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June 18th - According to NewsNation, Republican members of Congress have begun blaming Vice President Vance, accusing him of reaching a "bad" deal with Iran. One Republican congressman stated, "Conservatives in Congress are appalled that Vance reached such a terrible deal, erasing all of Trumps military victories. Trump had effectively won the war, and Vance lost it at the last minute through negotiations." Earlier today, President Trump joked, "If we reach a deal, the credit is mine; if we dont, blame Vance." Trump praised the agreement with Iran during his visit to France and signed a copy of the memorandum of understanding in Versailles. A source close to the White House responded to the congressmans comments, saying that the unnamed Republican congressman dared to be so audacious as to attempt to strip the president of his power in order to undermine and obstruct his peace agreement.Photo: US President Donald Trump signs a memorandum of understanding between the US and Iran at the Palace of Versailles in France.On June 18th, according to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed slightly higher on Wednesday, with the benchmark contract rising 0.2% to its highest level in two weeks. This was mainly due to market rumors that buyers were interested in purchasing US soybeans, while international crude oil futures stabilized. The November contract touched a high of $11.5825 per bushel during the session, the highest level since June 3rd. Market rumors that buyers were seeking US soybeans and might also be interested in purchasing corn and wheat for delivery later this year boosted soybean futures prices, rebounding from a four-month low. The rumor intensified throughout the day after the US Department of Agriculture confirmed exporter reports of selling 372,000 tons of soybeans to unknown destinations, pushing the most actively traded contract to a two-week high. Of these 372,000 tons of soybeans, 60,000 tons are for delivery in the 2025/26 marketing year, and 312,000 tons are for delivery in the 2026/27 marketing year.Futures News, June 18th - According to foreign media reports, copper prices on the London Metal Exchange (LME) rose for the fourth consecutive day on Wednesday, mainly boosted by optimism surrounding the US-Iran peace agreement. Market expectations that the Federal Reserve will maintain higher interest rates for a longer period limited the gains in copper prices. LME three-month copper rose 0.25% to $13,810 per tonne. Following the peace agreement between the US and Iran, international oil prices have fallen by about 9% so far this week, easing market concerns about inflation and economic growth, and improving investor risk appetite. On Wednesday, LME three-month aluminum rose 0.8% to $3,414.50 per tonne, as bargain hunting pushed prices back from the sharp drop earlier in the week. Aluminum prices had fallen to $3,344 in the previous trading day, a two-and-a-half-month low, as the US-Iran peace agreement eased market concerns about disruptions to Middle Eastern aluminum supplies. Earlier this month, LME aluminum prices rose to a four-year high as the war essentially disrupted shipping through the Strait of Hormuz, forcing several smelters in the Gulf region (which accounts for about 9% of global aluminum production capacity) to cut production, as aluminum exports through the strait and imports of aluminum raw materials were disrupted.Nasdaq futures extended gains to 1% in early trading, while S&P 500 futures rose 0.6%.

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%.

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