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Ukrainian Prime Minister: Ukraine and Lithuania have reached an agreement to secure long-term liquefied natural gas capacity through the port of Klaipeda.On June 1st, the Tianjin Municipal Commission of Housing and Urban-Rural Development, together with the Municipal Commission of Market Supervision, convened a special meeting with housing and urban-rural development and market supervision departments of various districts to deploy a campaign to rectify the order of the real estate transaction and intermediary market. According to the work plan, a two-month period will be dedicated to addressing the difficulties and pain points strongly reflected by the public, intensifying efforts to rectify the real estate market order, cracking down on illegal and irregular activities such as false advertising and marketing in the real estate sector, and illegal charges for brokerage services, effectively safeguarding the legitimate rights and interests of the people. During this period, the Municipal Commission of Housing and Urban-Rural Development, together with the Municipal Commission of Market Supervision, will organize various districts to improve working mechanisms such as information sharing, clue transfer, and joint law enforcement, making meticulous arrangements to promptly handle illegal and irregular activities in accordance with the law, creating an effective deterrent, promoting the resolution of conflicts in the real estate market, and fostering the stable and healthy development of the real estate market.Geely Automobile: Total vehicle sales in May reached 237,637 units, an increase of approximately 1% compared to the same period last year.The South African government announced that wholesale diesel prices will be reduced by up to 324.96 cents per liter in June.The South African government announced that petrol prices will rise by 143 cents per liter in June.

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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