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September 18th - U.S. factory output unexpectedly declined in August, impacted by rising input costs and a slowdown in equipment production. Data released Friday showed manufacturing output fell 0.3%. A survey of economists had previously indicated a median market expectation of 0.3% growth. Total industrial output, including mining and utilities, was flat. Utility output rose 1.8%, while mining output saw a slight increase. The slowdown in August factory output marks a temporary halt to this years production recovery, which was largely driven by robust capital spending and strong consumer demand. However, producers are facing rising costs of oil and other raw materials, as well as supply chain disruptions caused by the wars in the Middle East and Ukraine. The report also showed that after strong growth in previous months, equipment production fell 0.5%, and defense and aerospace equipment production fell 1.2%. Production of building materials and computer and electronic products also declined.On September 18, the Iraqi Ministry of Transportation announced in a statement that it had returned restricted airspace in the west to civilian authorities, ending restrictions imposed since 2016 for military operations. The ministry stated that all previously reserved areas stretching across western Iraq from north to south have been handed over to agencies responsible for airports and air navigation for civilian use. This move is expected to provide Iraqi aviation authorities with more space to reroute flight routes, ease restrictions on aircraft flights, and improve airspace utilization efficiency.Federal Reserve Governor Bowman will participate in a discussion on stress testing in ten minutes.The U.S. manufacturing capacity utilization rate was 75.7% in August, down from 76% in the previous month.U.S. manufacturing output fell 0.3% month-on-month in August, below the expected 0.30% and the previous reading of 0.20%.

Gold Price Forecast: XAU/USD crashes below $1,840 as geopolitical worries damper market mood

Alina Haynes

Feb 20, 2023 11:13

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Gold price (XAU/USD) has slid to about $1,837.90 after giving a negative break of the consolidation created in a limited range of around $1,844.00 in the Asian session. The precious metal has been given amid growing geopolitical tensions between the United States and China and the launch of rockets from North Korea near Japan’s Exclusive Economic Zone (EEZ).

 

Investors should brace for wild volatility as the equity markets in the United States will stay closed on Monday owing to Presidents’ Day. Nevertheless, S&P500 futures have slid further amid increased forecasts of the continuation of the restrictive policy stance by the Federal Reserve (Fed), presenting a decline in the risk-aversion theme.

 

The US Dollar Index (DXY) has risen over 103.70 as investors are increasingly anxious that the higher-than-anticipated US Consumer Price Index (CPI), Producers Price Index (PPI), and monthly Retail Sales data have prompted the possibility of a comeback in the inflationary pressures.

 

Fed Governor Michelle Bowman stated on Friday that they are seeing a lot of conflicting data in economic conditions. He further noted, the Fed has “A long way to go to get inflation back down to our goal."


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