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January 16th - According to sources familiar with the matter, Ford Motor Company is in talks with BYD regarding the supply of batteries for its overseas hybrid vehicles. Anonymous sources indicated that BYD is one of several battery suppliers Ford is in talks with. They stated that no deal has been reached yet. The negotiations reportedly aim to supply batteries for Fords expanding hybrid vehicle lineup to its international plants. Sources noted that hybrid vehicles produced at Fords overseas plants will be sold globally, including in the US market, but most hybrid vehicles sold in the US will still be produced at Fords North American plants. BYD has not yet responded. A Ford spokesperson stated that the company communicates with numerous companies on various matters and does not comment on rumors or speculation related to its business.On January 16th, Minister of Commerce Wang Wentao stated in a recent interview that this year, my country will focus on key and potential sectors such as transportation, domestic services, performances, and sports events to actively cultivate new growth points in service consumption. This year, my country will also focus on new sectors and offline entities, optimizing the implementation of the trade-in policy for consumer goods. Support policies will be improved, unreasonable restrictive measures will be eliminated, and new growth points in service consumption will be actively cultivated. In 2026, the trade-in program for consumer goods will provide stronger support for green and intelligent products, requiring home appliances to meet first-level energy efficiency or water efficiency standards for trade-ins, and subsidies for new purchases will be included for smartwatches, smart bracelets, and smart glasses. We will also actively support offline physical retail, encouraging offline stores to leverage their comparative advantages, create diversified consumption scenarios, enhance the consumer experience, and promote balanced development between online and offline channels.January 16th - The US dollar is poised for its third consecutive weekly gain on Friday. This followed positive US economic data that reduced market expectations for a near-term interest rate cut by the Federal Reserve. The federal funds futures market has pushed back its expectation of the next rate cut to June, citing improved employment data and concerns from central bank policymakers about inflation. Capital Markets analyst Kyle Rodda wrote in a report, "The dollar has been relatively strong at the beginning of the year. Better-than-expected weekly US jobless claims and some manufacturing surveys have reduced the probability of an imminent Fed rate cut."On January 16th, Minister of Commerce Wang Wentao stated in a recent interview that this year, my country will comprehensively promote trade in goods, services, and digital trade to stabilize foreign trade. Expanding diversified markets is crucial. We will successfully host important exhibitions such as the Canton Fair to attract more overseas buyers and increase support for enterprises participating in overseas exhibitions. We will guide the healthy and standardized development of new forms and models of foreign trade, such as cross-border e-commerce. my country has reached 23 free trade agreements with 30 countries and regions, and we will support and guide enterprises to make good use of these agreements to expand trade. This year, my country will also vigorously develop trade in services, improve the negative list management system for cross-border service trade, and orderly relax market access in the service sector. Following the principle of "one policy for one industry," we will promote the introduction of a series of more effective policies and measures to accelerate the export of productive services, encourage professional service institutions to improve their international service capabilities, and leverage innovation advantages in artificial intelligence, the digital economy, and biomedicine to expand the export of emerging services such as R&D, design, consulting, testing, and maintenance, thereby cultivating new growth points for foreign trade.On January 16, Chuanyi Technology stated on its interactive platform that the first phase of its sodium-ion battery project went into production in 2023, while the second phase is still under construction; the company currently has no cooperation with Unitree Technology.

Gold Price Prediction: XAU/USD anticipates additional gains ahead of China and U.S. inflation

Alina Haynes

Jan 11, 2023 11:54

Gold price (XAU/USD) demonstrates usual pre-data concern as it approaches $1,875 on Wednesday morning, exploring a three-day rally around the highest levels since May 2022. In doing so, gold demonstrates the market's faith in the traditional safe-haven, even if the US Dollar recovers from its multi-day low. The uncertainty surrounding the next steps of the US Federal Reserve (Fed) and the pessimistic economic forecasts of the World Bank (WB), not to mention cautious optimism towards China, may be to blame.

 

Federal Reserve (Fed) Chair Jerome Powell's remarks at Riksbank's International Symposium on Central Bank Independence were unable to provide additional clarification on the US central bank's monetary policy outlook, which prompted a stampede for gold in the face of uncertainty. In his most recent public appearances, the policymaker lauded the US central bank's latest steps while emphasizing the Fed's independence and lack of commitment to climate control. Notably, Federal Reserve Governor Michelle Bowman seemed hawkish when she stated that additional rate hikes are required to combat excessive inflation, which should have pressured the XAU/USD bulls in the aftermath.

 

Notably, the recent softening of hawkish bets on the Fed's next moves, as well as lower US data, appear to keep gold investors optimistic, despite the Federal Reserve's efforts to defend its tight monetary policy. Tuesday, the US NFIB Business Optimism Index for December fell to its lowest level since 2013 if various anxieties caused by the worldwide Covid wave are disregarded. In addition, US Wholesale Inventories for November stayed constant at 1.0% growth.

 

Alternatively, a rebound in the US Dollar Index (DXY) from the seven-month low appears to pose a threat to the Gold price, due to the inverse link between the XAU/USD and the dollar's index against the six main currencies. Tuesday marked the conclusion of a two-day downturn for the DXY as it rebounded from the multiday low to settle at 103.30. In doing so, the US Dollar Index tracked the firmer US 10-year Treasury note yields, which increased 10 basis points (bps) to 3.61 percent, falling one basis point (bp) to 3.60 percent at the latest.

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