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February 19th - European Central Bank (ECB) Executive Board member Gerard Schnabel stated that she is committed to completing her term on the ECBs Executive Board. Her eight-year term ends at the end of 2027, and the German official hinted that she does not intend to consider leaving early. Earlier on Wednesday, the Financial Times reported that ECB President Christine Lagarde is expected to step down before her term ends next October. The ECB has not denied this possibility, with a spokesperson stating that the president "has not yet made a decision regarding the end of her term." "I dont think theres any need to leave early," Schnabel said on Wednesday. With three seats on the six-member ECB Executive Board vacant during 2027, speculation is growing that all seats will be filled at once. In addition to Lagarde and Schnabel, Chief Economist Lanes term also expires next May. The appointment process was complicated by the French presidential election, where the far right wing enjoys high support in the polls, and the current leadership is attempting to limit its influence.Market news: ECB Executive Board member Schnabel believes there is no need to step down early.The alliance between CrowdStrike and Microsoft (MSFT.O) allows customers to purchase Falcon using existing Microsoft Azure consumer commitment funds.Microsoft (MSFT.O) and CrowdStrike announced that the Falcon platform is now available on the Microsoft Store.ECB Executive Board member Schnabel: The euro is increasingly serving as a safe-haven asset, enhancing its global role.

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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