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On May 15, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked, "The White House claims that during the meeting between the Chinese and US leaders, China agreed to reopen the Strait of Hormuz. Can China confirm this?" Guo Jiakun stated that the recent ceasefire between the US and Iran, exploring solutions through negotiations, has been welcomed by regional countries and the international community. China has always maintained that dialogue and negotiation are the right path, and that a military solution is not the way forward. Now that the door to dialogue has been opened, it should not be closed again. The momentum of easing tensions should be stabilized, the general direction of a political solution should be upheld, and a solution that takes into account the concerns of all parties should be reached through dialogue and consultation on issues such as the Iranian nuclear issue. The strait should be reopened as soon as possible to respond to the calls of the international community and jointly maintain the stability and smooth flow of global supply chains. A comprehensive and lasting ceasefire should be reached as soon as possible to promote the early restoration of peace and stability in the Middle East and the Gulf region, laying the foundation for building a sustainable regional security architecture.Russian Foreign Minister Lavrov: Russia hopes to end the war with Iran and achieve a sustainable solution.Russian Foreign Minister Sergey Lavrov: Western intervention, whether through military force or regime change, will increase the complexity of the situation in the Middle East and North Africa.On May 15, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter from The New York Times asked whether China and the United States had reached any agreements on agriculture. Guo Jiakun stated that during the visit, both sides reached important consensus on maintaining stable economic and trade relations, expanding pragmatic cooperation in various fields, and properly resolving their differences. China is willing to work with the United States to implement the important consensus reached by the two heads of state, based on the principles of equality, respect, and mutual benefit, to continuously expand the list of cooperation and achieve mutual benefit and win-win results.On May 15, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter from Japans Asahi TV asked, "Did the Chinese and US leaders discuss cooperation on artificial intelligence? What were the outcomes? How will China cooperate with the US on artificial intelligence?" Guo Jiakun stated that China has always advocated that all parties jointly promote the open, inclusive, universally beneficial, and benevolent development of artificial intelligence.

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.