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On May 14, Iranian Foreign Minister Araqchi stated that there is no military solution to the Iranian issue, and the Iranian people will never succumb to any threats or pressure. Araqchi also stated that Iran is prepared to fight to defend its freedom and territory, and is also prepared to continue resolving the issue through diplomatic channels.On May 14th, Jozsef Varadi, CEO of European low-cost carrier Wizz Air, stated that despite the impact of the conflict in Iran, the company expects revenue to increase by 2% year-on-year during the crucial summer travel season, thanks to its low fares attracting a large number of passengers and helping to offset the impact of the conflict. Varadi noted, "For the summer peak season, we have not only seen an increase in passenger volume but also observed an increase in revenue." This forecast sends a positive signal at a time when the air travel market is struggling with soaring fuel prices and concerns about declining passenger numbers.Iranian Foreign Minister Araqchi: Tehran calls on BRICS members to unequivocally condemn the aggression against Iran by the United States and Israel.Hon Hai: First quarter revenue was NT$2.12 trillion (analysts predicted NT$2.15 trillion); first quarter net profit was NT$49.92 billion (analysts predicted NT$48.88 billion).On May 14, Indian External Affairs Minister S. Jaishankar stated that "safe and unimpeded maritime traffic" through international waters, including the Strait of Hormuz and the Red Sea, is crucial to global economic well-being. Jaishankar noted, "We must also address the increasing number of unilateral coercive measures and sanctions that are inconsistent with international law and the UN Charter."

Gold Price Forecast: XAU/USD maintains rises above $1,900; downside appears bolstered by robust yields

Alina Haynes

Jan 18, 2023 14:56

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During the Asian session, the gold price (XAU/USD) exhibits a sideways auction profile above the round-level support of $1,900.00. The precious metal is able to maintain a price above $1,900.00. Tom Barkin, president of the Richmond Federal Reserve (Fed) Bank, made hawkish remarks that boosted US Treasury yields. However, the downside appears to be supported by the rising yields.

 

According to Fed officials, the economy has passed the inflation peak, but we are still far from the Consumer Price Index median (CPI). Therefore, a premature retreat from interest rate hikes is undesirable. 

 

Meanwhile, market volatility is increasing as risk-perceived assets lose traction. Futures on the S&P 500 have accelerated their losses, indicating that the risk-aversion theme is gaining traction. A drop in market participants' risk appetite has impacted the demand for US government bonds. This has caused 10-year US Treasury yields to rise above 3.54 percent.

 

In the future, investors will pay close attention to the United States Producer Price Index (PPI) (December) and monthly Retail Sales (December) statistics. According to estimates, the headline PPI (Dec) is anticipated to decline to 6.8%, while the core PPI is anticipated to decline to 5.9%. In addition, monthly Retail Sales statistics may indicate a 0.1% growth as opposed to the 0.6% decrease previously reported. A rise in Retail Sales statistics could increase the likelihood of a rebound in inflation estimates.


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