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On August 24th, Nikkei reported that the Japan Green Transition Accelerator (GX) has invested a total of 20 billion yen (approximately US$125 million) in public-private partnership funding for two startups focused on nuclear fusion and plastic recycling. This investment is part of a broader Japanese government plan to inject 370 trillion yen (over US$2.3 trillion) in public and private funds into 17 strategic sectors by fiscal year 2040, a key pillar of Prime Minister Sanae Takaichis growth and decarbonization strategy. The two companies being invested in are Kyoto Fusion Engineering Co., Ltd. and Jeplan Corporation. Details of the investment are expected to be announced soon. Japan hopes to encourage more private sector investment and accelerate the commercialization of advanced technologies by providing public capital.According to Nikkei Asia: Japan is providing $125 million in support to nuclear fusion and recycling startups through a public-private partnership fund.On August 24, according to Irans official news agency IRNA on August 23, Iranian President Pezechzian stated at an event in Tehran on the evening of August 22 that members of Irans Supreme National Security Council all believed that the memorandum of understanding previously reached with the United States was the best solution based on dignity, wisdom, and national interests. The memorandum "contains no clause indicating Irans surrender or concessions," and all related commitments were to be fulfilled by the other side. However, Iran should also rationally extricate itself from its current state of "neither war nor peace," as it is difficult for Iran to attract investment in such a state. He also mentioned that the late Supreme Leader Ali Khamenei had clearly stated the necessity of moving away from this "neither war nor peace" state. Pezechzian further stated that Supreme Leader Mojtaba Khamenei formulated national policies, and the government will continue to advance related work in accordance with these policies.August 24 - The Hawke Fire, a wildfire in the suburbs of Reno, northern Nevada, spread rapidly from the foothills of the Sierra Nevada Mountains toward downtown Reno early this morning, burning more than 10,500 acres and issuing mandatory evacuation orders to nearly 14,000 residents.August 24th - According to a report from the U.S. Central Command on August 23rd, the U.S. guided-missile destroyer USS John Finn is currently sailing in the Arabian Sea, carrying out the U.S. maritime blockade mission against Iran. As of August 23rd, the U.S. military has ordered 70 merchant ships to change course, rendered 3 merchant ships immobile, and boarded and inspected 2 other merchant ships.

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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