EUR/USD 1.17061
0.051%
Gold 3270.50
-1.722%
Oil 64.542
-0.273%
USD/JPY 144.746
0.240%
GBP/USD 1.37063
-0.161%
GBP/JPY 198.398
0.124%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
June 29, according to the U.S. political news website Politico, U.S. Senate Energy and Natural Resources Committee Chairman and Republican Senator Mike Lee of Utah withdrew his controversial public land development and sale clause on Saturday night local time under strong opposition from colleagues in western states. This decision removes the main obstacle for the Republican leadership of both houses to advance the "Big and Beautiful" bill. Previously, several Republicans in western states had promised to propose amendments to delete the clause, and five House Republicans threatened to veto the entire bill if the land sale content was retained. Lee posted on the social platform X and blamed this on "misinformation" and "strict restrictions on the budget reconciliation process", but in fact it was strongly resisted by Republicans in western states with a large amount of public land. According to reports, Lee initially proposed to sell 2.2 million to 3.3 million acres of public land. After the proposal was rejected by the senator, he proposed a new measure that would sell 600,000 to 1.2 million acres of land.On June 29, in the first procedural vote on the "Big, Beautiful" bill in the U.S. Senate, Republican Senator Tillis and three others voted against it. U.S. President Trump posted on social media: "It looks like Senator Thom Tillis wants to tell the people, as always, that he is raising taxes on them by 68% - not the largest tax cut in U.S. history!" Trump said, "What the American people want is tax cuts: tax-free tips! Tax-free overtime pay! Tax-free social security! Auto loan interest deductions! Border security! A strong military! And a quality bill that benefits farmers, manufacturers and jobs! Thom Tillis is making a big mistake for the good people of the United States and North Carolina!"US President Trump: Republican Senator Tillis cannot understand the importance of debt extension.Trump said Republican Senator Tillis "made a big mistake" because he voted against a procedural vote on the "big, beautiful bill."According to the Japan Meteorological Agency: At around 10:14 local time, a 4.7-magnitude earthquake occurred near the coast of the Tokara Islands in Kagoshima Prefecture, Japan, with a maximum tremor of 4. The focal depth was 20 kilometers.

Forecast for the Gold Price: XAU/USD struggles near $2,020 as the US Dollar Index defends its downside

Daniel Rogers

Apr 13, 2023 14:02

 截屏2022-06-07 下午5.14.47.png

 

After reaching the critical resistance of $2,020.00 in the Tokyo session, the gold price (XAU / USD) has shown depletion in its upward momentum. As the impact of a slowdown in U.S. inflation would persist for an extended period of time, the precious metal's bullish bias remains strong. After testing its critical low of 101.44, the US Dollar Index (DXY) has shown some resilience, as the lower US Consumer Price Index (CPI) has failed to diminish the likelihood of consecutive 25 basis point (bps) rate hikes from the Federal Reserve (Fed).

 

According to the CME Fedwatch instrument, the probability of a 25 basis point rate increase at the monetary policy meeting in May is greater than 68%.

 

Moreover, S&P500 futures have extended their gains since Wednesday's pessimistic close, indicating a recovery in the risk-on sentiment.

 

Examining the US inflation report reveals that headline inflation has decreased more than anticipated to 5%, as a result of lower petroleum prices. The investing community is aware that oil prices have rebounded substantially in April following the unexpected announcement of production cuts by OPEC+, which could disrupt the party for Gold Bulls.

 

Contrary to the headline inflation rate, the core CPI has increased to 5.6% from 5.5% in the previous report as rent prices remained stable. This suggests that core inflation could remain exceedingly persistent in the future.

 

As reported by Reuters, San Francisco Fed Bank President Mary Daly stated late Wednesday, "There's a lot more monetary policy tightening in the pipeline." She refrained, however, from predicting the end of the tightening cycle.


Suggestion