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On March 12th, WeChat officially announced a new feature: users can now click "Ignore" on unwanted WeChat voice/video calls. The pop-up will disappear after clicking, and the recipient will not receive a "rejected" message. WeChat video calls also support screen locking, a feature that is being rolled out gradually. Furthermore, WeChat voice-to-text now supports simultaneous interpretation, and currently supports 18 languages, including Chinese.March 12 – According to Iranian sources, Iranian Foreign Minister Araqchi and UN Secretary-General Guterres spoke by phone on the evening of March 10 to exchange views on the latest developments regarding the US-Israeli attacks on Iran. Araqchi emphasized that Iranian schools, hospitals, residential areas, and historical sites were all deliberately attacked, an act that blatantly violates international law and basic humanitarian principles. He stated that Irans retaliation against the US and Israel was within the framework of its legitimate right to self-defense, and that Iran considers protecting the lives of its citizens an inescapable fundamental responsibility. Guterres stated that the attacks on Iran by the US and Israel were a clear and undeniable act of aggression. He stressed the need to adhere to the principles of international law, prevent further escalation, and curb the spillover of the conflict.March 12 – Economies reliant on the Gulf region face considerable uncertainty. For example, the IMF stated that talks with Pakistan were extended, partly to allow for a “more comprehensive assessment of the impact of recent global developments on the Pakistani economy.” Shankar Tareja, an analyst at brokerage firm Topline Securities, said that since Pakistan imports most of its oil from Gulf countries, the continued surge in crude oil prices could rapidly increase its import bill and exacerbate inflation in this economy, which still relies on IMF financing.March 12th - US President Trump earlier praised the International Energy Agencys (IEA) massive release of emergency oil reserves, saying it would ease pressure on energy prices while the US sought to "get the job done" in its actions against Iran. However, this clearly failed to reassure the market. Darrell Fletcher, Director of Commodities Management at Bannockburn Capital Markets, stated, "This is exactly what I was worried about regarding the IEAs release—completely ignored by the market, and now prices are even higher. This may be sending the wrong signal. What do they know that we dont?"Market news: Australia will temporarily allow higher sulfur content in fuel oil.

Gold Price Prediction: XAU / USD is poised for action after moving sideways around $1,820 ahead of the US PMI

Alina Haynes

Feb 28, 2023 11:32

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In the Asian session, the Gold price (XAU / USD) is exhibiting a sideways auction below $1,820.00. The precious metal is anticipated to recover as investors transfer their attention to the United States ISM Manufacturing PMI (Feb), which is scheduled for release on Wednesday.

 

Investors should be aware that the US Manufacturing PMI has contracted for three consecutive months. The term "ecosystem" refers to a group of people who work in the construction industry. The US Manufacturing PMI is anticipated to be 48.0, down from the previous release of 47.4.

 

S&P500 futures have added to Monday's recovery in the Asian session, reflecting an improvement in market participants' risk appetite. The volatility of the US Dollar Index (DXY) is anticipated to decrease until the publication of the US ISM Manufacturing PMI data. The 10-year US Treasury yields fluctuate around 3.92 percent.

 

In the meantime, the resiliency observed in consumer expenditure (Feb) in the United States has compelled the street to increase their projections for future interest rates. Considering the resilience of demand-driven inflation, a note from Bank of America (BofA) suggests Fed chair Jerome Powell announce three additional rate increases this year. According to the BofA, the terminal rate will exceed 6%, and recession is more likely than a gentle landing.


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