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Japans second-quarter GDP growth rate for corporate spending was -1.2% quarter-on-quarter, compared to a forecast of 0.4% and a revised previous reading of -1% (from -0.70%).Japans second-quarter real GDP annualized quarterly growth rate was 1.1%, below the expected 2%, and the previous value was revised from 1.80% to 1.9%.Japans second-quarter real GDP growth rate was 0.3% quarter-on-quarter, below the expected 0.50% and the previous value of 0.50%.Japans second-quarter GDP private consumption growth rate was 0%, below the expected 0.5%, and the previous value was revised from 0.30% to 0.5%.On August 17, Iranian President Pezechzian stated on the 16th that the memorandum of understanding signed two months ago between Iran and the United States, aimed at ending the conflict, was reached on the basis of "upholding dignity and demonstrating strength," and that Iran "did not yield to the enemy." According to a statement released on the Iranian presidential website, Pezechzian made the remarks while attending a meeting of heads of education departments nationwide in Tehran. He emphasized that the memorandum of understanding was drafted after careful consideration and in-depth discussions among experts. Separately, according to the Islamic Republic News Agency (IRNA) on the 16th, Iranian Parliament Speaker Ghalibaf told the media at an event on the evening of the 15th that the memorandum of understanding signed by Iran and the United States was a document that won honor for the country and consolidated Irans diplomatic victory.

Gold Price Prediction: The XAU/USD pair will fall below $1870 as yields rise ahead of Fed Chair Powell's speech

Alina Haynes

Jan 10, 2023 14:55

截屏2023-01-09 下午5.31.06_1024x576.png

 

In the Tokyo session, the gold price (XAU/USD) has fallen below the immediate resistance of $1,870.00. The precious metal has broken through the consolidation formed in the band of $1,870.00-1,881.50 as demand for US government bonds deteriorates ahead of the speech by Federal Reserve (Fed) chairman Jerome Powell on Tuesday.

 

The 10-year US Treasury yields have risen beyond 3.54 percent, dampening risk appetite. Meanwhile, S&P500 futures have become volatile following a sell-off late in Monday's session, signaling caution in establishing positions in risky assets. The US Dollar Index (DXY) is anticipated to attempt a break above the immediate resistance of 103.00 into the auction area.

 

Investors anticipate Fed Powell's speech for fresh cues, as it will provide a head start for the entirety of CY2023. Despite a sharp reduction in December wage inflation, some Fed policymakers continue to endorse a terminal rate prediction of 5.00-5.25%.

 

Mary Daly, president of the San Francisco Fed Bank, argued that interest rates between 5% and 5.25 percent are fair. Also, the president of the Atlanta Federal Reserve bank, Raphael Bostic, anticipates an interest rate peak in the range of 5% to 5.25 percent and the continuation of higher interest rates through CY2023.

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