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The final June services PMI figures for France, Germany, and the Eurozone will be released in ten minutes; ECB President Christine Lagarde will attend an economic forum.On July 3, in response to so-called concerns expressed by the United States and the European Union regarding the "Law of the Peoples Republic of China on Promoting National Unity and Progress," which came into effect on July 1, Foreign Ministry Spokesperson Guo Jiakun stated at a regular press conference that these countries, clinging to ideological bias and driven by political manipulation, have turned a blind eye to Chinas achievements in economic and social development and human rights governance. They have generalized from limited evidence, maliciously slandered Chinas ethnic policies, fabricated and disseminated false information, grossly interfered in Chinas internal affairs, and undermined Chinas national unity. China firmly opposes this. Guo Jiakun added that China urges these countries to respect basic facts, stop spreading lies, and stop hyping up so-called ethnic issues and interfering in Chinas internal affairs.July 3 - According to traders, French oil giant Total Energy is supplying millions of barrels of Iraqi crude oil to the Asian market with rapid delivery, further exacerbating the markets oversupply. Total Energys supply is expected to accelerate Iraqs oil exports. Iraq has lagged behind other Persian Gulf oil-producing countries in crude oil exports following improved shipping conditions in the Strait of Hormuz. Traders who received the offers revealed that Total Energy is marketing Basra Medium and Basra Heavy crude oil to refiners. The Iraqi National Oil Marketing Organization had previously attempted to sell crude oil on the spot market at extremely low prices, but cargoes were only supplied by load, meaning buyers had to arrange for ships to traverse the Strait of Hormuz and penetrate deep into the Persian Gulf to collect the goods. In contrast, traders said Total Energy now offers services for collecting and transporting this crude oil to customers throughout Asia.July 3 – Foreign Ministry Spokesperson Guo Jia-kun held a regular press conference on July 3. In response to a question regarding the reopening of the Strait of Hormuz, Guo Jia-kun stated that the Strait of Hormuz is a strait used for international navigation, and restoring safe and free passage through the strait as soon as possible is in the interests of all parties. The issue of navigation through the strait should be handled properly, and the widespread concerns of the international community should be addressed prudently. China is willing to maintain communication with relevant countries and the international community on this matter.On July 3, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked about the 2026 International Fisheries Management Improvement Report released by the U.S. National Oceanic and Atmospheric Administration. Guo Jiakun stated that the so-called "determination" made by the United States based on its domestic law is neither in line with objective facts nor has any basis in international law. Its purpose is to maliciously suppress the development of Chinas distant-water fisheries and is a blatant political manipulation. China expresses its strong dissatisfaction and firm opposition to this. The United States should reflect on its own actions instead of resorting to slander and smear campaigns.

Gold Price Prediction: The XAU/USD pair recovers from $1,755 as Fed and US-China-inspired risk aversion subsides

Daniel Rogers

Aug 03, 2022 14:44

 截屏2022-08-02 下午5.45.57_1024x576.png

 

During Wednesday's Asian session, the gold price (XAU/USD) regains its intraday high above $1,765 while consolidating the largest daily decline in two weeks. In doing so, the yellow metal applauds the US dollar's retreat from its weekly high amid a lackluster Asian session. The recovery steps also take into account the more robust activity statistics from China.

 

The US Dollar Index (DXY) falls from the weekly high around 106.55 to 106.34 at press time as market risk aversion decreases in response to July's stronger China Caixin Services PMI. Consequently, the private services index for the dragon country increased to 55.5% from 48 predicted and 54.5 before.

 

Intraday, S&P 500 Futures increase 0.10 percent, while 10-year US Treasury rates decline 1.5 basis points (bps) to 2.72 percent at the latest.

 

Earlier in the day, the US-China spat over Taiwan attracted significant attention and prolonged the previous day's risk-averse sentiment, which impacted on gold prices. Recently, Taiwan's Ministry of Defense stated that China's drills surrounding Taiwan reflect the country's will to undermine regional peace and stability. It should be emphasized that China's warning to the United States not to play the Taiwan card and its pledge to punish Taipei independence advocates, as well as its restriction of natural sand shipments to the Asian economy, appeared to amplify the risk-averse sentiment and sink the US dollar. Concerns that squabbles between the world's top two economies may have further negative effects on the global economy exacerbated recession worries.

 

James Bullard, president of the Federal Reserve Bank of St. Louis, dismissed worries of a US recession while supporting a 50 basis point (bps) rate rise. According to Reuters, the president of the Federal Reserve Bank of San Francisco, Mary Daly, stated that she is awaiting incoming data to determine whether the Fed should slow the rate rises or maintain the present pace. Reuters reported that Chicago Fed President Charles Evans expressed support for a 50 basis point (bps) rate rise at the September meeting if inflation does not improve. In addition, Loretta Mester, president of the Cleveland Fed, stated that she does not believe the US is experiencing a recession and that the job market is in excellent condition. She acknowledged, though, that inflation has not dropped "at all."

 

US Factory Orders for June and ISM Services PMI for July will combine headlines on China and the Federal Reserve to influence short-term XAU/USD movements.


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