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Market news: Japan will support the construction of pipeline facilities outside the Strait of Hormuz. Japan plans to provide additional shipping cost support.On August 26, Hong Kong Chief Executive John Lee met with Peking University Party Secretary He Guangcai to exchange views on promoting cooperation between Hong Kong and the Mainland in higher education, cultivating international talent, and strengthening scientific research collaboration. Lee stated that the Hong Kong SAR government is accelerating the development of the Northern Metropolitan Area and has reserved ample land for the planning of a university town. Through quality improvement and expansion, the government aims to enhance higher education, scientific research and innovation, and talent training facilities to attract more high-level international talent to Hong Kong. During the meeting, both sides exchanged views on the development model of the Northern Metropolitan University Town. Lee was greatly encouraged by Peking Universitys strong support for deepening cooperation between Beijing and Hong Kong in higher education. He pointed out that he looks forward to Peking University and Hong Kong universities continuing to deepen cooperation through the Beijing-Hong Kong University Alliance, further promoting complementary advantages between the two universities, and cultivating more globally competitive high-level talent for the country and Hong Kong.On August 26, Foreign Ministry Spokesperson Lin Jian held a regular press conference. It was reported that China announced President Xi Jinpings attendance at the 2026 Shanghai Cooperation Organisation (SCO) Summit. What message does China hope to convey through its attendance at the summit? Lin Jian stated that during this years Bishkek Summit, President Xi Jinping will exchange in-depth views with leaders of participating countries on deepening cooperation in various fields within the SCO under the new circumstances, as well as on major international and regional issues. He will also make plans and arrangements for guiding the SCOs high-quality development and participating in the reform and construction of the global governance system. China is willing to work with all parties to further consolidate consensus at the Bishkek Summit, jointly write a new chapter of cooperation, and make positive contributions to promoting the security, stability, development, and revitalization of countries in the region and building a community with a shared future for mankind.The chart shows that at 22:00 Beijing time on August 26, there will be large foreign exchange options contracts for Euro, Japanese Yen, British Pound, and Australian Dollar expiring, including 6 contracts with strike prices exceeding 1 billion. Please manage your risks.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending August 24, total refined product inventories at the port of Fujairah were 6.359 million barrels, a decrease of 1.393 million barrels from the previous week. Specifically, light distillate inventories increased by 310,000 barrels to 1.241 million barrels; middle distillate inventories decreased by 7,000 barrels to 1.464 million barrels; and heavy distillate and residual fuel oil inventories decreased by 1.696 million barrels to 3.654 million barrels.

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

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During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.

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