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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Gold Price Prediction: XAU / USD Bulls encounter resistance, while bears eye trendline support

Alina Haynes

Mar 13, 2023 11:24

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Gold price was approximately 0.5% higher at the start of the week following a 2% increase in the first hour of Tokyo trade on Friday, and as US authorities announced plans to limit the repercussions from the failure of Silicon Valley Bank (SVB). Gold is currently trading at $1,878 and ranges from $1,867.03 to $1,894.68 at the time of writing.

 

In a joint statement, the US Treasury and Federal Reserve announced a number of measures to stabilize the banking system and announced that depositors at SVB would have access to their funds on Monday. The Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have full access to their funds beginning Monday. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg stated in a joint statement on Sunday that the FDIC will compensate SVB and Signature's customers in full.

 

Investors hypothesized that the Federal Reserve would be reluctant to upset the boat by increasing interest rates by a massive 50 basis points this month, resulting in a weaker US Dollar. Fed fund futures surged in early trading, implying only a 17% chance of a half-point hike, down from 70% before the SVB announcement last week. The apex for rates was 5.14%, down from 5.69% last Wednesday, and markets were even pricing in rate cuts by the end of the year. In a move that has benefited the price of gold, yields on two-year Treasuries fell to 4.445%, well below last week's peak of 5.08%.

 

In the meantime, speculators will focus on the US Consumer Price Index data that will be released on Tuesday. Even though the financial system is under stress, there is the possibility of a more aggressive Federal Reserve if the data comes in strong. ´´Core prices likely gained momentum in February with the index increasing a robust 0.5% MoM, as we look for the recent substantial relief from goods deflation to start normalizing,´´ analysts at TD Securities explained. "Shelter inflation is likely to remain the most significant wild card, while a decline in petroleum and food prices will likely reduce non-core CPI inflation. Our m/m forecasts imply total/core price growth of 6.1%/5.5% YoY.

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