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According to the Islamic Republic News Agency (IRNA), Iranian President Pezehiziyan told French President Macron that diplomacy is the preferred way to resolve disputes.On April 14, the Ministry of Commerce and the Export-Import Bank of China jointly issued the "Notice on Strengthening Import and Export Credit Support for a Good Start to the High-Quality Development of Commerce during the 15th Five-Year Plan Period." The Notice closely follows the key tasks of commerce work in 2026, further leveraging the role of policy-oriented financial institutions, and proposes three specific measures. First, promoting innovative trade development. Focusing on exploring diversified markets, cultivating new drivers of foreign trade, and promoting balanced import and export development, the Notice calls for making full use of import and export credit tools, enriching and improving products and services adapted to new business formats and models, and ensuring comprehensive import service guarantees. Second, expanding the space for two-way investment and cooperation. The Notice proposes detailed measures in three aspects: attracting and utilizing foreign investment with greater力度, promoting international cooperation in industrial and supply chains, and supporting the construction of high-level open platforms. It supports the Export-Import Bank of China in deeply integrating into and serving the expansion of high-level opening-up, and providing comprehensive financial services. Third, promoting the high-quality development of the Belt and Road Initiative. The Notice supports the Export-Import Bank of China in focusing on key areas of multilateral and bilateral economic and trade cooperation under the Belt and Road Initiative, coordinating financial services for major landmark projects and "small but beautiful" livelihood projects, promoting the cross-border use of RMB, and strengthening investment and financing service guarantees.According to the Islamic Republic News Agency (IRNA), Iranian President Pezechzian told French President Macron that threats, pressure, and military action will only exacerbate the "self-inflicted trouble" of the United States in the region.According to the Islamic Republic News Agency (IRNA), Iranian President Pezehiziyan told French President Macron that Europe could play a constructive role in urging the United States to abide by international law.According to the Islamic Republic News Agency (IRNA), Iranian President Pezechzian told French President Macron that the United States lack of sincerity and extreme stance led to the failure of the Islamabad talks to reach an agreement.

Gold Price Prediction: XAU / USD corrects to around $1,910 despite intensifying concerns of a global banking crisis

Alina Haynes

Mar 16, 2023 14:00

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After reaching a new six-week high at $1,937.39, the gold price (XAU/USD) displayed a corrective move during the Asian session. As gold's allure is extremely strong amid growing concerns about the global banking crisis, a correction in the precious metal appears to be short-lived. Credit Suisse's debacle following the failure of Silicon Valley Bank (SVB) has triggered the risk of global financial instability, and uncertainty over the Federal Reserve's (Fed) upcoming interest rate decision has bolstered the case for the Gold price.

 

S&P500 futures have shown a recovery move following Wednesday's sell-off as investors assess the banking sector's uncertainty. However, the motif of risk aversion has not yet completely subsided.

 

During the Asian session, the US Dollar Index (DXY) is fluctuating in a narrow range of around 104.60. It appears that the impact of banking sector turmoil is maturing for the USD Index, and investors are beginning to discount expectations for next week's monetary policy. According to the CME FedWatch instrument, the probability that Fed chair Jerome Powell will raise interest rates by 25 basis points (bps) has risen above 70%. While 30% of the probabilities support maintaining the current interest rate policy.

 

Increasing odds of a status quo monetary policy are supported by a declining Consumer Price Index (CPI), a rising Unemployment Rate, sluggish Retail Sales, and a declining Producer Price Index (PPI).


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