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According to Axios: US President Trump said that such a thing (about war with Iran) could trigger a global depression, and the agreement reached has averted that fate.On June 20th, Federal Reserve Vice Chairman for Supervision Bowman attended a private dinner hosted by Bank of America for its clients in New York on Wednesday evening. According to sources, the dinner was by invitation only. This came just hours after the Federal Reserve announced its latest policy decision. The dinner took place during the Feds communication blackout period, which prohibits Fed officials from publicly commenting on the economic situation or monetary policy in the days before and after a meeting, and lasts until the day after the meeting (Thursday). While the Feds rules do not explicitly prohibit closed-door meetings, they require officials to avoid sharing personal policy views with anyone who might financially benefit from them, unless those views are publicly available. The rules also state that officials should not allow any company to gain a prestige advantage relative to its competitors. Under the Feds communication policy, policymakers should carefully and rigorously consider this principle when arranging meetings with those who might benefit from exclusive access to Fed officials, and when considering accepting invitations to meetings hosted by for-profit organizations or not open to the public and media. It is unclear whether Bowmans attendance at the dinner violated these rules.Intercontinental Exchange (ICE): As of the week ending June 16, speculative net long positions in gasoline futures increased by 7,006 contracts to 60,810 contracts.Iraqs Ministry of Oil: Southern oil fields are expected to recover to production levels of more than 3 million barrels per day within one to two months.Federal Housing Finance Agency Director Pulte: Fannie Mae and Freddie Mac currently have strong liquidity.

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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