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On May 24, local time, Mohsen Rezaei, military advisor to Irans Supreme Leader, stated that Iran will respond "strongly and unprecedentedly" to any actions targeting the Strait of Hormuz or hostile forces entering the Persian Gulf, and will initiate countermeasures by breaking the maritime blockade. Rezaei also stated that if the current situation continues, one of Irans strategic options is to potentially withdraw from the Treaty on the Non-Proliferation of Nuclear Weapons (NPT). He claimed that this move would have "serious consequences" for the other side.On May 24, it was learned from the National Data Administration that my country is accelerating the research and formulation of technical standards for a nationwide integrated computing power network. There are already 12 related guiding technical documents, covering multiple aspects such as computing power monitoring and scheduling, computing-power collaboration, and security protection, to promote the optimal allocation of computing power resources nationwide.On May 24th, European Central Bank (ECB) Governing Council member Kocher stated that the ECB will face an interest rate hike next month unless a sustainable peace agreement is reached between the US and Iran. Eurozone inflation this year may be higher than previously expected, while countries are still grappling with previous price shocks. Meanwhile, the economy has shown considerable resilience. "There are always some extremely low-probability scenarios that could lead to different assessments of the situation, but currently, all indications suggest we will have to decide between maintaining interest rates and raising them," Kocher said. "And it is clear to me that if the situation does not improve, we will have to focus our discussions on taking action." He also stated that it is not appropriate to make any commitments now, and doing so would be meaningless. Uncertainty is high, so too many options should not be ruled out prematurely. Of course, positive developments are hoped for.On May 24, the Russian Ministry of Defense stated that the Russian military used multiple types of missiles, including the Hazel, Iskander, Kinzhal, and Zircon, as well as attack drones, to hit targets including Ukrainian military-industrial complexes, military infrastructure, the headquarters of the Army General Staff, the headquarters of the Main Intelligence Directorate of the Ministry of Defense, and other Ukrainian military command posts. No civilian facilities were planned or targeted.German Chancellor Merz: Russia has once again used the Hazel missile system to attack Ukraine. The German government strongly condemns this reckless escalation.

Gold Price Prediction: The XAU/USD pair will go below $1700 after a positive NFP report, followed by the CPI

Daniel Rogers

Oct 10, 2022 11:23

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The gold price declined after the U.S. Labor Department released employment data that exceeded expectations, thereby validating the Fed's need for additional tightening and supporting the dollar. Consequently, XAU/USD is currently trading at approximately $1690, below its initial price.

 

Prior to the announcement of the US Nonfarm Payrolls report, the price of gold hovered around $1710. Gold's initial reaction to the headline, however, was a decline into the $1700 region, but this initial movement quickly vanished. In a volatile reaction, it extended its losses below $1700 at the time of typing.

 

US Bureau of Labor Statistics (BLS) data revealed that the US economy added 263K new jobs, above predictions of 250K, while the unemployment rate decreased to 3.5% from 3.7%. Even while the reading is lower than August's, it was above expectations, which would strengthen the case for a Federal Reserve rate hike.

 

In the meanwhile, money market futures have put in a 92% likelihood of a Fed rate hike of 75 basis points, up from 85.5% prior to the US Nonfarm Payrolls report.

 

US Treasury bond yields rose, with the 10-year US Treasury bond yield increasing three basis points to 3.865%, while the US Dollar Index, a measure of the dollar's value vs six other currencies, rose 0.28% to 112.565.

 

Now that the US Nonfarm Payrolls report is in the rearview mirror, the next significant events on the US calendar are the September CPI statistics and the University of Michigan Consumer Sentiment study, both of which will take place in the coming week.


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