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The US New York Fed Manufacturing Index in September was -8.7, expected to be 5, and the previous value was 11.9.Oracle (ORCL.N) rose in pre-market trading, extending its gains to nearly 2%.On September 15, Nordea analysts Kjetil Olsen and Sara Midtgaard said that apart from the Norwegian Central Bank’s signal of a rate cut in June, the bank had no basis to lower the key interest rate on Thursday. The Norwegian Central Bank launched its first monetary policy easing in this cycle in June, lowering the key interest rate from 4.5% to 4.25%, and has long been sending signals that it will gradually cut interest rates further. The expectation of a rate cut is based on the premise that "monetary policy is suppressing economic activity", but Nordea has questioned this premise. The bank pointed out that the Norwegian economy has rebounded sharply after two years of moderate growth. At the same time, the inflation rate is still well above the target level of 2%. The two said: "Although we are extremely uncertain about what actions (Norwegian Central Bank policymakers) will take, we believe that they will keep interest rates unchanged."The US September New York Fed manufacturing index and Canadas July wholesale sales monthly rate will be released in ten minutes.On September 15th, Loongson Technology announced on its interactive platform that the development of its first GPGPU chip, the 9A1000, is nearly complete, with tape-out expected within the third quarter. Its success will depend on test results after tape-out.

Gold Price Prediction: XAU/USD falls to $1960 as USD recovers in advance of Core PCE Price Index

Daniel Rogers

Mar 29, 2023 14:23

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After failing to hold above $1,970.00 during the Asian session, the gold price (XAU/USD) has declined. As concerns of a U.S. banking crisis have diminished significantly, the allure of the precious metal has decreased. As the US Dollar Index (DXY) has shown a recovery move, it is expected that the Gold price will continue to correct.

 

The USD Index has recovered after establishing a cushion around 102.40. The USD Index has extended its recovery to near 102.60 as investors transfer their attention to Friday's core Personal Consumption Expenditures (PCE) Price Index data.

 

The Federal Reserve's (Fed) preferred inflation gauge is anticipated to increase by 0.4%, which is less than the previous increase of 0.6%. The annual rate is anticipated to remain unchanged at 4.7%. A deceleration in the rate of consumer spending on essential products will further diminish the likelihood of another rate rise by the Federal Reserve. The likelihood of a decline in consumer expenditure has increased as the labor cost index has remained lower than anticipated. In addition, after the failure of three mid-sized institutions, US banks have tightened credit conditions for individuals and businesses.

 

In the meantime, S&P500 futures posted stronger gains during the Asian session following a rangebound auction on Tuesday. US stocks have been supported by expectations that the Federal Reserve (Fed) will maintain constant interest rates in the future.

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