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On January 8th, it was learned from industry sources that the Property Insurance Supervision Department of the State Financial Regulatory Commission issued a "Notice on Issuing the Regulations on the Management of Non-Motor Insurance" (Jin Cai Xian Si Han [2025] No. 639) on the last day of 2025, providing answers to various issues in the comprehensive management of non-motor insurance. The State Financial Regulatory Commission stated that non-motor insurance business is diverse and complex, and the comprehensive management of non-motor insurance should be carried out in an orderly manner according to the principles of "legal compliance, seeking truth from facts, establishing before dismantling, and steady progress," striving for practical results. Each financial regulatory bureau should continue to strengthen the comprehensive management of non-motor insurance in its local institutions, implementing it in a detailed and tailored manner while complying with unified regulatory policies. All property insurance companies and insurance intermediaries must fulfill their primary responsibilities.A Bank of England policymakers survey found that in the three months to December, businesses expected their product prices to rise by 3.6% over the next year, down 0.1 percentage points from the three months to November.A Bank of England policymakers survey showed that expectations for wage growth over the next year fell slightly by 0.1 percentage point to 3.7% in the three months to December.On January 8th, CGN Power announced that from January to December 2025, the total power generation of the nuclear power units operated and managed by the group will be approximately 247.013 billion kWh, an increase of 2.00% compared to the same period last year. The total on-grid power generation will be approximately 232.648 billion kWh, an increase of 2.36% compared to the same period last year.On January 8th, Jens Naervig Pedersen, an analyst at Danske Bank, pointed out in a report that the recent strength of the pound appears somewhat excessive, benefiting from improved risk sentiment and easing concerns about UK fiscal policy. He stated, "The UK economy remains fundamentally weak, which we believe could trigger further easing measures from the Bank of England." He added that domestic factors and the gap in growth prospects between the UK and the Eurozone are unfavorable for the pound, especially given the UKs tightening fiscal policy while the Eurozone is benefiting from increased fiscal stimulus. Therefore, he believes there is a high probability that the pound will begin to weaken against the euro from current levels.

Gold Price Prediction: XAU/USD tests $1,880 as the US Dollar retreats in advance of Fed Chair Powell's speech

Daniel Rogers

Feb 07, 2023 15:38

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During early Tuesday trading, the gold price (XAU/USD) gains bids to retest the intraday high near $1,876 while printing a two-day rise.

 

In doing so, the precious metal extends its recovery from a monthly low at the start of the week, as the US Dollar's weakness combines with cautious optimism in the market to favor XAU/USD bulls. However, apprehension in front of Federal Reserve Chairman Jerome Powell and US President Joe Biden's State of the Union (SOTU) remarks appears to be challenging metal buyers recently.

 

The modestly optimistic feeling could be attributed to Treasury Secretary Janet Yellen and President Joe Biden's remarks that pushed back US recession fears. In a similar vein, US President Joe Biden's remarks that "the balloon incident did not damage US-China relations" appeared to allay Sino-American concerns.

 

On the other hand, hawkish Fed comments appear to support US Treasury bond yields and the US Dollar. In an interview with Bloomberg, Federal Reserve Bank of Atlanta President Raphael Bostic stated, "The robust job market presumably suggests 'we have a bit more work to do.'" Notably, the stronger US jobs report and activity statistics for January rekindled the Fed's hawkish stance last Friday, but a lack of directions appeared to test the USD bulls subsequently.

 

In this environment, S&P 500 Futures post modest gains, as US Treasury bond rates struggle to extend their two-day recovery from the monthly low. Observe that the US Dollar Index (DXY) has likewise retreated from the one-month peak it reached the day before amid lackluster market conditions.

 

Gold traders should focus on Fed Chair Powell's ability to compliment the most recent good US data as well as US President Biden's State of the Union address.


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