalization. This reflects policymakers' consideration of uncertainties in the policy-setting process. Gold and forex market participants can use this to understand the Fed's policy trade-offs, and subsequent official communications on related risks and the pace of policy warrant close attention.

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    内容呈现美联储官员对加息方向及AI风险影响货币政策节奏的判断，可帮助读者理解政策制定的相关考量。

  6. ForexLive65

    Ringkasan pendapat Bank of Japan pada bulan Oktober: Ramai ahli menyokong peningkatan kadar faedah yang mempercepatkan, dan seorang berkata kadar faedah neutral mungkin melebihi 1%.

    Bank of Japan mengeluarkan ringkasan pendapat mesyuarat dasar monetari 29-30 Oktober pada hari Selasa. Ramai ahli menyokong menaikkan kadar faedah ke tahap neutral secepat mungkin, dan seorang mencadangkan bahawa kadar faedah neutral mungkin lebih tinggi daripada 1%. Ahli menilai bahawa potensi inflasi secara amnya sejajar dengan sasaran 2%, dan menjangkakan CPI teras melebihi 3% sekitar akhir tahun fiskal ini; ringkasan itu menyokong jangkaan pasaran untuk kenaikan kadar faedah kepada 1.5% pada mesyuarat 17-18 Disember.

    Editorial Comment

    A summary of the opinions of the Bank of Japan's October monetary policy meeting shows that the participating members judged that potential inflation is generally in line with the 2% target. At the same time, there are internal differences in the pace of interest rate hikes and the neutral interest rate level. The overall tight stance provides official support for the market's existing expectations for a December interest rate hike. For the foreign exchange market, this document is an important reference for sorting out the normalization path of Japan's monetary policy and understanding the policy logic of the yen's trend. The policy trends of this major central bank are also global macro policy variables that the gold market needs to track, and traders can pay attention to the subsequent evolution of expectations.

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    材料呈现日本央行对加息节奏与中性利率的分歧，可帮助理解12月加息至1.5%预期及日元走势的政策背景。

  1. ForexLive58

    Gabenor Bank of Japan Kazuo Ueda: Harga pengguna kini sekitar 3% dan dijangka meningkat lebih awal pada awal tahun depan

    Gabenor Bank of Japan Kazuo Ueda berkata dalam perbualan dengan Presiden IMF Georgieva bahawa harga pengguna kini berada sekitar 3% dan dijangka meningkat lebih awal pada awal tahun depan. Potensi inflasi mungkin kekal sekitar 2%, tetapi terdapat beberapa risiko menaik. Beliau juga berkata bahawa beliau akan memberi perhatian kepada tindakan bank pusat lain kerana ia mempengaruhi harga aset, kadar faedah dan kadar pertukaran. Kaedah komunikasi sedang dibincangkan dalam bank pusat tetapi belum ada komitmen rasmi lagi. Pasaran hampir 50/50 mengenai keputusan Bank of Japan pada 18 Disember.

    Editorial Comment

    Kazuo Ueda's remarks that Japan's current inflation is around 3% and may rise further early next year, combined with nearly evenly split market expectations for the BOJ's December 18 policy decision, have increased near-term uncertainty in yen exchange-rate pricing. Beyond policy adjustment developments, the BOJ's assessment of spillovers from overseas central bank policies and progress in its internal communication discussions both warrant close attention from foreign exchange and gold market participants.

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    植田和男在IMF对话中给出日本CPI约3%且明年初可能进一步上升的判断，为理解日本央行12月18日会议前的政策分歧提供背景。

  1. ForexLive58

    Pengerusi RBA Bullock berkata kenaikan kadar ini mungkin tidak mencukupi

    Reserve Bank of Australia mengundi 6 berbanding 3 hari ini untuk menaikkan kadar faedah sebanyak 25 mata asas kepada 4.85%, paras tertinggi dalam 18 tahun. Pengerusi Bullock berkata bahawa kenaikan kadar faedah ini mungkin bukan yang terakhir, tetapi "tidak begitu jelas" untuk menilai sama ada akan terus menaikkan kadar faedah. Dia juga berkata bahawa dia akan kekal bergantung kepada data dan menunggu untuk menilai data seterusnya. AUD/USD jatuh 0.3% kepada 0.6975 pada hari itu, dan selepas jatuh di bawah 0.7000, fokus pada kawasan sokongan 0.6900-15 di bawah.

    Editorial Comment

    The RBA raised rates to an 18-year high with a clear 6-3 split, and the Chair explicitly said this hike may still not be enough, yet also called the subsequent judgment "not so obvious" — this combination of "hawkish action, vague guidance" means rising uncertainty over the policy path. For traders, the focus is not the single hike itself, but how the vote split and data-dependent wording reshape market pricing of the terminal rate; the performance of the support area after AUD/USD broke below 0.7000 can serve as a window to observe changes in policy expectations.

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    文章梳理了澳洲联储加息后的措辞与投票分歧，并给出AUD/USD关键支撑阻力位，便于判断后续政策预期与汇率风险。

  2. ForexLive60

    Pengerusi Reserve Bank of Australia Bullock: Tiada panduan akan diberikan selepas menaikkan kadar faedah, adalah lebih baik untuk memerhatikan data dahulu

    Pengerusi Reserve Bank of Australia Michele Bullock berkata kenaikan kadar faedah 25 mata asas kepada 4.85% adalah untuk menurunkan inflasi dan menghadapi tekanan ke atas kapasiti pengeluaran tempatan. Bagaimanapun, beliau tidak memberikan panduan lanjut mengenai kadar faedah, berkata adalah lebih baik untuk memerhati data susulan sekarang. Beliau berkata bahawa inflasi pada dasarnya telah dikunci pada tahun hadapan, pertumbuhan ekonomi perlu kekal lembap, dan kadar pengangguran perlu meningkat lagi; jawatankuasa itu mengundi 6 berbanding 3 untuk menaikkan kadar faedah, dan ketiga-tiga penentang itu lebih bimbang tentang risiko kemelesetan ekonomi. Beliau juga berkata bahawa dasar monetari akan berkesan tetapi penghantaran akan mengambil masa. Pada masa ini, kadar pengangguran masih agak rendah, guna tenaga terus berkembang, dan tiada keretakan dilihat dalam ekonomi.

    Editorial Comment

    The RBA hiked to 4.85% yet explicitly declined to give forward guidance, combined with the 6-3 board split, means the policy path ahead is highly data-dependent and the Australian dollar lacks a directional anchor in the near term. Traders should watch how Australian employment and inflation data reprice rate expectations, and volatility in AUD against major currencies under this "observation mode"; meanwhile, diverging global tightening expectations and their implications for gold's safe-haven and opportunity-cost logic also warrant attention.

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    文章梳理了澳洲联储加息后的政策表态与委员会分歧，读者可据此理解澳元与澳洲利率敏感板块的短期压力来源。

  3. CoinTelegraph58

    Reserve Bank of Australia menaikkan kadar faedah sebanyak 25 mata asas kepada 4.85%, kerana pelaburan AI dan kos tenaga melonjakkan inflasi

    Reserve Bank of Australia menaikkan kadar faedah sebanyak 25 mata asas kepada 4.85% pada hari Selasa, paras tertinggi dalam 18 tahun. Jawatankuasa Dasar Monetari mengundi 6 berbanding 3, dengan tiga ahli menyokong mengekalkan 4.60% tidak berubah. Bank itu menangguhkan unjuran inflasi untuk kembali ke bahagian atas julat sasaran 2% hingga 3% hingga akhir 2027, kira-kira tiga suku lewat daripada jangkaan sebelumnya. Ia berkata bahawa pelaburan berkaitan AI memacu kenaikan pesat dalam harga komoditi teknologi, dan konflik di Timur Tengah juga telah menaikkan harga bahan api dan komoditi. Keputusan itu berbeza dengan kadar pegangan Rizab Persekutuan yang stabil minggu lalu, dengan pegawai memberi amaran bahawa ledakan dalam pelaburan AI menambah tekanan harga.

    Editorial Comment

    The RBA raised rates to an 18-year high and explicitly cited AI-related investment and energy costs as structural factors pushing up inflation, implying its tightening cycle may last longer than the market expects, giving the Australian dollar relative support on rate differentials. Notably, both the RBA and the Fed have flagged pressure on prices from AI investment, a cross-market common thread worth tracking, as it could change major central banks' judgments on the neutral rate. Follow-up focus is on whether the timetable for inflation's return to target is pushed back further, and how policy divergence between Australia and the US affects carry trades.

    Sebab kami memilih

    澳大利亚央行加息至18年高位，并把AI相关投资列为推升物价的因素之一，可与美联储的同类表态对照阅读。

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