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Bank of America expects the yen to strengthen following the intervention, and has revised its year-end USD/JPY forecast to 149 from 152 (currently around 157.7).On August 5th, the 16th China Automotive Forum, hosted by the China Association of Automobile Manufacturers (CAAM), was held in Jiading, Shanghai. During the forum, CAAM officially announced the establishment of the "Autonomous Driving Vehicle Industry Development Joint Conference" and held an inauguration ceremony. At the ceremony, CAAM stated that the Joint Conference will adhere to the principles of "safety as the bottom line, innovation as the driving force, and collaboration as the means of development," working hand in hand with all parties in the industry to jointly promote the safe, orderly, and large-scale development of my countrys autonomous driving industry, contributing to building a strong automotive nation and cultivating new productive forces. The Joint Conference sincerely invites OEMs, autonomous driving solution providers, chip and sensor companies, software and communication companies, testing and certification institutions, universities, and research institutes, and other relevant units in the industry chain to join, discuss development strategies, build collaborative mechanisms, and share industry achievements.On August 5th, the Guangdong Branch of the Peoples Bank of China held its 2026 second-half work conference and Guangdong foreign exchange management work conference on August 4th. The conference emphasized the need to continue implementing a moderately loose monetary policy to help Guangdongs economy maintain its growth momentum; to strengthen support for key areas and weak links, and improve the efficiency and effectiveness of financial services to the real economy; to further deepen foreign exchange management reform and improve the facilitation of cross-border trade and investment; and to fully leverage its functions of maintaining financial stability and macro-prudential management to firmly safeguard against systemic financial risks. The conference required: First, promoting institutional opening-up in the foreign exchange sector to facilitate trade and investment. Second, vigorously optimizing foreign exchange services to support the high-quality development of the foreign-related economy. Third, strengthening foreign exchange business supervision to build a strong defense against external shocks.Saudi Foreign Minister: We condemn Israels aggression in Gaza.August 5th - Currently, my country is in the peak flood season of "late July to early August," with many parts of both northern and southern China experiencing repeated and continuous heavy rainfall, triggering floods and geological disasters, causing casualties and damage to houses. To thoroughly implement General Secretary Xi Jinpings important instructions on flood control and drought relief, on August 5th, the Ministry of Finance and the Ministry of Emergency Management urgently allocated 330 million yuan in central natural disaster relief funds to support emergency rescue and relief work in eight provinces and municipalities, including Heilongjiang, Liaoning, Jilin, Chongqing, Sichuan, Guizhou, Yunnan, and Shaanxi. The focus will be on search and rescue, relocation and resettlement of affected people, emergency response including hazard mitigation, investigation and rectification of secondary disaster risks, and repair of damaged houses, in order to minimize disaster losses.

Gold Price Prediction: XAU/USD clings to 29-month low near $1,650; Ukraine, Fed's Powell in spotlight

Daniel Rogers

Sep 26, 2022 12:01

Gold price (XAU/USD) licks its wounds around a two-year bottom, at $1,645 during Monday's Asian session, as bears take a breather following the week's largest daily decline ahead of important catalysts. The contradictory news regarding Europe and Russia may further put pressure on metal prices. Despite this, bears remain optimistic despite the widespread rush to endanger safety.

 

Germany's ability to secure a gas contract with Abu Dhabi, as well as Russia's lack of rapid response to Group of Seven (G7) chatter about mustering guts against Moscow, indicated a correction in mood. Recently, a holiday in New Zealand and a light calendar in Asia allowed the XAU/USD bears to catch their breath.

 

During the past week, the gold price was pushed down by high US PMIs, weak activity data from the bloc, Russia's stern warning to the West, and the Group of Seven's (G7) readiness to respond with penalties. In addition, the XAU/USD was pulled down by hawkish central bankers and fears of recession.

 

Nonetheless, the initial readings of the S&P Global PMI for the month of September indicated that the European economy contracted significantly, hampered by rising energy prices. The German Services PMI reached its lowest level in two years, while its European counterpart reached its lowest level in 19 months. In addition, Manufacturing PMIs reached their lowest level in twenty months. In September, the US S&P Global Manufacturing PMI increased to 51.8 from 51.5, and the US S&P Global Services PMI improved from 44.6 to 49.0.

 

Jerome Powell, chairman of the Federal Reserve, stated elsewhere on Friday, "We are committed to deploying our tools." Following him, Fed Vice Chair Lael Brainard stated that 'hard' inflation is impacting low-income people. Raphael Bostic, president of the Atlanta Federal Reserve, told CBS' "Face the Nation" over the weekend that he still believes the central bank can reduce inflation without substantial job losses, given the economy's sustained pace, as reported by Reuters, citing the Fed official's interview.

 

According to a recent CBS interview, Ukraine's president Zelenskiy stated that "Putin's nuclear threats may have been a bluff, but now they might become a reality." The United States, meanwhile, warned of "catastrophic repercussions" if Moscow used nuclear weapons in Ukraine, after Russia's foreign minister stated that territories hosting heavily condemned referendums would receive full security if annexed by Moscow.

 

Wall Street closed in the red, US Treasury yields increased, and the US Dollar Index (DXY) reached a new multi-year high against this backdrop. Consequently, S&P 500 Futures record modest losses at the latest.

 

Intraday movements will be heavily influenced by Italy's election results and a statement by European Central Bank (ECB) President Christine Lagarde. Nonetheless, the week will be dominated by the Ukraine-Russia conflict, comments from Fed Chair Powell, and US Durable Goods Orders for direction.


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