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On March 2, Russian Foreign Minister Lavrov said in an interview with Russian media that some European countries hope that the Russian-Ukrainian conflict will continue. The United States has clearly stated that it hopes to end the Russian-Ukrainian conflict, but some European countries want to "continue the feast" in the form of war. These countries are preventing peace. The United Kingdom also claimed that it will provide a large number of weapons to Ukraine this year. Regarding the idea that some European countries plan to send peacekeeping forces to Ukraine, Lavrov said that for Russia, the presence of European peacekeeping forces in Ukraine means that the root cause of the Ukrainian crisis will not disappear.Israeli police: A Beersheba resident was arrested on suspicion of having contact with Iranian intelligence agents with the intention of selling sensitive information, including claiming to have access to a nuclear research center.U.S. House Speaker Johnson: Hopes to pass a “clean” continuing resolution (CR) for fiscal year 2024 (until September).On March 2, Lei Jun, founder, chairman and CEO of Xiaomi, talked about the issue of SU7 Ultra in a live broadcast. He said that the pricing of SU7 Ultra is to match Tesla, and the closest one is the Model S Plaid version, but the performance of SU7 Ultra is much stronger and the configuration is much higher. Lei Jun said that at that time he asked if it could be sold at the same price as Tesla, and whether it would be 814,900 yuan. Later, he tested it and found that 3,680 people paid deposits in 10 minutes. He was very excited at the time. He concluded that 814,900 yuan is a price that consumers can accept, but the sales volume may be only a few thousand or ten thousand units. Lei Jun said that after further research, it was found that consumers expected the price to be 600,000 to 700,000 yuan, but if it was within 600,000 yuan, there would be a surprise. After consideration, it was decided to set the price of SU7 Ultra at just over 500,000 yuan.On March 2, Shenzhen held a press conference on the business environment. At the meeting, it was introduced that Shenzhen attaches great importance to solving the financing needs of enterprises, and has innovatively piloted "park loans" for small, medium and micro enterprises, and promoted industrial park operators to use multi-dimensional data such as rent, water, electricity and gas payment of settled enterprises in accordance with laws and regulations to profile enterprises and tailor value-added credit enhancement services. Since the "park loan" business was launched in August last year, it has been piloted in 10 parks in Shenzhen, with a credit balance of more than 11 billion yuan. Next, Shenzhen will promote "park loans" in parks across the city to further improve the circular ecology of industrial parks.

Forecast for Gold Price: XAU/USD surpasses $1,650 on falling wedge breakthrough; US PCE inflation observed

Daniel Rogers

Sep 30, 2022 10:46

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Gold price (XAU/USD) is anticipating its first weekly increase in three weeks as metal investors push $1,663 following the confirmation of the falling wedge bullish chart pattern the day before. In doing so, gold celebrates a weaker U.S. dollar but disregards the market's dismal conditions.

 

Consequently, the US Dollar Index (DXY) recorded another negative day, reestablishing the weekly low around 111.95. After the latest readings of the US Gross Domestic Product (GDP) for the second quarter confirmed the early projections of -0.6%, the greenback fell against the six major currencies.

 

It should be noted that the firmer printing of the US Weekly Initial Jobless Claims, which fell to 193K for the week ending September 24 compared to 209K before (updated from 213K) and the market's forecast of 215K, may have also weighed on the DXY. The US Initial Claims for Unemployment fell to their lowest level since April.

 

While respecting the data, St. Louis Federal Reserve Bank President James Bullard praised the decline in weekly Initial Jobless Claims and stated, "We will push inflation to 2% in a reasonable compact time frame." Elsewhere, Federal Reserve Bank of Cleveland President Loretta Mester stated on Thursday that they are not yet in a position to consider stopping interest rate hikes.

 

In addition to the Fed's aggressive rhetoric, anxieties originating from the United Kingdom, Russia, and China also test sentiment and the XAU/USD bulls, but they were unable to halt the price decline.

 

It's hard to avoid the conclusion that fiscal easing announced will prompt a significant and necessary monetary policy response in November," said Bank of England Chief Economist Huw Pill. On the other hand, record high German inflation, Russia's willingness to annex more parts of Ukraine, and the chatter over China's inability to tame its recession woes were also challenging the risk appetite.

 

As a result of these bets, Wall Street benchmarks reversed all Wednesday gains, while Treasury yields recovered.

 

Traders will pay special attention to the Fed's preferred inflation gauge, namely the Core Personal Consumption Expenditures (PCE) Price Index for September, which is anticipated to increase 4.7% year-over-year compared to the prior reading of 4.4%. If the actual outcome is stronger than anticipated, the XAU/USD exchange rate may struggle to rise.

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