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June 21 – According to the Ministry of Emergency Management, Guizhou, Hubei, Hunan, and Anhui provinces face a high risk of flooding and disasters due to heavy rains over the next three days. Strengthened precautions are needed against flash floods, geological disasters, small and medium-sized river floods, and urban waterlogging that may be triggered by continuous heavy rainfall. On June 21, the State Flood Control and Drought Relief Headquarters Office and the Ministry of Emergency Management organized a joint consultation meeting with the China Meteorological Administration, the Ministry of Water Resources, the Ministry of Natural Resources, the Ministry of Housing and Urban-Rural Development, the Ministry of Transport, and other departments to assess recent rainfall trends and the flood situation, and to plan and deploy flood prevention work in key areas. The meeting emphasized the need to strengthen the linkage between monitoring, forecasting, and early warning response; to increase the frequency of monitoring, provide rolling forecasts, and issue early warnings; to move the work focus forward; to promptly activate and adjust emergency responses; and to take decisive and rigid measures such as shutdowns and control measures as needed.A spokesperson for the Qatari Ministry of Foreign Affairs stated that a technical and expert group has been established to discuss the terms of the final agreement between the United States and Iran, and a follow-up group has been formed to implement the memorandum of understanding until the final agreement is reached.According to Irans Tasnim News Agency, sources close to the negotiating team said that the Strait of Hormuz will not reopen as long as the ceasefire agreement in Lebanon is not observed and the exemption for Iranian oil sales is not approved.June 21st - Xiaomi Auto has launched a new car purchase incentive program. On June 20th, several frontline sales personnel at Xiaomi Auto revealed that their stores recently introduced an employee discount policy, allowing ordinary consumers to enjoy a 10,000 yuan discount when purchasing certain in-stock vehicles through internal employee channels. "Currently, the SU7 Pro, YU7 Long Range, Pro, and Max versions are all available, but youll need to find a source." For example, a brand-new YU7 Long Range version shown on the official app, after selecting options such as a zero-gravity drivers seat and gold-plated paint, has a final price of 260,500 yuan. However, purchasing through their internal channels will only cost 250,500 yuan, a 10,000 yuan discount.June 21 - According to the website of the China Maritime Safety Administration, the Ningbo Maritime Safety Administration issued a navigation warning that live-fire exercises will be conducted in parts of the East China Sea from 6:00 AM to 2:00 AM daily from June 22 to 24. Entry is prohibited.

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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