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On August 30th, German Finance Minister Hans-Kristen Klingbeer planned to call for an end to economically damaging conflicts, including tariff disputes, the Iran-Iraq war, and the Russia-Ukraine conflict, during his meetings with G20 counterparts in the United States. Klingbeer, who also serves as German Vice Chancellor, stated ahead of the meeting, which begins next Monday in Asheville, North Carolina, "All of these are poisoning the global economy." He said reducing "enormous uncertainty globally" is everyones responsibility, and the G20 is the right platform to make this clear. Klingbeer indicated that he also plans to hold talks during the meeting with counterparts from countries including India, Canada, and the United Kingdom, seeking to strengthen cooperation with those countries that "like us rely on open and rules-based trade, and value reliability and cooperation."Iranian Navy Commander: The enemy has seriously misjudged the resolve of the Iranian people and armed forces.The China Earthquake Networks Center officially reported that a magnitude 3.0 earthquake occurred at 18:32 on August 30 in Weining County, Bijie City, Guizhou Province (26.75 degrees north latitude, 104.20 degrees east longitude), with a focal depth of 10 kilometers.Kremlin spokesman Dmitry Peskov said: "The Russian military is currently conducting a systematic attack on Ukraines military infrastructure. Ukraines defeat is looming daily, and Kyiv is fully aware of this. The Russian military is advancing along the entire front, and the dynamics of the special military operations are extremely favorable to Russia."The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.0 occurred near Weining County, Bijie City, Guizhou Province (26.74°N, 104.19°E) at 18:32 on August 30. The final result is subject to the official rapid report.

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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