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Hang Seng Index futures closed up 1.25% at 19,841 points in the night session, 257 points higher than the previous session.Congressional Budget Office (CBO): The cost of clean energy subsidies in the inflation-proof bill is now expected to be $825 billion between 2025 and 2035, compared with an estimated cost of $270 billion between 2022 and 2031.The Federal Reserve accepted a total of $118.327 billion from 32 counterparties in fixed-rate reverse repurchase operations.The Federal Aviation Administration (FAA) said it was working with SpaceX and relevant authorities to confirm reports of damage to public property in the Turks and Caicos Islands.Futures traders are adjusting their bets in the Treasury market after mild inflation data and dovish comments from a Federal Reserve official. Over the past two days, the volume of open interest has changed, consistent with traders exiting short positions in two-year Treasury bonds and establishing new long positions in longer-term Treasury contracts, especially in the five-year Treasury. The shift came after consumer price inflation data released on Wednesday and comments made by Federal Reserve Governor Christopher Waller the next day. Data released on Wednesday showed that core price increases in December were lower than economists expected; Waller said that if the trend continues, officials may cut interest rates again in the middle of the year. Morgan Stanleys interest rate strategists suggested late Thursday that long positions could be established in Treasury bonds of this term given expectations that the Federal Reserve will cut interest rates in March, but this is still a minority view. The swap market expects only a 6 basis point rate cut in March, which means there is about a 25% chance of a 25 basis point cut. “We haven’t ruled out a rate cut in March, but we do see it as more of a tail risk,” said Stephanie LaRosiliere, head of fixed income strategy at Invesco. “It doesn’t feel like the Fed needs to react so hastily.”

Gold Price Prediction: The XAU/USD will meet resistance around $1,875 as the USD Index strives to recover

Alina Haynes

Feb 07, 2023 15:44

截屏2022-11-24 下午3.13.23.png 

 

In the Asian session, the price of gold (XAU/USD) is under pressure to extend its recovery over the important resistance of $1,875.00. After correcting to near 103.10, the US Dollar Index (DXY) has tried a recovery, which has prompted selling interest in precious metals. Investors anticipate a volatile performance from the USD Index as they await fresh impetus from Federal Reserve (Fed) head Jerome Powell's speech.

 

The USD Index (DXY) was projected to exhibit signs of volatility shrinkage following a three-day winning streak following the release of massive United States Nonfarm Payrolls (NFP) data. After a wild ride, the USD Index bulls are weary, but the bullish bias remains intact. S&P500 futures are maintaining the modest gains made during the Asian session.

 

In light of the recent improvement in the U.S. labor market, the forthcoming speech of Fed chairman Jerome Powell has taken on greater significance. After noticing a significant decrease in inflation, the market began to anticipate a pause in the Fed's policy tightening cycle. Nonetheless, the optimistic job report for January suggests that the fight against inflation still has considerable steam.

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