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On September 16, Assistant Governor of the Reserve Bank of Australia (RBA), Greg Hunt, stated that the central bank is "very close" to returning inflation to the midpoint of its 2%-3% target range, while the economy is nearing full employment. "We are monitoring the situation and will remain on the sidelines," Hunt said at an industry event in Sydney on Tuesday. "The committee will formulate policy accordingly. While its impossible to predict the future completely, for now we want to maintain the status quo." The RBA will hold its next meeting on September 29-30, and most economists and traders expect it to maintain the cash rate at 3.6%. Economists generally predict the bank will cut interest rates for the fourth time this year in November, followed by another cut early next year, bringing the terminal rate to 3.1%.On September 16th, in response to a users question about whether the Macrohard project was being advanced, Musk replied, "We are indeed spray-painting the words MACROHARD on the roof of the Colossus II supercomputing cluster in Memphis, large enough to be seen from space." Musk had previously stated that he was planning to establish a pure AI software company called Macrohard. The name was a bit of a joke, but the project itself was real. At the time, he also explained, "Given that software companies like Microsoft dont produce physical hardware themselves, it should be feasible to fully simulate it using AI."SK On announced on September 16th the completion of a pilot plant for all-solid-state batteries at its Future Technology Center in Yucheng District, Daejeon, South Korea. This pilot production line will primarily be used to provide trial products to customers and systematically evaluate and verify product quality and performance. The approximately 4,628-square-meter facility will be used by SK On to develop sulfide-based all-solid-state batteries, with some production lines also developing solid-state lithium metal batteries. SK On plans to commercialize all-solid-state batteries in 2029, a year ahead of its original target of 2030.Futures News, September 16th. Economies.com analysts latest view today: WTI crude oil futures prices have risen in recent intraday trading, thanks to their stable trading above the 50-period exponential moving average (EMA50), which has provided effective support for the intraday rebound attempt. Nevertheless, the dominant downtrend remains in effect in the short term, and prices are trading along a suppressive trendline, which limits the upward momentum and weakens the possibility of a continued rebound. In addition, the Relative Strength Index (RSI) has shown negative technical signs after reaching clear overbought territory, suggesting the risk of a short-term weakening of upward momentum.Superstar Legend (06683.HK) rose in the afternoon and is now up 1.25%, after falling 4.5% earlier. The company announced the acquisition of approximately 1.17% of the shares of the National Stadium Co., Ltd.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.