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According to informed traders, the Reserve Bank of India sold dollars in the domestic foreign exchange market on Tuesday to support the rupee exchange rate.September 8th - U.S. small business confidence dipped slightly in August, with uncertainty remaining high and expectations for an improving business environment declining. The National Federation of Independent Business (NFIB) reported that its Small Business Optimism Index fell 1.1 points to 98.7 in August. Despite the decline, the reading remains above the 52-year average and previously reached its highest level since August 2025 in July. The NFIB survey provides a monthly snapshot of U.S. small businesses, which account for nearly half of private sector employment, are generally more sensitive to price fluctuations, interest rate hikes, and macroeconomic uncertainty than larger businesses. NFIB Chief Economist Bill Dunkelberg stated that small business owners face a mix of challenges, including weak sales, supply chain disruptions, and inflationary pressures, and uncertainty remains high. The Uncertainty Index fell 2 points to 89 in August, but remains above the historical average of 68.The U.S. NFIB Small Business Confidence Index for August was 98.7, down from 99.8 in August.September 8th - According to Coherent, the company will showcase its innovative products and full-stack photonic solutions for AI computing power, data centers, and high-speed optical communications at the 2026 China International Optoelectronic Exposition (CIOE), demonstrating how photonic technology empowers high-speed interconnectivity and computing power upgrades in the AI era. In the area of high-speed rack interconnects, the company will cover diverse technology routes including silicon photonics, VCSEL multimode, and InP, with its booth featuring solutions such as 6.4T slot-type CPO, 1.6T VCSEL NPO, and 12.8T XPO.A Ukrainian drone strike in Russias Kursk region killed one person.

Gold Price Forecast: XAU / USD flirts with $1,850 support convergence; Fed's Powell, US NFP in focus

Daniel Rogers

Mar 06, 2023 14:40

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Gold price (XAU/USD) remains mostly illiquid around $1,855 as traders brace for the key data/events during early Monday in Europe. Adding filters to the XAU/USD movements could be the muddled headlines from China, as well as the US Dollar’s inaction despite a pullback in the Treasury bond yields.

 

The National Development and Reform Commission of the People's Republic of China (NDRC) recently stated that it "Will further discharge the potential for consumption," adding that China's economy is consistently improving, as reported by Reuters. Earlier in the day, market sentiment deteriorated after China's National People's Congress (NPC) annual session appeared to be a gloomy event due to its development target and geopolitical concerns.

 

Elsewhere, San Francisco Federal Reserve Bank President Mary Daly highlighted the significance of incoming data to determine how high the rates can go. Previously, Atlanta Fed President Raphael Bostic renewed concerns about the Fed’s policy pivot while Federal Reserve published a semi-annual Monetary Policy Report on Friday wherein it plainly said, “Ongoing increases in the Fed funds rate target are necessary.” In addition, the report stated that the Fed is committed to restoring inflation to 2%.

 

It should be noted that US 10-year Treasury bond yields rose to their highest levels since November 2022 in the previous week before falling to 3.95% by the end of Friday and circling back to the same level at the latest. More significantly, US two-year bond coupons increased to levels not seen since 2008 before retracting to 4.85% as of press time. That said, the S&P 500 Futures print mild gains, mirroring Wall Street’s movements amid a light sluggish start to the key week, whereas the US Dollar Index (DXY) remains depressed around 104.45, down 0.05% intraday by the press time.

 

Moving ahead, Gold traders may witness further inaction in the market as traders remain cautious before the key events including Fed Chair Jerome Powell’s Testimony, China’s inflation data and Friday’s US employment report for February.


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