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On May 13, Yonhap News Agency reported that South Korean Defense Minister Ahn Gyu-baek stated on Wednesday that South Korea is studying a phased approach to participating in actions to ensure navigational safety in the Strait of Hormuz, signaling a preference for support without direct military involvement. Ahn stated that he conveyed South Koreas position during his meeting with US Defense Secretary Hergsays on Monday. Ahn said, "We broadly expressed this position: fundamentally, South Korea will participate as a responsible member of the international community and will assess ways to contribute in phases." Ahn indicated that phased support could include statements of political support, personnel deployment, information sharing, and the provision of military assets, but he emphasized that the two sides did not have detailed discussions on expanding South Korean military involvement. The day before the South Korea-US defense ministers meeting, South Korea condemned the attack on a South Korean-flagged vessel near the Strait of Hormuz last week. The South Korean presidential office strongly condemned the incident but stated that the investigation into the perpetrators was ongoing.South Koreas unemployment rate was 2.8% in April, compared to an expected 2.7% and a previous reading of 2.70%.US President Trump posted a picture on social media showing Venezuela becoming the 51st state of the United States.According to an AXIOS reporter, when asked about Trumps proposed suspension of the fuel tax, House Transportation Committee Chairman Sam Graves said, "I think this is just a short-term solution."According to sources familiar with the matter, chipmaker Cerebras Systems is telling potential investors that it expects its IPO to be priced above the upper end of its previously announced price range, as investor demand for the stock surges.

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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