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South Africa said in response to U.S. tariffs that we are developing measures to mitigate potential job losses.On August 4, Pepperstone analyst Chris Weston said in a report that oil prices have reversed earlier intraday losses due to widespread risk-on sentiment in the market. Over the weekend, OPEC+ decided to increase production by 547,000 barrels per day in September, marking the fifth consecutive month of production increases by OPEC+, which caused oil prices to fall. Nevertheless, Weston wrote that the intention to increase production has been fully communicated and reflected in oil prices, so the early decline is more a reflection of liquidity conditions, reduced orders, and Asian traders maintaining positions. Weston said that technical trading indicators are somewhat confusing and do not show a clear upward or downward trend, but from a longer time frame, the market appears to be in a relatively stable range of $68-72 per barrel.The Hang Seng Index in Hong Kong closed at 24,733.45 points on Monday, August 4, up 225.64 points, or 0.92%. The Hang Seng Tech Index in Hong Kong closed at 5,481.25 points on Monday, up 83.85 points, or 1.55%. The CSI 300 Index closed at 8,893.48 points on Monday, up 89.06 points, or 1.01%. The H-share Index closed at 4,206.35 points on Monday, up 5.34 points, or 0.13%.South Africa said in response to the US tariffs that it would continue to negotiate with the United States through diplomatic channels to reach a mutually beneficial trade agreement.South Africa said in response to US tariffs that the government is working with industry to consider aspects of the framework agreement that can be modified to promote predictability in trade.

Gold Price Prediction: XAU / USD investors approach a 50% mean reversion zone prior to NFP

Daniel Rogers

Mar 10, 2023 11:28

 截屏2022-06-07 下午5.14.47.png

 

After data showed that weekly US jobless claims increased more than anticipated, the price of gold rose on Friday as the dollar weakened. This caused the market to reconsider the Federal Reserve's next move.

 

At the time of writing, the US Dollar index, DXY, was down 0.13 percent, making the price of Gold less expensive for buyers using other currencies. Ahead of the crucial Nonfarm Payrolls report, the gold price is currently in the $1,830s.

 

In the meantime, "the number of Americans filing for unemployment benefits increased. "Initial claims increased to 211k in the week to 4 March, while continuing claims increased to 1,718k," ANZ Bank analysts explained.

 

"This most recent data suggests that the labor market may be beginning to cool, but this data is notoriously volatile, so the market will be on the lookout for additional evidence that labor demand is decreasing. The Challenger Job Cuts data, which shows 77,000 jobs were eliminated in February, is one indicator that US companies are beginning to reduce their workforce, analysts added.

 

"This is less than the January figure of 109,243, but it is 400% higher than the previous February, and it is the highest number of jobs lost in any February since 2009. The majority of layoffs are in the technology, retail, and financial sectors.


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