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On January 15, eurozone government bond yields continued to fall due to US CPI data. Michael Brown, senior research strategist at Pepperstone, said in a report that the US CPI report in December painted a complex picture of price pressures in the US economy. The CPI data are not particularly helpful for the broader discussion. Instead, they help to reiterate that underlying price pressures remain relatively stubborn and the path back to the 2% inflation target will be relatively turbulent.Airbus CEO: Production of 75 single-aisle aircraft per month is a "prudent level" and will be maintained at that level in the coming years.On January 15, the core CPI was lower than expected, rising 0.2% month-on-month in December, compared with expectations of 0.3%. The core CPI monthly rate fell after rising 0.3% for four consecutive months, which is the direction the Fed wants to see. After last weeks strong December employment report, investors are more worried that economic momentum may prevent the Fed from further cutting interest rates throughout the year. Now, the Fed is generally inclined to at least further cut interest rates. Traders are now betting that the Fed has less than a one-fifth chance of not cutting interest rates at all in 2025, lower than the one-quarter before the CPI.On January 15th, local time on the 15th, Venezuelan Foreign Minister Hill announced on social media that the Venezuelan embassy in Oslo, Norway was invaded and damaged that day. He urged the Norwegian side to immediately find the person responsible for the incident.Citigroup (CN) CFO: Strong investment banking activity is expected in 2025.

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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