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The yield on UK two-year government bonds fell by about 2 basis points to 3.565%, the lowest level since August 2024.On Tuesday, February 17th, the German DAX 30 index opened down 44.01 points, or 0.18%, at 24768.49; the UK FTSE 100 index opened up 25.41 points, or 0.24%, at 10499.10; and the French CAC 40 index opened up 1.70 points, or 0.02%, at 8318.20. The Stoxx 50 index opened down 5.83 points, or 0.10%, at 5973.05 on Tuesday, February 17; the Spanish IBEX 35 index opened down 11.91 points, or 0.07%, at 17836.09 on Tuesday, February 17; and the Italian FTSE MIB index opened down 102.70 points, or 0.23%, at 45316.50 on Tuesday, February 17.February 17th - According to data from the Comprehensive Transportation Spring Festival Travel Task Force, on February 16th, 2026 (the 15th day of the Spring Festival travel rush, the 29th day of the twelfth lunar month, Monday), the total number of cross-regional passenger flows in the whole society was 194 million, a decrease of 32.2% compared with the previous day and a decrease of 5% compared with the same period in 2025 (Tuesday).February 17th - Data shows that the UK labor market has contracted again, with the unemployment rate reaching its highest level since 2015 (excluding data during the pandemic), and wage growth slowing again. This data may reinforce the belief that the Bank of England could cut interest rates as early as next month. Earlier this month, the central bank stated that after unexpectedly strong growth, private sector wage growth is beginning to reflect the weakness in the labor market. Currently, traders have fully priced in two rate cuts from the Bank of England this year, with the probability of a 25 basis point cut in March rising to 73%.UK interest rate futures prices indicate a 73% probability that the Bank of England will cut interest rates by 25 basis points in March, compared to about 65% before the release of labor market data.

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

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During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.

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