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Volkswagen CEO: The goal is to streamline the product portfolio.Volkswagen CEO: We must adjust the production system according to market conditions, with a target annual production capacity of 9 million vehicles.On April 30th, it was announced that the 9th issue of Qiushi magazine, to be published on May 1st, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Speech at the Seminar for Provincial and Ministerial-Level Leading Cadres on Studying and Implementing the Spirit of the Fourth Plenary Session of the 20th CPC Central Committee." The article points out that it is essential to solidly build a modern industrial system. The backbone of a modern industrial system is advanced manufacturing. It is necessary to maintain a reasonable proportion of manufacturing and vigorously develop advanced manufacturing. Modern infrastructure is an integral part of a modern industrial system. Attention should be paid to calculating input and output to improve the matching degree. Developing new types of productive forces is an inevitable requirement for building a modern industrial system. It is necessary to adhere to adapting to local conditions and promote the deep integration of scientific and technological innovation and industrial innovation based on reality.Switzerlands KOF Leading Economic Index for April was 97.9, below the expected 95.9 and the previous reading revised from 96.1 to 95.6.Spains first-quarter GDP annualized growth rate was 2.7%, in line with expectations and down from 2.70% previously.

Gold Hits 10-Month Low Due to Fed/One-Two Dollar's Punch

Haiden Holmes

Jul 07, 2022 11:20


Is gold safe at $1,700? Given how far south the yellow metal has traveled in only two days, the question is legitimate.


August gold futures on the New York Comex concluded Wednesday's trading at $1,736.0 per ounce, down $27.40, or 1.6%. The day's minimum value was $1,730.95.


Gold's most recent nadir provides a $30 cushion between the next horror scenario and longs in the game — $1,600 area.


Sunil Kumar Dixit, chief technical strategist at skcharts.com, warned that if gold fails to achieve $1,768 it will continue under pressure and aim for $1,722-$1,698.


The dollar's rebound and the Federal Reserve's hawkish attitude have virtually pushed gold to September 2021 lows.


Wednesday was the first occasion since December 2002 when the Dollar Index, which measures the dollar against six major currencies, topped 107 points. Since November of last year, the dollar has climbed steadily on projections of quick rate hikes by the Federal Reserve, which have barely started to materialize.


Gold's malaise also coincides with the Fed's relentless rate hike talk. The Fed's vow to tame the inflation beast by increasing the Fed funds rate before the end of the year has damaged bullion prices for weeks. However, central bank authorities have shown no hesitation to pursue this purpose.


According to minutes from a central bank policy meeting held last month, the Fed considers there is a serious danger of high inflation getting entrenched in the US economy and that modest interest rate hikes are the only way to balance runaway prices with growth.


During the outbreak, the Fed held interest rates between zero and 0.25 percent for two years until boosting them in March of this year. Since then, rates have hit between 1.5 and 1.75 percent. The central bank has declared that it will continue to hike interest rates until inflation, which has hit 40-year highs of more than 8 percent yearly, returns to its objective rate of 2 percent annually.


This month, the Fed is expected to continue with another quarter-point rate rise.


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