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February 7th - While the control dispute at Nexperia remains unresolved, another Chinese acquisition of a British chip company is attracting increasing attention. February 7th was the deadline set by the UK government for the mandatory sale of the FTDI acquisition, subject to national security review. This overseas acquisition by China, completed in 2021, is now entering its final countdown to mandatory sale. Back in November 2024, the UK government formally notified the Chinese consortium that it must transfer all its shares in Future Technology Devices International Limited (FTDI), a UK USB bridge chip company, by the stipulated time. The UK cited the National Security and Investments Act (NSIA), which came into effect in 2022, citing "potential threats to national security." An industry insider stated that the Chinese consortium has been trying to secure more time. The latest extension application is still awaiting a response from the UK, and based on past experience, there is still a certain probability of the extension being approved.February 7th - It was learned from the Ministry of Water Resources that, in order to further improve the construction, operation, and management mechanisms of major water conservancy projects, the Ministry of Water Resources and the National Development and Reform Commission recently issued the "Implementation Opinions on Improving the Construction, Operation, and Management Mechanisms of Major Water Conservancy Projects." Major water conservancy projects are important infrastructure for promoting high-quality economic and social development, playing a crucial supporting role in ensuring flood control, water supply, food security, and ecological security. The opinions are divided into four parts: general requirements, improving the high-quality construction mechanism, improving the high-level operation mechanism, and improving the high-efficiency management mechanism. The opinions require that, focusing on the national water network construction goals of "complete systems, safety and reliability, intensive and efficient, green and intelligent, smooth circulation, and orderly regulation," the government should guide and the market should participate, coordinating "hard investment" and "soft construction," improving the construction and operation mechanism of projects with clear responsibilities, diversified investment, and a focus on both quality and efficiency, and forming a comprehensive, data-driven, and efficient management and guarantee system to achieve high-quality construction, high-level operation, and high-efficiency management of major water conservancy projects.Algeria plans to cancel its air services agreement with the United Arab Emirates.February 7th - A Beijing Municipal Market Supervision Work Conference was held on February 7th. The conference revealed that this years focus will be on investigating and punishing monopolistic practices in public utilities and the platform economy, as well as addressing prominent issues such as unfair competition online.On February 7th, local time, the Russian Ministry of Defense released a war report stating that in the past 24 hours, in response to attacks by Ukraine on civilian infrastructure targets within Russia, the Russian military launched a large-scale strike against Ukrainian military energy and transportation infrastructure using sea-based and air-based long-range high-precision weapons, including the Kinzhal hypersonic missile. All designated targets were hit. In addition, Russian air defense systems shot down one guided-missile bomb and 168 fixed-wing drones belonging to the Ukrainian military. Earlier that day, the Ukrainian Air Force posted on social media that from the evening of February 6th to the early morning of February 7th, the Russian military launched a large-scale air strike against key Ukrainian infrastructure using 39 missiles, including two Zircon hypersonic missiles, and 408 drones.

Gold Price Prediction: XAU/USD forges bullish path above $1,960, Fed and banking unrest anticipated

Daniel Rogers

Mar 21, 2023 13:57

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Following a retracement from a Year-To-Date (YTD) high, the gold price (XAU / USD) regains upward momentum amid cautious optimism in the banking sector. The market's inaction during the Japanese holiday as well as the failings of US Treasury bond yields to prolong the recent corrective bounce off a six-month low could lend support to the recovery movements.

 

Headlines indicating that U.S. policymakers are searching for ways to insure all bank deposits and that major central banks are rushing to keep markets liquid with the US Dollar flow appear to favor Gold purchasers.

 

Notably, the most recent reading of the CME's FedWatch tool indicates that the likelihood of a 0.25% Fed rate rise on Wednesday is now close to 75%, up from 65% last week. This allows US Treasury bond yields to rebound. However, Treasury bond yields remain inactive due to Japan's national holidays, which restrict bond trading in Asia. The previous day saw the 10-year and 2-year US Treasury bond yields rebound from their lowest levels since September 2022.

 

Gold traders will be keenly interested in the Fed's response to the banking crisis, as the 0.25 percentage point rate hike is a foregone conclusion. Should the dot-plot hint at a policy reversal, the US Dollar could experience further losses, which could propel the XAU/USD exchange rate.


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