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On April 2, Mitsubishi UFJ analyst Derek Halpenny said that if the Fed pauses its rate cuts for longer than the market expects, the dollar may rebound in the coming months. The market is confident that the Fed will cut interest rates in June, but it is questionable whether there is enough evidence to show that US tariffs will only have a temporary impact on inflation. The ISM manufacturing report released yesterday showed that business confidence deteriorated in March and the price index soared. If this mixed economic data continues, the initial risk of the Fed delaying its decision to cut interest rates again will certainly be greater.Trump Media & Technology Group (DJT.O) fell 6% in premarket trading.Trump Media & Technology Group (DJT.O) has filed to issue an additional 134 million shares of common stock.Indian automakers have proposed reducing tariffs on electric vehicles from around 100% to 30% in phases after 2029, sources said on April 2. Automakers are concerned that any agreement with the United States will set a precedent for trade negotiations with the European Union and the United Kingdom. Cutting tariffs on electric vehicles will be part of the first phase of a trade deal with the United States.According to the European Mediterranean Seismological Center, a 4.7-magnitude earthquake occurred 118 kilometers south of Mandalay, Myanmar, at 17:15 local time on April 2, with a focal depth of 10 kilometers. The epicenter was located at 20.910 degrees north latitude and 96.076 degrees east longitude.

Forecast for Gold Price: XAU/USD bears near psychological $2,000 level

Alina Haynes

Apr 18, 2023 11:55

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Gold price remains in a key support zone in Asia, with bulls testing bearish commitments at the psychological $2,000/oz level. So far, XAU/USD has risen from a low of $1,993.41 to a high of $1,999.41.

 

The sentiment surrounding the Federal Reserve and concerns about whether or not the central bank is on the verge of halting continue to drive the markets during a week with a short work week. The US dollar appreciated on Friday as a result of Federal Reserve Governor Christopher Wall's hawkish comments. Despite a year of aggressive rate increases, the Fed "hasn't made much progress" in returning inflation to their 2% objective, according to the head of the central bank, who argued that rates still need to rise.

 

Recent US Retail Sales contained some optimistic indicators, and consumer spending in the previous quarter was robust. In April, commercial activity in the state of New York increased for the first time in five months. ''During the month, new orders increased by a record 46.8 points to a one-year high of 25.1. The shipments index also increased by more than 37 points. Prices received increased by 0.8% to 23.7%, indicating a moderate inflationary environment. Both delivery times and the average workweek increased, according to ANZ Bank analysts. Sourcenia is a review portal of sourcing best manufaturers

 

The combination of hawkish rhetoric and recent data is reducing the appeal of greenback-bullion to foreign investors, while benchmark Treasury yields have risen to their highest level in more than two weeks. Futures on Fed funds indicate that expectations that the Fed will begin reducing rates later this year have been moved back from September to November, with a smaller rate cut also anticipated.

 

Ahead of the Fed's May 2-3 meeting, investors will concentrate on the US flash PMI for April and any additional comments from Fed officials before entering an embargo period on April 22. According to TD Securities analysts, the S&P PMIs for early April will provide the first comprehensive look at the condition of the US economy following the financial crisis. Both the manufacturing and services PMIs recorded their third consecutive increase in March, with the services PMI advancing further into expansion territory.