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The Peoples Bank of China (PBOC) announced today that it conducted 6 billion yuan of 7-day reverse repurchase operations, with a bid amount of 6 billion yuan and a winning bid amount of 6 billion yuan. The operation rate was 1.40%, unchanged from the previous rate.The yield on Japans five-year government bonds rose 2.0 basis points to 1.825%.April 22 – According to the State Post Bureau, in March, the postal industry handled 18.76 billion parcels, a year-on-year increase of 2.7%. Among them, express delivery volume reached 17.24 billion parcels, a year-on-year increase of 3.5%. From January to March, the postal industry handled a total of 51.9 billion parcels, a year-on-year increase of 4.5%. Among them, express delivery volume reached 47.73 billion parcels, a year-on-year increase of 5.8%.April 22 – According to AXIOS, citing US officials, Trumps suspension of the controversial Jones Act, a maritime law enacted during the Iran war, which facilitated the transport of oil within the United States, is something he now wants to maintain. The 1920 Jones Act, a law that increased shipping costs between US ports, required cargo to be transported by ships flying the US flag. In response to rising fuel prices due to the Iran war, Trump issued a 60-day waiver of the law on March 18 to streamline oil transport. According to data provided by the White House, since then, 40 tankers have been able to transport oil between US ports from California to Texas, Florida, and Alaska, increasing the actual available fleet size by 70% and thus helping to reduce costs.According to AXIOS: US President Trump is considering extending the exemption period for the Jones Act in order to ease restrictions on US oil transportation.

Gold Price Prediction: XAU/USD recovers from $1,860 support amid Fed and China worries

Alina Haynes

Feb 06, 2023 15:17

截屏2023-01-19 下午3.43.28.png 

 

Gold price (XAU/USD) consolidates recent losses as it posts modest gains near $1,875 in early Monday trading, marking the first positive day in three sessions near the one-month low. In doing so, the precious metal applauds the U.S. dollar's struggle to maintain its strength and draws cues from US-China disputes in advance of this week's major events.

 

In spite of this, the US Dollar Index (DXY) remains stagnant at 103.00, despite a two-day recovery from the lowest levels since April 2022. In doing so, the dollar's measure against the six main currencies fails to justify the robust US employment report and geopolitical concerns regarding China.

 

U.S. Secretary of State Antony Blinked canceled his previously scheduled trip to Beijing in response to the weekend news reports claiming that an American military fighter jet shot down a suspected Chinese surveillance balloon off the coast of South Carolina. President of China Xi Jinping called this a "obvious overreaction" in response to the incident.

 

The same joins Friday's robust US employment report and ISM Services PMI data to test the XAU/USD bulls ahead of Fed Chair Jerome Powell's speech, scheduled for release on Tuesday.

 

S&P 500 Futures extend the previous day's fall from the greatest levels since August as of press time, trading 0.30% lower intraday near 4,140. In the same vein, US 10-year Treasury note rates have increased for three straight days, reaching 3.56 percent as of press time, marking the largest weekly increase since late September 2022.

 

It is worth mentioning that a lack of key data appears to have spurred the XAU/USD bounce from the short-term support, but Gold purchasers should stay cautious in light of the Fed's recent hawkishness and the US-China friction. The US UoM Consumer Sentiment Index for February and the University of Michigan's 5-year Consumer Inflation Predictions will also be crucial to monitor on Friday.


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