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According to Al Jazeera: Bahrain has activated an alert.Samsung Electronics shares rose more than 3%.March 18 - Japans Ministry of Finance announced on Wednesday that crude oil imports cleared through customs in February increased by 16.4% year-on-year. Preliminary data shows that Japan, the worlds fourth-largest crude oil importer, imported 2.64 million barrels per day (11.757 million kiloliters) of crude oil last month; liquefied natural gas (LNG) imports were 5.82 million tons, down 0.9% year-on-year; and imports of thermal coal for power generation fell 1.1% in February to 8.735 million tons.On March 18th, Futures News reported that Chicago Board of Trade (CBOT) soybean futures closed higher on Tuesday, with the benchmark contract rising 0.1%. This was mainly due to stronger international crude oil futures and the impending implementation of the US biofuel blending policy, which boosted Chicago soybean oil prices and lifted market sentiment. Rising international crude oil prices continued to support the soybean market. Irans attack on the United Arab Emirates exacerbated market concerns about potential supply disruptions due to a US-Israeli war against Iran. Media reports indicated that US President Trump invited farmers and biofuel producers to an event at the White House on March 27th, where the final rule on biofuel blending might be announced. This move also boosted investor optimism. AgResource stated that the US government plans to release the final rule on biofuel blending quotas by the end of March, increasing market expectations for increased demand for biofuel feedstocks such as soybean oil, injecting new vitality into the biofuel market.Market news: Explosions were heard at a US military base in Saudi Arabia.

Gold Price Prediction: XAU/USD falls toward $1,920 as the Fed appears poised to increase interest rates further

Daniel Rogers

Jan 31, 2023 16:13

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During the Asian session, the gold price (XAU/USD) is falling towards the immediate support of $1,920.00. The precious metal has been demonstrating a topsy-turvy move with increased traction for the US Dollar Index (DXY) ahead of the interest rate decision by the Federal Reserve (Fed), which is slated for Wednesday. The Gold price is currently bidding in the range of $1,922-1,933 and is anticipated to continue volatile in the near future.

 

S&P500 futures have added some gains following a massive sell-off on Monday, indicating confidence as the Fed is anticipated to pause the pace of increasing interest rates. Despite market pessimism, the USD Index is seeking to continue its breakout above the 101.80 resistance to near 102.00. In addition, the market participants' risk aversion is supporting the 10-year US Treasury yields, which have risen above 3.54 percent.

 

In addition to the Federal Reserve's interest rate policy, the release of United States Automatic Data Processing (ADP) Employment data will heighten market volatility. The economic data is anticipated to be 170K, a decrease from the previous report of 235K.

 

The US labor market has remained exceptionally tight in CY2022 but the continuing of interest rate hikes by Fed chair Jerome Powell is denting the expression of optimism in producers. As a result of the bleak economic outlook, businesses are halting their recruitment efforts in an effort to maximize the utilization of their current workforce.


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