Page 39 - Frx News Today

Gold prices edged lower on Monday for a second consecutive session, as investor focus shifted to central bank meetings for clarity on their rate-hike strategies that may shed light on whether progress has been made in taming inflation.

Chinese digital currency-related stocks jumped on Monday in a weak broader market, amid the latest measures that China is taking to promote the use of its own central bank digital currency (CBDC), the digital yuan.

The South African rand fell in early trade on Monday as the dollar advanced, at the start of a week where trading could be thinner and market conditions more volatile because of upcoming public holidays.

Rising concerns that the U.S. Treasury Department could hit its debt limit in the coming months are leading investors to shun certain Treasury bills and pour into others as they seek out low risk places to park cash.

The Russian central bank is expected to hold rates at 7.5% on Friday, a Reuters poll showed, with the risk of inflationary pressure picking up limiting the bank's room for manoeuvre on any monetary easing.

The South African rand slipped on Monday as markets awaited economic data out of the U.S. later this week, which could influence the Federal Reserve's rate-hiking cycle.

A look at the day ahead in Asian markets from Jamie McGeever.

South Korea's heavily trade-reliant economy barely averted a recession posting slim growth in the first quarter, but the outlook remained clouded by weak exports due to a cooling global economy, even with China's reopening.

Zimbabwe will soon introduce a gold-backed digital currency meant to stabilise the local unit from its continued depreciation against the dollar, the state-run Sunday Mail reported, citing central bank governor John Mangudya.

Investors will focus on the Bank of Japan's first policy meeting under new governor Kazuo Ueda.