EUR/USD 1.15977
0.084%
Gold 4431.70
0.997%
Oil 88.460
-0.736%
USD/JPY 157.566
-0.718%
GBP/USD 1.34919
0.049%
GBP/JPY 212.592
-0.670%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The main fuel oil contract fell 4.00% intraday, currently trading at 3807.00 yuan/ton.Musk: Starlink service is now available in the UAE.On September 3rd, Larry Holzenthal, Senior Portfolio Manager at Catalyst Funds, stated in a report that the driving factors behind recent bond market movements differ slightly across countries. One difference lies in the overall economic conditions and corporate earnings performance of various countries. US corporate earnings remain quite strong compared to the rest of the world, while performance in other regions has been somewhat mixed. Globally, government debt burdens are generally high, which is clearly causing market concerns about long-term bonds, and oil prices are also a contributing factor. The impact of energy prices varies across countries, but both oil and energy prices are playing a role. Inflation is undoubtedly also an issue.On September 3rd, Natalia Lojewski, Managing Director of CIFC Asset Management, stated in a report that the bond market has, to some extent, been playing a policy role for the Federal Reserve. She noted that the yield on the two-year U.S. Treasury note has been significantly higher than the federal funds rate for some time, "which in itself reflects the Feds monetary policy." She added that its not just the changes in the bond market that are noteworthy, but also the convergence in monetary policy expectations. "What are the Fed and the market currently pricing in? Roughly a 60% probability of a rate hike in September."On September 3rd, Bei Chen Lin, Senior Investment Strategist at Russell Investments, stated in a report that under the firms baseline scenario, the Federal Reserve is expected to keep interest rates unchanged this year. He said before Fridays US jobs report release, "However, if job growth significantly exceeds market expectations, for example, more than double the expected amount, while inflation remains unimproved, this could prompt the Fed to consider further rate hikes. Considering the various labor market data to be released this week, we expect the job market to be in a normal state, rather than overheated or oversold. This would be good news for the Fed." Russell Investments believes that all maturities of the US Treasury yield curve offer good investment value.

Before the US PMI is released, the gold price is expected to rise beyond $1,740 per ounce

Daniel Rogers

Aug 23, 2022 14:48

 截屏2022-08-22 下午5.31.01_1024x576.png

 

On the back of conflicting forecasts for US Purchasing Managers Index (PMI) data, the gold price (XAU/USD) is trying to break above $1,740.00. A new monthly low of $1,727.85 was recorded for the precious metal on Monday, but it has since rallied strongly. Given the lack of impetus in the upward trend, the gold price is likely to stay volatile. However, a pullback may be less profitable.

 

The consensus for the S&P Global Manufacturing PMI is 51.5, which is down from the prior reading of 52.2. When compared to its previous reading of 47.3, the Services PMI has room to grow.

 

The yellow metal has been supported by the disappointing early estimates of US Durable Goods Orders. From a previous release of 2%, the market expects the economic figures to sharply decrease to 0.5%. It's important to note that the most recent reading showed no change in underlying pricing pressures, which stood at 5.9%. So, we expect to see little change, if any, in the Durable Goods Orders numbers. Unfortunately, a precipitous drop in economic statistics portends a precipitous drop in demand.

 

The other thing that will be in the spotlight is Federal Reserve (Fed) chair Jerome Powell's remarks from the Jackson Hole Economic Symposium. US economic conditions and Fed Powell's direction on inflationary pressures and interest rates will be determined by him.

 

Gold prices on an hourly scale are looking to continue their recovery after breaking above the $1,729.44 61.8% Fibonacci retracement (set from the low of $1,680.91 on July 21 to the high of $1,807.93 on August 10). Gold has been testing the resistance of the 20-period Exponential Moving Average (EMA) around $1,738.00; a sustained move above this level would signal a change in trend toward the bullish side.

 

Furthermore, the Relative Strength Index (14), which had been negative in the 20.00-40.00 range, has moved into the bullish 40.00-60.00 zone, indicating that gold prices are currently not bearish.

Suggestion