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On September 16, Assistant Governor of the Reserve Bank of Australia (RBA), Greg Hunt, stated that the central bank is "very close" to returning inflation to the midpoint of its 2%-3% target range, while the economy is nearing full employment. "We are monitoring the situation and will remain on the sidelines," Hunt said at an industry event in Sydney on Tuesday. "The committee will formulate policy accordingly. While its impossible to predict the future completely, for now we want to maintain the status quo." The RBA will hold its next meeting on September 29-30, and most economists and traders expect it to maintain the cash rate at 3.6%. Economists generally predict the bank will cut interest rates for the fourth time this year in November, followed by another cut early next year, bringing the terminal rate to 3.1%.On September 16th, in response to a users question about whether the Macrohard project was being advanced, Musk replied, "We are indeed spray-painting the words MACROHARD on the roof of the Colossus II supercomputing cluster in Memphis, large enough to be seen from space." Musk had previously stated that he was planning to establish a pure AI software company called Macrohard. The name was a bit of a joke, but the project itself was real. At the time, he also explained, "Given that software companies like Microsoft dont produce physical hardware themselves, it should be feasible to fully simulate it using AI."SK On announced on September 16th the completion of a pilot plant for all-solid-state batteries at its Future Technology Center in Yucheng District, Daejeon, South Korea. This pilot production line will primarily be used to provide trial products to customers and systematically evaluate and verify product quality and performance. The approximately 4,628-square-meter facility will be used by SK On to develop sulfide-based all-solid-state batteries, with some production lines also developing solid-state lithium metal batteries. SK On plans to commercialize all-solid-state batteries in 2029, a year ahead of its original target of 2030.Futures News, September 16th. Economies.com analysts latest view today: WTI crude oil futures prices have risen in recent intraday trading, thanks to their stable trading above the 50-period exponential moving average (EMA50), which has provided effective support for the intraday rebound attempt. Nevertheless, the dominant downtrend remains in effect in the short term, and prices are trading along a suppressive trendline, which limits the upward momentum and weakens the possibility of a continued rebound. In addition, the Relative Strength Index (RSI) has shown negative technical signs after reaching clear overbought territory, suggesting the risk of a short-term weakening of upward momentum.Superstar Legend (06683.HK) rose in the afternoon and is now up 1.25%, after falling 4.5% earlier. The company announced the acquisition of approximately 1.17% of the shares of the National Stadium Co., Ltd.

Ahead of preliminary US S&P PMI data, the XAU/USD remains sideways below $2,000, according to our Gold Price Forecast

Alina Haynes

Apr 20, 2023 13:49

 截屏2022-08-04 下午5.25.46_1024x576.png

 

In the early European session, the Gold price (XAU / USD) is exhibiting erratic movements near $1,994.00. The precious metal is in a state of indecision as investors await the release of preliminary S&P PMI data for the United States on Friday.

 

After violent swings influenced by the Federal Reserve's (Fed) Beige Book, the US Dollar Index (DXY) is showing signs of volatility contraction below 102.00. The declining trend of advances to consumer and business loans by U.S. commercial banks has intensified concerns of a recession in the U.S. economy, despite the fact that economic activity in 12 Fed districts remained virtually unchanged. To prevent a decline in asset quality, banks have tightened credit disbursement requirements.

 

In the meantime, S&P futures have recorded sizeable losses during the Asian session, as investors are wary of firms' comments regarding revenue guidance. The market anticipates that constrained credit conditions will impact the working capital management of cash-reliant companies, thereby affecting their output.

 

The market expects preliminary US S&P PMI data to reveal a Manufacturing PMI reading of 49.0, a decrease from the previous reading of 49.9. The Services PMI is anticipated to decrease to 51.5 from 52.6 previously reported.


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