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According to the Islamic Republic of Iran Broadcasting (IRIB), an Iranian naval commander stated that enemies will not be allowed to approach Iranian territory.India has announced a 625 billion rupee mobile phone incentive program.On August 21st, Chris Williamson, Chief Business Economist at S&P Global Insights, stated that U.S. businesses are thriving, with companies reporting that output growth reached its fastest pace in over four years as the third-quarter economic expansion strengthened further in August. Third-quarter survey data currently shows an annualized growth rate close to 3.0%, a significant increase from the 1.5% growth rate in the second quarter. Job growth in August also showed a welcome recovery, with employer confidence strengthening as concerns about the negative impacts of tariffs and the Middle East conflict gradually subsided. However, the latter remains a key area of focus for businesses, particularly its impact on supply chains and energy prices. Supply chain delays were reported again in August, at their most severe in the past four years, significantly constraining output for many companies. While price pressures have eased somewhat, they remain high and could easily face renewed upward pressure if energy prices rise again. Meanwhile, the growth momentum between the second and third quarters has shifted from manufacturing to services. With depleted safety stocks and supply chain delays dampening factory production growth, the service sector is now playing a key role in driving the continued expansion of the U.S. economy.S&P Global: U.S. business growth hit a 52-month high in August, driven by a surge in service sector activity and rising optimism. Price pressures eased somewhat.S&P Global: The U.S. Manufacturing PMI preliminary reading for August was 53.2, a five-month low; the Composite PMI preliminary reading for output was 56.0, a 52-month high; the Services PMI preliminary reading for business activity was 56.8, a 20-month high; and the Manufacturing PMI preliminary reading for output was 51.9, a 13-month low.

Ahead of preliminary US S&P PMI data, the XAU/USD remains sideways below $2,000, according to our Gold Price Forecast

Alina Haynes

Apr 20, 2023 13:49

 截屏2022-08-04 下午5.25.46_1024x576.png

 

In the early European session, the Gold price (XAU / USD) is exhibiting erratic movements near $1,994.00. The precious metal is in a state of indecision as investors await the release of preliminary S&P PMI data for the United States on Friday.

 

After violent swings influenced by the Federal Reserve's (Fed) Beige Book, the US Dollar Index (DXY) is showing signs of volatility contraction below 102.00. The declining trend of advances to consumer and business loans by U.S. commercial banks has intensified concerns of a recession in the U.S. economy, despite the fact that economic activity in 12 Fed districts remained virtually unchanged. To prevent a decline in asset quality, banks have tightened credit disbursement requirements.

 

In the meantime, S&P futures have recorded sizeable losses during the Asian session, as investors are wary of firms' comments regarding revenue guidance. The market anticipates that constrained credit conditions will impact the working capital management of cash-reliant companies, thereby affecting their output.

 

The market expects preliminary US S&P PMI data to reveal a Manufacturing PMI reading of 49.0, a decrease from the previous reading of 49.9. The Services PMI is anticipated to decrease to 51.5 from 52.6 previously reported.


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