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The U.S. trade court ruling did not fully block Trumps 10% tariffs, but only targeted the two companies that filed the lawsuits.The U.S. military stated that U.S. Central Command has eliminated the threat of attack and is targeting Iranian military facilities that attacked U.S. forces.US military: No US assets were attacked.On May 8, local time, a spokesperson for the Hatem Anbia Central Command of the Iranian Armed Forces issued a statement claiming that the US military violated the ceasefire by striking an oil tanker sailing from the waters off Jask, Iran, towards the Strait of Hormuz, and another vessel entering the Strait of Hormuz opposite the port of Fujairah in the United Arab Emirates. The statement also claimed that the US, in cooperation with some regional countries, launched airstrikes against civilian areas along the Iranian coasts of Hamir, Sirik, and Qeshm Island. The statement indicated that the Iranian Armed Forces retaliated against US military vessels east of the Strait of Hormuz and south of Chabahar port, claiming "significant damage." The spokesperson emphasized that Iran will respond to any act of aggression.On May 8th, the U.S. Court of Trade ruled on Thursday that President Trumps latest 10% global tariff measures were unfounded, as this comprehensive imposition of tariffs lacked legal basis. The U.S. Supreme Court ruled on February 20th that the Trump administrations large-scale tariffs under the International Emergency Economic Powers Act lacked clear legal authorization. Following the ruling, Trump immediately invoked Section 122 of the Trade Act of 1974, announcing a 10% global import tariff on goods from all countries and regions for 150 days.

Forecast for Gold Price: XAU/USD corrects to near $1,970 on UBS-Credit Suisse deal; Fed policy observed

Daniel Rogers

Mar 20, 2023 13:16

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After UBS announced Credit Suisse's rescue plan, the gold price (XAU / USD) corrected to near $1,970. The precious metal is estimating a cushion near the $1,970.00 support, but further correction appears likely.

 

Investors should be aware that market participants have been pouring funds into the yellow metal as a hedge against the volatility associated with a potential banking crisis. The UBS acquisition has mitigated concerns of a global banking crisis. The purchase agreement has signaled that central banks are willing to provide assistance to commercial banks in an effort to restore investor confidence.

 

The US Dollar Index (DXY) is fluctuating around 103.80 as the market anticipates the Federal Reserve's (Fed) interest rate decision on Wednesday. The analysts at Danske Bank anticipate that Federal Reserve Chair Jerome Powell will raise interest rates by 25 basis points (bps) despite the recent turmoil and banking sector concerns.

 

S&P500 futures have erased the majority of their morning gains, indicating that the UBS-Credit Suisse agreement is insufficient to calm global banking fears. As the banking debacle has yet to reveal its true colors, negative market sentiment would persist for some time. In the meantime, the UBS-Credit Suisse merger has reduced demand for US government bonds, which were previously regarded as safe-haven investments. This has increased 10-year US Treasury yields to 3.46 percent.


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