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New Zealand and Thailand launch strategic partnership.On August 21, data from the National Energy Administration showed that in July, total electricity consumption reached 1.04 trillion kilowatt-hours, a year-on-year increase of 1.7%. By sector, primary industry electricity consumption was 16.7 billion kilowatt-hours, a year-on-year decrease of 2.0%. Secondary industry electricity consumption was 611.6 billion kilowatt-hours, a year-on-year increase of 3.0%; among which, industrial electricity consumption was 605.5 billion kilowatt-hours, a year-on-year increase of 3.3%, and high-tech and equipment manufacturing electricity consumption was 122 billion kilowatt-hours, a year-on-year increase of 8.9%. Tertiary industry electricity consumption was 218.3 billion kilowatt-hours, a year-on-year increase of 4.8%; among which, charging and swapping services and internet data services consumed 16.4 billion and 9.9 billion kilowatt-hours respectively, with growth rates reaching 50.3% and 40.1% respectively. Residential electricity consumption was 193.5 billion kilowatt-hours, a year-on-year decrease of 5.1%.On August 21, the National Energy Administration released data on total electricity consumption for July. From January to July, total electricity consumption reached 6,139.9 billion kilowatt-hours, a year-on-year increase of 4.7%. By sector, primary industry electricity consumption was 87.7 billion kilowatt-hours, a year-on-year increase of 3.5%. Secondary industry electricity consumption was 3,917.3 billion kilowatt-hours, a year-on-year increase of 4.7%; among which, industrial electricity consumption was 3,881.5 billion kilowatt-hours, a year-on-year increase of 4.9%, and high-tech and equipment manufacturing electricity consumption was 722.8 billion kilowatt-hours, a year-on-year increase of 9.7%. Tertiary industry electricity consumption was 1,210 billion kilowatt-hours, a year-on-year increase of 7.4%; among which, charging and swapping services and internet data services consumed 97.4 billion and 59.3 billion kilowatt-hours respectively, with growth rates of 55.8% and 43.3%. Residential electricity consumption was 924.9 billion kilowatt-hours, a year-on-year increase of 1.3%.On August 21, the National Bureau of Statistics released an announcement regarding early rice production data for 2026. Based on the results of the early rice sampling survey, the estimated national early rice planting area, yield per unit area, and total output for 2026 are as follows: The national early rice planting area is 4,744,300 hectares (71.164 million mu), an increase of 1,400 hectares (22,000 mu) compared to 2025, showing a slight increase. The national early rice yield per unit area is 5,963.4 kg/hectare (397.6 kg/mu), a decrease of 48.5 kg/hectare (3.2 kg/mu) compared to 2025, a decrease of 0.8%. The national total early rice output is 28.292 million tons (56.58 billion jin), a decrease of 222,000 tons (440 million jin) compared to 2025, a decrease of 0.8%.On August 21, the Peoples Bank of China (PBOC) announced that on August 25 (Tuesday), it will issue the seventh and eighth tranches of central bank bills for 2026 through the Hong Kong Monetary Authoritys Central Moneymarkets Unit (CMU) bond bidding platform. The seventh tranche of central bank bills has a maturity of 3 months (91 days), is a fixed-rate interest-bearing bond, and will be repaid with principal and interest at maturity, with an issuance amount of RMB 15 billion. The eighth tranche of central bank bills has a maturity of 1 year, is a fixed-rate interest-bearing bond, and will pay interest semi-annually, with an issuance amount of RMB 15 billion.

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.