EUR/USD 1.14733
-0.246%
Gold 4245.40
-0.290%
Oil 73.093
-2.469%
USD/JPY 160.869
0.134%
GBP/USD 1.32411
-0.388%
GBP/JPY 213.016
-0.255%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The U.S. Conference Board Lagging Index fell 0.1% month-on-month in May, compared with 0.4% in the previous month.The U.S. Conference Board Coincident Economic Index rose 0.2% month-on-month in May, down from 0.3% in the previous month.The U.S. Conference Board Leading Economic Index rose 0.1% month-on-month in May, in line with expectations, while the previous reading was revised from 0.10% to 0.2%.June 18th - According to the Urumqi Municipal Housing and Urban-Rural Development Bureau, the housing purchase subsidy adheres to the principles of fairness, inclusiveness, targeted implementation, convenience, efficiency, and transparency. The subsidy is available to individuals purchasing homes within the administrative region of Urumqi. Buyers of newly built commercial housing that has obtained a "Pre-sale Permit for Commercial Housing" or a "Certificate of Registration for Sale of Existing Commercial Housing," and who sign a purchase contract and complete online registration within the specified time, are eligible to apply for the subsidy. The policy clearly defines the scope of application; secondhand housing, various types of affordable housing, apartments, shops, office buildings, parking spaces, and other non-residential properties are not eligible for this housing purchase subsidy. The subsidy standard is a one-time subsidy of 8,000 yuan per new home, and each property can only receive the subsidy once. This policy will be implemented from June 17th to June 30th, 2026.Industry sources say the drone attack damaged the Euro+ crude oil primary processing unit and several other units at a Moscow refinery. The Moscow refinery was attacked by drones on June 18, marking the second drone attack on the plant in a week.

Forecast for Gold Price: XAU/USD fluctuates above $1,950 as risk-on sentiment loses steam ahead of US NFP

Daniel Rogers

Feb 02, 2023 15:52

 截屏2022-11-24 下午3.13.23.png

 

Gold price (XAU/USD) is exhibiting back-and-forth movement in the early London session following a stunning rally above the important resistance of $1,950.00. As the US Dollar Index (DXY) builds a buffer around 100.50, the precious metal has shifted to the sidelines. A lesser interest rate increase by the Federal Reserve (Fed) has driven the USD Index onto a downward trend, maintaining the bullish bias.

 

National Bank of Canada economists opine, "It would be a mistake for the Fed to continue hiking its key rate substantially above the current level and holding it there for an extended length of time if inflation continues to disappoint." Therefore, a FOMC policy shift is anticipated in the first quarter of 2023, which would pave the way for a more protracted drop.

 

Meanwhile, S&P500 futures are confidently maintaining their morning gains, indicating that the risk appetite theme is highly robust. However, 10-year US Treasury yields have risen beyond 3.42 percent.

 

After the Fed's policy-induced volatility, investors are moving their attention to Friday's release of United States Nonfarm Payrolls (NFP) (January) data. According to the consensus, the US economy added 185K jobs in January, compared to 223K in December. The unemployment rate is anticipated to rise to 3.6%. Also, the Average Hourly Earnings are anticipated to increase to 4.9% from 4.6% in the previous report.


Suggestion