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The United Business Group of Thailand maintains its GDP growth forecast for Thailand in 2026 at between 1.2% and 1.6%.On May 19th, Naomi Fink, Chief Global Strategist at Amova Asset Management, stated in a report that Japans stronger-than-expected first-quarter GDP data reflects an improvement in the breadth and quality of economic growth, particularly a rebound in domestic demand. She noted that the broad-based growth in domestic demand indicates that inflation is spreading. Fink stated that Japans export growth remained strong in the first quarter, supported by a global technology spending boom, although it may face pressure in the coming quarters as the effects of the Middle East energy shock spread to the global economy and worsen terms of trade. She suggested that the market will focus on whether government investment is focused on long-term capacity building rather than crowding out private investment, and will examine the credibility of public spending plans in differentiating between public and private investment priorities.On May 19th, Tencent WorkBuddy officially launched its One-Person Company Incentive Program, offering 30 million WorkBuddy Credits (built-in model usage credits, worth millions of yuan) to global entrepreneurs, OPCs, and other deep WorkBuddy users. Users receiving this incentive can directly use their AI credits within WorkBuddy to help improve efficiency and innovation in their own businesses.On May 19th, it was reported that Ronshine China (03301.HK)s domestic debt restructuring plan has still not been launched as scheduled. Recently, Ronshine (Fujian) Investment Group Co., Ltd., the main domestic bond issuer of Ronshine China, issued an announcement stating that a bondholder meeting for eight bonds, including "H20 Ronshine 1," is scheduled for May 20th to review proposals regarding exemption from notification deadlines, extending grace periods, and early cash repayment arrangements. Recently, Ronshine again informed investors that this extension of the grace period is to allow more time for the formulation of the restructuring plan, which is expected to be launched in June this year. The restructuring plan offers investors options including cash, long-term bonds, and asset trust units, with the trust assets having third-party valuation reports.Samsung Electronics shares narrowed their losses to 1.3%, after falling as much as 4.3% earlier.

Gold Price Prediction: XAU/USD struggles to extend gains on encouraging ADP Employment data from the United States

Daniel Rogers

Jan 06, 2023 11:12

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After falling to almost $1,825.00 during the late New York session, the gold price (XAU/USD) has tried a recovery. The precious metal is battling to continue its rebound as robust United States Automatic Data Processing (ADP) Employment Change data has prompted the risk of the Federal Reserve (Fed) maintaining higher interest rate stability for an extended duration.

 

S&P500 suffered a major sell-off from the market participants, displaying a risk-aversion theme, as bigger additions of fresh payrolls in the United States job market will require the Fed to sustain its aggressive position on interest rates for a longer term. This has also caused a possibility of recession in the US economy. The Employment Change (Dec) jumped to 235K in contrast to the predicted 150K and the previous release of 127K. In addition, the weekly Initial Jobless Claims (IJC) have decreased to 204K compared to the expected 225K.

 

The US Dollar Index (DXY) achieved a roaring rally after sustaining above the important resistance of 104.00 and rose to reach 105.00. In addition, 10-year US Treasury yields detected demand and rose to approximately 3.72 percent.

 

Investors will closely monitor Nonfarm Payrolls (NFP) data on Friday. After noticing optimistic signals from ADP Employment Change, it is quite likely that the US NFP will report data that exceeds expectations. The unemployment rate is expected to remain unchanged at 3.7%.


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