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According to Business Insider, Google (GOOG.O) is quietly laying off employees in its cloud division.On June 5th, a Pakistani government official told Nikkei Asian Review, "Pakistan plans to initially establish oil reserves sufficient for 45 days of needs, which can be gradually increased to 90 days in the future." The official revealed that the Ministry of Energy plans to adopt a multi-mode strategic petroleum reserve system, including state-supported emergency stockpiles, industry-mandated stockpiles, and bonded commercial warehousing. Among these reserve systems, bonded commercial warehousing has sparked discussion. This refers to storage facilities under customs supervision where imported oil or other fuels can be stored for re-export by domestic and foreign traders without immediate payment of customs duties and taxes. In case of emergency, these stored fuels can be used domestically in Pakistan. Nikkei Asian Review, citing another informed government official, reported that Pakistan is negotiating with Saudi Arabia, Kuwait, Qatar, the UAE, and China to establish bonded terminals within Pakistan. "Gwadar Port could be one of the locations for such a terminal," the official stated.On June 5th, CME Group CEO Terry Duffy expressed "deep concern" about the rise of so-called "perpetual futures," a type of increasingly popular financial contract that recently received crucial approval from US regulators. Duffy pointed out that "perpetual contracts" offer little practical use for institutional investors while simultaneously exposing retail traders to excessive risk. Duffy stated, "I have serious concerns about the structure of these contracts. I dont want to see people who lack understanding of the product ultimately forced out by contract liquidations; after all, they shouldnt be involved in these types of contracts in the first place."British Prime Ministers spokesperson: Starmer has no intention of resigning.US President Trump: Cuba is facing food shortages and lacks energy and oil.

Gold Price Prediction: XAU/USD struggles above $2,000 as additional Fed rate increases appear inevitable

Daniel Rogers

Apr 17, 2023 13:44

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During the Asian session, the gold price (XAU / USD) appears vulnerable above the psychological resistance of $2,000.00. Following a four-day low of $1,992.50, the precious metal has exhibited a recovery trend. However, the recovery appears precarious as bullish wagers on the US Dollar Index (DXY) limit the upside.

 

As the probability of a consecutive 25 basis point (bp) rate hike from the Federal Reserve (Fed) is exceedingly high, the USD Index seeks to extend its recovery above the immediate resistance of 101.75. According to the CME Fedwatch instrument, the likelihood of a rate rise is nearly 80%.

 

In the meantime, S&P500 futures posted significant gains early on Monday, following a moderate decline on Friday. Quarterly earnings season is anticipated to keep US equities stock-specific. As a result of the precipitous drop in petroleum prices in March, manufacturing and oil-dependent businesses could experience a reasonable earnings rebound.

 

The demand for U.S. government bonds has decreased considerably in response to rising wagers on additional Fed policy restrictions. President of the Federal Reserve Bank of Atlanta Raphael Bostic stated that with one more quarter-point increase in interest rates, the Fed can conclude its tightening cycle with some assurance that inflation will gradually revert to its 2% objective.


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