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On March 2, Russian Foreign Minister Lavrov said in an interview with Russian media that some European countries hope that the Russian-Ukrainian conflict will continue. The United States has clearly stated that it hopes to end the Russian-Ukrainian conflict, but some European countries want to "continue the feast" in the form of war. These countries are preventing peace. The United Kingdom also claimed that it will provide a large number of weapons to Ukraine this year. Regarding the idea that some European countries plan to send peacekeeping forces to Ukraine, Lavrov said that for Russia, the presence of European peacekeeping forces in Ukraine means that the root cause of the Ukrainian crisis will not disappear.Israeli police: A Beersheba resident was arrested on suspicion of having contact with Iranian intelligence agents with the intention of selling sensitive information, including claiming to have access to a nuclear research center.U.S. House Speaker Johnson: Hopes to pass a “clean” continuing resolution (CR) for fiscal year 2024 (until September).On March 2, Lei Jun, founder, chairman and CEO of Xiaomi, talked about the issue of SU7 Ultra in a live broadcast. He said that the pricing of SU7 Ultra is to match Tesla, and the closest one is the Model S Plaid version, but the performance of SU7 Ultra is much stronger and the configuration is much higher. Lei Jun said that at that time he asked if it could be sold at the same price as Tesla, and whether it would be 814,900 yuan. Later, he tested it and found that 3,680 people paid deposits in 10 minutes. He was very excited at the time. He concluded that 814,900 yuan is a price that consumers can accept, but the sales volume may be only a few thousand or ten thousand units. Lei Jun said that after further research, it was found that consumers expected the price to be 600,000 to 700,000 yuan, but if it was within 600,000 yuan, there would be a surprise. After consideration, it was decided to set the price of SU7 Ultra at just over 500,000 yuan.On March 2, Shenzhen held a press conference on the business environment. At the meeting, it was introduced that Shenzhen attaches great importance to solving the financing needs of enterprises, and has innovatively piloted "park loans" for small, medium and micro enterprises, and promoted industrial park operators to use multi-dimensional data such as rent, water, electricity and gas payment of settled enterprises in accordance with laws and regulations to profile enterprises and tailor value-added credit enhancement services. Since the "park loan" business was launched in August last year, it has been piloted in 10 parks in Shenzhen, with a credit balance of more than 11 billion yuan. Next, Shenzhen will promote "park loans" in parks across the city to further improve the circular ecology of industrial parks.

Gold Price Prediction: The XAU/USD pair will go below $1700 after a positive NFP report, followed by the CPI

Daniel Rogers

Oct 10, 2022 11:23

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The gold price declined after the U.S. Labor Department released employment data that exceeded expectations, thereby validating the Fed's need for additional tightening and supporting the dollar. Consequently, XAU/USD is currently trading at approximately $1690, below its initial price.

 

Prior to the announcement of the US Nonfarm Payrolls report, the price of gold hovered around $1710. Gold's initial reaction to the headline, however, was a decline into the $1700 region, but this initial movement quickly vanished. In a volatile reaction, it extended its losses below $1700 at the time of typing.

 

US Bureau of Labor Statistics (BLS) data revealed that the US economy added 263K new jobs, above predictions of 250K, while the unemployment rate decreased to 3.5% from 3.7%. Even while the reading is lower than August's, it was above expectations, which would strengthen the case for a Federal Reserve rate hike.

 

In the meanwhile, money market futures have put in a 92% likelihood of a Fed rate hike of 75 basis points, up from 85.5% prior to the US Nonfarm Payrolls report.

 

US Treasury bond yields rose, with the 10-year US Treasury bond yield increasing three basis points to 3.865%, while the US Dollar Index, a measure of the dollar's value vs six other currencies, rose 0.28% to 112.565.

 

Now that the US Nonfarm Payrolls report is in the rearview mirror, the next significant events on the US calendar are the September CPI statistics and the University of Michigan Consumer Sentiment study, both of which will take place in the coming week.


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