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The yield on 30-year Japanese government bonds rose 2.5 basis points to 3.155%.The main contract for the container shipping index (European route) rose more than 3.00% intraday, currently trading at 1834.7 points.On November 11, Politico reported that U.S. senators rejected an amendment proposed by Rand Paul that aimed to remove a clause he argued would "destroy the booming industrial hemp industry"—a clause included in the agreement to end the government shutdown. The amendment was rejected by a vote of 76 to 24. Only Texas Senator Ted Cruz and Paul himself, along with 22 Democratic senators, supported pushing the amendment forward. The clause severely restricted marijuana products with intoxicating effects that had been legalized since the passage of the 2018 Farm Bill. The Senates rejection of the amendment paves the way for Congress to finally pass an appropriations package, bringing Congress one step closer to ending the government shutdown. In an interview, Paul stated that he proposed the amendment not to "delay the process," but to protect the industrial hemp industry that has flourished in Kentucky since 2018.On Tuesday, November 11, the Hang Seng Index opened 99.03 points higher, or 0.37%, at 26,748.09; the Hang Seng Tech Index opened 46.46 points higher, or 0.79%, at 5,962.02; the H-share Index opened 41.47 points higher, or 0.44%, at 9,484.71; and the Red Chip Index opened 6.91 points higher, or 0.16%, at 4,274.62.Hong Kong stocks opened higher, with the Hang Seng Index up 0.37% and the Hang Seng Tech Index up 0.79%. New consumption, innovative drugs and gold stocks led the gains, with XPeng Motors (09868.HK) surging over 9%.

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

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During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.

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