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On August 28th, Omar Sharif, an analyst at inflation research firm Inflation Insights, stated, "Federal Reserve Chairman Warsh gave the market what it wanted: a more detailed explanation of his views on current economic data, especially inflation data. Of course, he didnt reveal any potential future policy actions. In that sense, it seems to be a win-win situation for both Warsh and the market."On August 28th, Natixis analyst Hodge believed that Federal Reserve Chairman Warshs speech did indeed provide some guidance on the "response function": Warsh also proposed a standard for measuring inflation progress. Policymakers must be confident that underlying inflation is moving toward the 2% target "at a clear and sufficiently rapid pace."U.S. Treasury Secretary Bessant: We have also warned that any entity assisting Iran will not be allowed continued access to the dollar and the global financial system. The UAE branch of Egypts Misr Bank has decided to "learn the lesson" from this warning. Today, we are taking the first step in holding them accountable in response to their continued and egregious support of the Iranian regime.On August 28th, MISU analyst George Gonçalves stated, "Lets see how the market ultimately reacts, but for now, the markets reaction is likely to become increasingly muted with each speech by Fed Chairman Warsh, unless he starts pushing the FOMC into a genuine cycle of continuous rate hikes, rather than just one. If his speeches remain hawkish, but there are no rate hikes in the next few meetings, then its just repeating old rhetoric, and the short-term markets reaction will become increasingly weak, potentially even risking the loss of the long-term market in the fourth quarter."U.S. Treasury Secretary Bessenter: The Treasury Department pledged to cut off every remaining economic lifeline of Tehran, ultimately ending the threat to the Iranian regime.

Ahead of preliminary US S&P PMI data, the XAU/USD remains sideways below $2,000, according to our Gold Price Forecast

Alina Haynes

Apr 20, 2023 13:49

 截屏2022-08-04 下午5.25.46_1024x576.png

 

In the early European session, the Gold price (XAU / USD) is exhibiting erratic movements near $1,994.00. The precious metal is in a state of indecision as investors await the release of preliminary S&P PMI data for the United States on Friday.

 

After violent swings influenced by the Federal Reserve's (Fed) Beige Book, the US Dollar Index (DXY) is showing signs of volatility contraction below 102.00. The declining trend of advances to consumer and business loans by U.S. commercial banks has intensified concerns of a recession in the U.S. economy, despite the fact that economic activity in 12 Fed districts remained virtually unchanged. To prevent a decline in asset quality, banks have tightened credit disbursement requirements.

 

In the meantime, S&P futures have recorded sizeable losses during the Asian session, as investors are wary of firms' comments regarding revenue guidance. The market anticipates that constrained credit conditions will impact the working capital management of cash-reliant companies, thereby affecting their output.

 

The market expects preliminary US S&P PMI data to reveal a Manufacturing PMI reading of 49.0, a decrease from the previous reading of 49.9. The Services PMI is anticipated to decrease to 51.5 from 52.6 previously reported.


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