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A chart summarizing the overnight price movements of international spot platinum and palladium.On February 25th, HP (HPQ.N) stated that its full-year earnings may reach the lower end of its previously forecast range due to tariffs and rising memory chip prices. The stock fell approximately 7% in after-hours trading after closing at $18.20 in New York. Over the past 12 months, the stock has fallen by 48%. HP and other device manufacturers are facing the dual challenges of rising memory chip prices and supply shortages as consumers buy new computers to replace outdated devices and acquire new AI capabilities. The company stated that the memory issue will persist throughout the fiscal year and may extend into the next. HP said it is raising product prices, working to bring in more suppliers, and adjusting some products to reduce memory demand. The company said today that it has made progress in these areas, including completing the certification of new suppliers. HP announced the launch of a multi-year cost-cutting plan aimed at saving the company $1 billion annually by 2028.Japans corporate services price index rose 2.6% year-on-year in January, up from 2.60% in the previous month.Japans corporate services price index fell 0.5% month-on-month in January, compared with 0% in the previous month.February 25th - Traders in the US futures and options markets are increasingly betting that the Federal Reserve will continue to cut interest rates next year rather than raise them. The spread of the Covered Overnight Financing Rate (SOFR) futures, which is closely linked to Fed policy expectations, is inverting significantly – indicating that traders are beginning to anticipate a longer period of central bank easing. Previously, traders had been betting that the Fed would cut rates twice by 25 basis points before the end of this year and then resume rate hikes in 2027. However, the increasingly heated debate surrounding the impact of artificial intelligence on the labor market has prompted them to reassess this expectation. Jack McIntyre, portfolio manager at Brandywine Global, stated, "The question is how AI will cause inflation. The only aspect of AI that could potentially cause inflation is the construction of data centers and the associated energy demand." Meanwhile, in the spot market, traders lack confidence in how to allocate US Treasuries. JPMorgan Chases latest client survey (for the week ending February 23rd) shows that neutral positions have reached their highest level since the end of 2024.

Forecast for the Gold Price: XAU/USD extends Fed-inspired rebound from $1,960 on yield softening

Daniel Rogers

Mar 23, 2023 14:52

截屏2022-06-07 下午5.14.22.png 

 

Gold price (XAU/USD) anticipates a rematch with the $2,000 threshold by extending Federal Reserve (Fed)-induced gains amid declining US Treasury bond yields and the U.S. dollar. Notably, despite US Treasury Secretary Janet Yellen's rejection of "blanket insurance" for deposits, fading concerns of a banking crisis appear to be propelling XAU/USD prices as of late.

 

Nevertheless, the Fed delivered 25 basis points (bps) of a rate hike, but the Rate Statement and dot-plot raised concerns of future dovish moves, which in turn weighed down the US Dollar, despite the fact that Fed Chair Powell ruled out demands for a rate cut in 2023. Aside from this, US stock futures and Asia-Pacific equities post modest gains as China-related optimism combines with declining yields.

 

In the future, second-tier statistics and monetary policy moves of the Bank of England (BoE) and Swiss National Bank (SNB) may be of interest to Gold traders as proponents anticipate more dovish rate increases in light of the impending banking crisis.


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