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On May 5th, the China (Shaanxi)-US Economic and Trade Matchmaking Conference, jointly hosted by the Shaanxi Provincial Council for the Promotion of International Trade and the New Jersey Trade and Investment Promotion Association, was successfully held in New York on May 4th. The conference focused on the core themes of green health and mutual empowerment, highlighting areas such as plant extracts, the health industry, and green food. It included several practical sessions such as industry-specific presentations, product exchange and matchmaking, one-on-one business negotiations, and exhibitions showcasing company achievements. Lin Manli, New York Economic Commissioner of the US Small Business Administration, stated that the United States values its economic relations with other countries and hopes that this event will help both sides establish lasting partnerships.Iranian judiciary chief: The enemy is focused on exerting economic pressure, and we will resolutely deal with those who try to take advantage of the current situation.According to Interfax news agency, Kazakhstans Ministry of Energy stated that the country has no plans to withdraw from OPEC+.May 5th - Switzerlands inflation rate surged in April, impacted by rising energy import costs due to the Iran war. Data released by the Swiss National Statistical Office on Tuesday showed that consumer prices rose 0.6% year-on-year in April, higher than the 0.3% inflation rate in March. This marks the second consecutive month of increase in Swiss inflation, reaching its highest level since December 2024. Due to its relatively low dependence on fossil fuels, Switzerland has been less affected by rising energy prices. However, imported fossil fuels are expected to keep inflation high this year. Data shows that Swiss petroleum product prices rose 17% year-on-year. Import inflation was 0.9%, while domestic inflation was 0.5%. Currently, this overall inflation rate is higher than the average inflation rate of 0.5% projected by the Swiss National Bank at its March meeting for 2027.Switzerlands April CPI rose 0.3% month-on-month, below the expected 0.2% and the previous reading of 0.20%.

Forecast for the Gold Price: XAU/USD bulls return, market remains tense

Alina Haynes

Dec 27, 2022 10:57

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According to yesterday's analysis, Gold Price Forecast: XAU/USD bulls must commit at critical trendline support, the Gold price has found demand at the aforementioned support region and has moved back in line with the larger bullish trend. On Friday, ahead of the Christmas holidays and long weekend, the price of gold inched up, aided by Friday's falling inflation statistics.

 

US consumer spending rose 0.1% in November after rising 0.4% in October, indicating that inflation is moderating, but not enough for markets to anticipate a policy shift from the Federal Reserve or a halt in their rate-hike trajectory. The index of personal consumption expenditures (PCE) decreased by 0.5 percentage points from October to 5.5% annually. Excluding volatile food and energy costs, the index increased on a monthly and annual basis by 0.2% and 4.7%, respectively, in accordance with expectations. The increased revision of October PCE inflation data is terrible news for the gold market.

 

Thursday's US Gross Domestic Product and Jobless Claims figures revealed that the nation's economy returned quicker than previously predicted and that the labor market remains extremely tight. Overall, the plethora of data offers little to alter the belief that the Fed will stick to its plan to combat inflation in 2023. The non-yielding, non-interest-bearing asset is on course for a second consecutive year fall as a result of these rate hikes enacted to curb price pressure.

 

According to Brown Brothers Harriman analysts, the markets continue to remain skeptical of the Fed. "After reaching a high of 5.5% following the most recent FOMC meeting, the terminal rate as observed on the swaps market has fallen down to approximately 5%," analysts explained. "Similarly, WIRP predicts a 50 bp increase on February 1 is priced in at only 33%, followed by a final 25 bp increase on March 22. We cannot see why the markets continue to oppose the Federal Reserve. With the exception of a few communications blunders here and there, chairman Jerome Powell and his colleagues have been firm about the need to raise interest rates for an extended period of time. Recent US data indicate that the labor market remains robust and that the Fed must take additional action.


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