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On September 17th, sources familiar with the matter revealed that JERA, Japans largest power producer, is in advanced negotiations with interested parties to acquire natural gas production assets in the United States for approximately $1.7 billion. This marks the latest example of Japanese investment in the U.S. energy sector. Sources said JERA emerged as the top bidder for GEP Haynesville II assets after banks solicited bids in recent weeks. The company is a joint venture between Blackstone Group-backed GeoSouthern Energy and pipeline operator Williams Companies. The deal would mark JERAs first foray into shale gas production and, as one of the worlds largest buyers of liquefied natural gas (LNG), would allow it to better control the supply chain as the boom in artificial intelligence drives surging power demand from data centers.The yield on the 20-year U.S. Treasury bond fell 0.8 basis points to 4.609% after the auction.The winning rate of the U.S. 20-year Treasury bond auction on September 16 was 4.613%, compared with the previous value of 4.88%.The bid-to-cover ratio for the U.S. 20-year Treasury bond auction on September 16 was 2.74, compared with the previous value of 2.54.On September 17, Indias Ministry of Commerce and Industry said after another round of bilateral talks in Delhi on Tuesday that India and the United States have decided to intensify efforts to reach a trade agreement as soon as possible. The Indian Ministry of Commerce and Industry said in a statement: "The talks were positive and forward-looking, covering all aspects of the trade deal. The two sides decided to intensify efforts to reach a mutually beneficial trade agreement as soon as possible." The Indian Ministry of Commerce and Industry also noted that a delegation of officials from the Office of the United States Trade Representative, led by Brendan Lynch, the chief negotiator for the India-US bilateral trade agreement, visited India.

Gold Price Prediction: As the USD Index attempts to recover, XAU/USD is likely to encounter resistance near $1,830

Alina Haynes

Feb 24, 2023 14:25

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Gold price (XAU / USD) has detected resistance while extending its recovery above $1,828.00 in the Asian session. As the US Dollar Index (DXY) has attempted a recovery following a correction to around 104.10, the precious metal's bearish pressure appears to be strong. It appears that the risk-taking impulse has subsided and investors are returning to the risk-aversion theme.

 

Following a favorable Thursday, S&P500 futures are showing moderate losses. Global equities are susceptible to extreme volatility as additional announcements of interest rates may be necessary to combat persistent inflation. A small majority of equity analysts surveyed by Reuters anticipated a correction within three months.

 

After a severe correction, yields on US government bonds are still struggling to recover. At the time of writing, 10-year US Treasury Yields were approximately 3.87 percent.

 

Investors will monitor the Personal Consumption Expenditure (PCE) Price Index figures for additional guidance. Annually, the economic data is anticipated to be 4.3% higher than the previous release of 4.4%. The monthly data is anticipated to increase by 0.4%, compared to the 0.3% previously reported. Price pressures in the U.S. economy have shown resiliency following a downward trend, which was driven by a rebound in household expenditure and a positive labor market.

 

The US Department of Labor reported a decline in Initial Jobless Claims (IJC) to 193K on Thursday, below Bloomberg's estimates of 200K. Continuing claims, which include individuals who have received unemployment benefits for a week or more, decreased by 37,000 to 1.65 million in the week ending February 11, according to Bloomberg. This was the largest decrease since December.

 

Undoubtedly, the labor market is exceptionally robust, as evidenced by the declining number of jobless claims, the lowest unemployment rate in decades, and robust job creation. This strengthens the notion that the Federal Reserve (Fed) cannot halt further rate hikes.


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