EUR/USD 1.16220
0.103%
Gold 5212.10
0.390%
Oil 82.202
-3.561%
USD/JPY 158.013
-0.016%
GBP/USD 1.34340
0.127%
GBP/JPY 212.279
0.156%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On March 11, it was reported that on March 10 local time, Samsung Electronics and SK Group announced plans to cancel a total of 20.8 trillion won (approximately US$14.1 billion) of treasury shares.March 11 (Futures News) – According to foreign media reports, Chicago Board of Trade (CBOT) corn futures fell for the second consecutive trading day on Tuesday, with the benchmark contract closing down 0.3%, mainly due to a sharp decline in international crude oil futures. Trumps prediction that the war with Iran might end soon lowered market expectations for prolonged supply disruptions, causing crude oil prices to plummet by more than 13% on Tuesday. The previous trading day had seen prices surge to their highest level since 2022. Reports indicated that a convoy of at least 25 supertankers was diverting to the Red Sea due to shipping disruptions in the Strait of Hormuz. This news also negatively impacted the crude oil market. The USDAs supply and demand report showed that U.S. corn ending stocks for 2025/26 remained unchanged at 2.127 billion bushels, lower than the market expectation of 2.155 billion bushels. Brazils corn production forecast was revised upward by 1 million tons to 132 million tons, while Argentinas production forecast was revised downward by 1 million tons to 52 million tons.On March 11th, according to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed lower on Tuesday, with the benchmark contract down 0.7%, mainly due to a sharp drop in international crude oil futures. International crude oil futures plummeted by over 11% on Tuesday as US President Trumps statement that the war between the US and Iran would end quickly eased concerns about long-term global supply disruptions, putting downward pressure on the Chicago soybean oil market. The USDAs supply and demand report showed that soybean oil production was slightly revised down to 29.92 billion pounds, despite an increase in crush volume forecasts, due to a lower soybean oil extraction rate. Domestic soybean oil consumption in the US was slightly revised down, with a decrease in soybean oil usage in the biofuel industry, but this was largely offset by an increase in usage in the food, feed, and industrial (FSI) sector. The expected soybean oil usage in the biofuel industry was lowered by 800 million pounds to 14 billion pounds, while ending stocks were slightly revised up to 1.782 billion pounds. The 2025/26 US soybean oil price forecast was raised by 2 cents to 55 cents per pound.On March 11th, according to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed higher on Tuesday, with the benchmark contract rising 0.6%. Despite a sharp drop in international crude oil futures, Chicago soybean futures still closed higher. The U.S. Department of Agriculture released its highly anticipated monthly supply and demand report in the morning, but the market reaction was muted due to minimal adjustments in the data. The 2025/26 U.S. soybean ending stocks forecast remained unchanged at 350 million bushels, higher than analysts forecast of 343 million bushels. Brazilian soybean production was estimated at 180 million tons, while Argentinas production forecast was lowered to 48 million tons from 48.5 million tons last month. Global soybean ending stocks for 2025/26 are projected at 125.31 million tons, a decrease of 200,000 tons from February. Traders quickly refocused their attention on the impact of the ongoing conflict in the Middle East, U.S. spring planting intentions, and upcoming biofuel policies.Japans corporate goods price index fell 0.1% month-on-month in February, in line with expectations and down from 0.20% in the previous month.

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