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On April 16th, Zhang Jun, Tencents Public Relations Director, announced the official release and open-sourcing of HY-World 2.0, a 3D world model. It allows users to generate 3D assets with a single line of code and directly import them into game development or embody simulation engines, achieving true playability and usability.On April 16th, Krishna Bimwalap, Asia-Pacific economist at Stick Investment Management, stated that Australias labor market remained strong in March, but its remarkable resilience is unsettling, as it further underscores the need for further interest rate hikes. The Reserve Bank of Australia (RBA) may not be overly concerned if the unemployment rate rises from 4.3% to 5.0%, meaning it has ample room for further rate hikes. Bimwalap believes there is at least two more rate hikes this year.On April 16th, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the economic performance in the first quarter was remarkable, fully demonstrating the strong resilience of my countrys economy. Data shows significant improvements on both the supply and demand sides. Agricultural production was performing well, industrial added value increased by 1.1 percentage points year-on-year, and the service sector maintained rapid growth. On the demand side, the year-on-year growth rate of total retail sales of consumer goods in the first quarter was 0.7 percentage points higher than the previous year, fixed asset investment growth turned positive, and the total import and export volume of goods achieved its highest quarterly growth rate in nearly five years. Given the high economic growth rate in the first quarter of last year, the fact that the economy has still achieved a good start this year fully demonstrates the resilience of the Chinese economy.Japanese Finance Minister Satsuki Katayama: The G7 believes there is no urgent need to coordinate actions on private credit.According to the National Bureau of Statistics, in the first quarter, 200.26 million hogs were slaughtered, up 2.8% year-on-year; and the number of hogs in stock at the end of the quarter was 423.58 million, up 1.5%.

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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