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Morgan Stanley: The Bank of England is currently expected to cut interest rates in December; the forecast for the year-end bank rate to remain unchanged at 3.25%.Morgan Stanley: It is currently expected that the Bank of England will keep interest rates unchanged in June, compared with the previous forecast of a 25 basis point rate cut.On Friday, Russian President Vladimir Putin said Russia will achieve its strategic goals in Ukraine, insisting that Russia is united behind the conflict. "Truth and justice are on our side," Putin said at the Victory Day parade on May 9. The entire country, society and people support the participants in the military action against Ukraine, "and this spiritual force always brings us victory." U.S. President Donald Trump previously posted on social media: "I hope both Russia and Ukraine can abide by an acceptable ceasefire agreement." "If the ceasefire agreement is not respected, the United States and its partners will impose further sanctions." Putin did not mention Trumps statement in his speech.According to Yonhap News Agency: A South Korean court rejected Kim Moon-soos request to confirm his status as the Conservative Partys presidential candidate.On May 9, Germanys new Chancellor Merz said that Europe supports Trumps plan for a 30-day ceasefire between Russia and Ukraine, and that both the EU and the US are ready to increase sanctions pressure on Moscow if Moscow does not take peace talks seriously. Merz added that the EU and the US will continue to support Ukraine and increase aid when necessary, although he said Germany continues to oppose financing defense spending through joint EU debt. "We call on Russia to finally embark on the path of real peace talks," he said. "If this is not done, we will not hesitate to increase sanctions pressure together with our European partners and the United States."

Forecast for Gold Price: XAU/USD fluctuates above $1,950 as risk-on sentiment loses steam ahead of US NFP

Daniel Rogers

Feb 02, 2023 15:52

 截屏2022-11-24 下午3.13.23.png

 

Gold price (XAU/USD) is exhibiting back-and-forth movement in the early London session following a stunning rally above the important resistance of $1,950.00. As the US Dollar Index (DXY) builds a buffer around 100.50, the precious metal has shifted to the sidelines. A lesser interest rate increase by the Federal Reserve (Fed) has driven the USD Index onto a downward trend, maintaining the bullish bias.

 

National Bank of Canada economists opine, "It would be a mistake for the Fed to continue hiking its key rate substantially above the current level and holding it there for an extended length of time if inflation continues to disappoint." Therefore, a FOMC policy shift is anticipated in the first quarter of 2023, which would pave the way for a more protracted drop.

 

Meanwhile, S&P500 futures are confidently maintaining their morning gains, indicating that the risk appetite theme is highly robust. However, 10-year US Treasury yields have risen beyond 3.42 percent.

 

After the Fed's policy-induced volatility, investors are moving their attention to Friday's release of United States Nonfarm Payrolls (NFP) (January) data. According to the consensus, the US economy added 185K jobs in January, compared to 223K in December. The unemployment rate is anticipated to rise to 3.6%. Also, the Average Hourly Earnings are anticipated to increase to 4.9% from 4.6% in the previous report.


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