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The Federal Reserve accepted a total of $387 million from four counterparties in its fixed-rate reverse repurchase operations.Market news: EDF (Électricité de France) and Centrica (British energy company) are close to reaching an agreement with the UK government on a draft deal to extend the operating life of the Sizewell B nuclear power plant by 20 years.On June 11, US President Trump told reporters at the White House, "Weve been shipping millions of barrels of oil out of Iran. Every night, were shipping that oil out." He added, "Millions of barrels of oil have been shipped out, which is why the price is now $85 to $90 a barrel, not $250." Trump also stated that fuel prices would immediately drop once the war ended. When asked about Trumps remarks, US Energy Secretary Wright said he was unaware of any US oil shipments from Iran.U.S. Treasury Secretary Bessenter: The U.S. is undermining procurement networks that support Iran.On June 11, local time, the U.S. Central Command stated that on June 10, local time, the U.S. military disabled an oil tanker in the Gulf of Oman on June 9 for violating blockade measures. The statement said the tanker was attempting to transport Iranian oil and, after repeatedly ignoring U.S. military instructions, a U.S. aircraft used precision-guided munitions to strike it, rendering it unable to navigate. The U.S. Central Command stated that since the blockade began on April 13, the U.S. military has disabled eight oil tankers that violated regulations, diverted 134 vessels that cooperated with inspections, and allowed 42 ships carrying humanitarian aid to pass.

Gold Price Prediction: XAU/USD recovers within the weekly bearish trend, Covid; Treasury yields in focus

Daniel Rogers

Nov 22, 2022 14:56

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Early Tuesday morning, the gold price (XAU/USD) reaches $1,745 for the first daily increase in four. In doing so, the precious metal applauds the wide US Dollar decline during a likely sluggish day preceding Wednesday's crucial data/events.

 

Consequently, the US Dollar Index (DXY) falls intraday by 0.25 percent to 107.55, halting a three-day rally. Recent challenges to the hawkish concerns surrounding the US Federal Reserve are reflected in the dollar's metric, which tracks US Treasury yields (Fed).

 

The US 10-year Treasury yields decline for the first time in four days, falling one basis point to around 3.81% as of press time, as the most recent remarks from Federal Reserve (Fed) members fail to buttress the previously hawkish attitude.

 

In a CNBC interview, Loretta Mester, president of the Federal Reserve Bank of Cleveland, stated, "I think we can ease down from 75 in the December meeting." Previously, Atlanta Federal Reserve President Raphael Bostic rejected the 75 basis point move and challenged the DXY bulls. In addition, October readings of -0.05 for the Chicago Fed National Activity Index, compared to the prior reading of 0.17, posed a challenge to US Dollar bulls.

 

On the other hand, a seven-month high in daily coronavirus cases from China rekindled fears of a supply bottleneck and gave US Dollar purchasers optimism ahead of tomorrow's preliminary monthly activity data and Federal Open Market Committee (FOMC) Meeting Minutes.

 

In addition, the most recent articles from Nikkei Asia imply that China is likely hoarding the metal while selling US Treasury bonds, which gives buyers of gold reason for optimism.

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