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The US July ISM non-manufacturing PMI will be released in ten minutes.The final reading of the S&P Global Services PMI for July in the United States was 54.6, compared with 53.6 in the previous month.The final reading of the S&P Global Services PMI for July in the United States will be released in ten minutes.The Dow Jones Industrial Average opened 381.35 points higher, or 0.71%, at 54,467.23 on Wednesday, August 5; the S&P 500 opened 50.32 points higher, or 0.65%, at 7,786.81; and the Nasdaq Composite opened 112.83 points higher, or 0.42%, at 26,697.82.August 5th - It has been learned that the "15th Five-Year Plan for Promoting the Development of Small and Medium-sized Enterprises" (SMEs), jointly formulated by the Ministry of Industry and Information Technology (MIIT) and several other departments, is about to be released. At a press conference held by the State Council Information Office in January this year, the MIIT stated that it will continue to optimize the business environment, formulate the "15th Five-Year Plan for Promoting the Development of SMEs," accelerate the construction of a mechanism to promote the development and growth of specialized, refined, and innovative SMEs, and improve the tiered cultivation system for SME characteristic industrial clusters. Experts interviewed by the China Securities Journal believe that SMEs are an important source of economic vitality and a micro-foundation for ensuring employment, stabilizing the industrial chain, and developing new types of productivity. The upcoming "15th Five-Year Plan for Promoting the Development of SMEs" is expected to focus on promoting the specialized, refined, and innovative development of SMEs, optimizing the SME development environment, improving the tiered cultivation system for high-quality SMEs, constructing a policy mechanism to promote the development and growth of specialized, refined, and innovative SMEs, and promoting the healthy and high-quality development of SMEs.

Forecast for the price of gold: XAU/USD eases below the $1,804 barrier as Fed hawks back off due to weaker US inflation

Alina Haynes

Aug 11, 2022 11:58

 截屏2022-08-10 上午11.45.08_1024x576.png

 

US inflation-driven gains in the price of gold (XAU/USD) are fading as the metal declines to $1,790 on Thursday during the opening Tokyo session. The recent decline in the price of precious metals may be related to conflicting worries about the US Federal Reserve's (Fed) upcoming actions as well as Sino-American friction.

 

On Wednesday, the US Consumer Price Index (CPI) fell to 8.5% YoY in July, below the 8.7% consensus and the 9.1% reading from June. According to Reuters, US President Joe Biden stated on Wednesday that there are some indications that inflation may be decreasing after the US released its inflation data. In the coming months, there may be more challenges for us to overcome, Biden continued. US President Biden continues, "We still have work to do, but we're on track."

 

Following the CPI report on Wednesday, traders of futures linked to the Fed's benchmark interest rate reduced their bets on a third consecutive 75-basis-point raise at its policy meeting on September 20-21 and now see a half-point increase as the most likely scenario, according to Reuters.

 

Neel Kashkari, president of the Minneapolis Fed, recently stated that the Fed is "far, far away from declaring success" on inflation. Additionally, the decision-maker stated that he hasn't "seen anything that changes" the need for the Fed to raise its policy rate to 3.9% by year's end and to 4.4% by the end of 2023. Charles Evans, president of the Chicago Fed, said in another place that a recession would likely require unfavorable circumstances to occur. Also labeling inflation "unacceptably" high, Fed's Evans

 

Additionally, according to sources cited by Reuters, US President Biden is reconsidering his China tariff policy in light of Taiwan's response, which put the XAU/USD bulls on the defensive.

 

S&P 500 Futures print modest gains near 4,220 by press time against this backdrop after Wall Street rose and US Treasury yields were largely unchanged the day prior.

 

Moving on, the monthly Producer Price Index (PPI) for July and the weekly US Jobless Claims numbers may amuse gold traders. However, in light of recent risk-negative headlines, special focus should be placed on the qualitative variables.

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