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Spains harmonized CPI annual rate preliminary reading for January was 2.5%, below the expected 2.40% and the previous reading of 3.00%.Spains preliminary fourth-quarter GDP growth rate was 0.8%, below the expected 0.60% and the previous value of 0.60%.Spains preliminary January CPI annual rate was 2.4%, below the expected 2.3% and the previous value of 2.90%.Spains preliminary fourth-quarter GDP annualized rate was 2.6%, below the expected 2.7% and the previous value of 2.80%.January 30th - Data released by Japans Ministry of Health, Labour and Welfare on January 30th shows that the number of foreign workers in Japan will reach 2,571,037 by 2025. This is the first time the number has exceeded 2.5 million since statistics began in 2008. The growth rate is 11.7%, a slight decrease of 0.7 percentage points from the previous year, but it has maintained a growth rate of over 10% for three consecutive years. The Ministry of Health, Labour and Welfare stated, "While there is competition with countries like South Korea in terms of talent recruitment, there are also cases where people choose Japan due to its good safety record and cultural appeal." By industry, the largest increase was in the medical and welfare sector, represented by nursing care, with a year-on-year growth of 25.6%; the accommodation and food service industry grew by 17.1%, and the construction industry grew by 16.1%. In terms of the number of workers, the manufacturing sector has the largest number, reaching 630,000.

Gold Price Analysis: After Fed Chair Powell's hawkish comments, the XAU/USD pair is in the red

Alina Haynes

Mar 08, 2023 13:54

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Gold is nursing its wounds due to the likelihood of a 50 basis point (bps) rate rise by the Federal Reserve. At the time of writing, Gold price is trading at $1,813.53 and has been probing lower in Asia to $1,1812.60, a fresh low made following the sell-off that transpired in response to Federal Reserve chair Jerome Powell's testimony before Congress on Tuesday.

 

The price of gold fell sharply as a result of Fed Chair Powell's remarks, falling from a high of $1,851.70 to a low of $1,1812.36 like a heavily weighted metal. This is a result of Jerome Powell, chairman of the Federal Reserve, stating that the US central bank will remain on course until the job is completed. He added more fuel to the fire by stating that the ultimate level of interest rates is likely to be higher than previously predicted.

 

The clincher was when Federal Reserve chairman Jerome Powell stated that the Fed is prepared to increase the tempo of rate increases if data indicates it is warranted.

 

"The most recent economic data have been greater than anticipated, indicating that the ultimate level of interest rates will likely be higher than anticipated. "Powell of the Fed stated in his testimony.

 

As a result, the yield on the 10-year US Treasury note rose to 4% before retreating to 3.96%, remaining marginally below the three-month high of 4.07% reached on March 2 as investors weighed the path of future rate increases by the Federal Reserve. This provided a stimulus to the dollar. The DXY index, a measure of the US Dollar versus a basket of currencies, smashed through 105 in a move that began at 104.43 and continued until 105.435, putting significant downward pressure on the price of Gold.


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