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June 21st - On June 21st, the last day of the Dragon Boat Festival holiday, the national railway is expected to transport 17.94 million passengers, with 1,355 additional passenger trains planned. On June 20th, the national railway transported 12.143 million passengers, with transportation proceeding safely, smoothly, and orderly.June 21 - According to the Associated Press: U.S. Vice President Vance has arrived in Switzerland to lead negotiations between the U.S. and Tehran regarding its nuclear program.June 21 - Market sources indicate that the United States will pressure Iran during negotiations in Switzerland to allow UN inspectors to return to key nuclear facilities, offering the unfreezing of billions of dollars in frozen Iranian assets as a core incentive. This issue is expected to be one of the most crucial topics in the first round of negotiations.June 21 – According to the Financial Times, index provider MSCI assigned SpaceX its lowest environmental, social, and governance (ESG) rating of “CCC” ahead of its record $75 billion IPO this month. According to MSCI, this puts SpaceX “behind the industry due to its high exposure to risk and failure to manage significant ESG risks.” Frédéric Ducoulombier, program director at the EDHEC Business School’s Climate Institute, said: “The company’s poor assessment of controversies, extremely poor governance assessment, and low overall ESG rating should not surprise anyone. For public market investors, this is very close to a governance horror story.”June 21 - According to the website of the China Maritime Safety Administration, the Beihai Maritime Safety Administration issued a navigation warning that military training will be conducted in parts of the Beibu Gulf from 12:00 to 14:00 on June 22, and vessels are prohibited from entering.

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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