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UK Business Secretary: We will not rethink our fiscal rules because of US tariffs.German Finance Minister: Despite the US announcement of tariffs, negotiations are still ongoing and no one has closed the door to trade negotiations with the US.Switzerlands March CPI monthly rate will be released in ten minutes.Comprehensive tariffs and reciprocal tariffs 1. Mark Zandi, chief economist at Moodys: On a static basis, new tariff revenues account for nearly 2% of GDP (not considering the impact of tariffs on the economy and taxes), which makes this round of tax increases the largest since the tax increases used to finance the war during World War II. 2. JPMorgan Chase report: If these tariffs are fully implemented, the actual tariff rate in the United States may rise to 25%. This will affect about $3.3 trillion worth of imported goods. This years cumulative tariff increase should be regarded as a tax increase of about $660 billion, accounting for 2.2% of GDP, making it one of the largest tax increases in modern history. 3. Capital Economics: Trumps tariffs could generate up to $700 billion (or 2.3% of GDP) in revenue each year, the average import-weighted tariff rate will jump to 19.1%, and the effective tariff rate will rise from 2.3% to around 26%, reaching the highest level in 131 years. 4. CICC: If these tariffs are fully implemented, the effective tariff rate of the United States may rise sharply by 22.7 percentage points from 2.4% in 2024 to 25.1%, which will exceed the tariff level after the implementation of the Smoot-Hawley Tariff Act in 1930. Tariffs may push up US PCE inflation by 1.9 percentage points and reduce real GDP growth by 1.3 percentage points, although it may also bring in more than $700 billion in fiscal revenue. 5. White House assistant Peter Navarro: Trumps tariffs may increase fiscal revenue by three times the scale of the World War II tax increase in 1942, which may become the largest tax increase in US history. 6. Trump himself said that some of the tariffs imposed this week could help the government raise more than $1 trillion in funds over the next year or so, help reduce the national debt, and may even offset some income taxes. Auto tariffs 1. White House Secretary Will Schaaf estimated that Trumps 25% tariff on cars and auto parts imported into the United States could increase "about $100 billion in new revenue." 2. Trump himself said that in a relatively short period of time, that is, one year from now, between $600 billion and $1 trillion would be raised. 3. The Yale Budget Lab, a think tank, estimates that auto tariffs could raise revenues of about $600 billion to $650 billion over 10 years, rather than in one year as Trump said, averaging $60 billion to $65 billion on an annual basis.UK Business Secretary: We have safeguards in place to ensure we are not overwhelmed by unwanted goods.

Gold Price Prediction: XAU/USD cannot consolidate over $1680 as yields continue to rise

Alina Haynes

Sep 23, 2022 12:06

截屏2022-09-20 下午12.00.01.png 

 

Gold reached a new daily high of $1685 following the start of the American session, but failed to hold above $1680 and fell to $1665. It continues to move sideways in a wide range between $1655 and $1685, hovering around $1670.

 

Despite increasing volatility, XAUUSD maintains its range. The consolidation occurs within the context of an ongoing bearish trend. A sustained recovery over $1680 might pave the way for a more significant bullish correction. In contrast, the loss of $1650 might initiate an acceleration initially targeting $1640.

 

Following the Federal Reserve's 75 basis point rate hike, US rates continue to rise on Thursday. The US 10-year yield is 3.70 percent, the highest level since February 2011, while the 2-year yield is 4.15 percent, the highest level since 2007. Higher yields are typically undesirable for gold bulls. In the current setting, negative news may be favorable for gold.

 

Earlier on Thursday, the Japanese government's involvement in the currency market depressed the dollar and aided the recovery of the XAU/USD pair. Nonetheless, the recovery was brief.