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September 2nd - According to a statement from the Iraqi Kurdistan Regions (KRG) counter-terrorism department, international coalition forces successfully intercepted and destroyed 10 drones over Erbil, the KRG capital. Earlier that day, Irans Islamic Revolutionary Guard Corps claimed to have launched missile and drone strikes against a US military base in Erbil, Iraq.HSBC: The Reserve Bank of Australia is expected to raise interest rates in September and in the fourth quarter, with the cash rate reaching 4.85%.On September 2nd, Bank of Japan (BOJ) board member Hajime Takada stated that he did not rule out the possibility of a significant and consecutive interest rate hike, a statement that boosted the yen. Takada is one of the BOJs most hawkish board members. The yen rose as much as 0.5% against the dollar to 159.44, after previously falling to 160.39. Takada stated that a 0.25 percentage point rate hike was "not a certainty." He also indicated that, overall, consecutive rate hikes are also a possibility. Aozora Banks chief market strategist stated, "The market reacted to Takadas clear statement that consecutive rate hikes are possible. His remarks were more aggressive than the recent statements from the BOJ governor and deputy governor regarding the magnitude and pace of rate hikes."Frances July government budget was -€145.91 billion, compared to -€106.77 billion in the previous month.September 2nd - On September 2nd local time, the head of the Odessa Military Management Bureau, Lisak, reported that Odessa was hit by a large-scale attack in the early hours of the morning. As of now, the attack has injured eight people, including one child, and two of the injured have been hospitalized for treatment. It is reported that the attack caused damage to multiple buildings and facilities, with a 24-story residential building severely damaged, some floors of apartments destroyed, and windows in surrounding buildings shattered extensively. In addition, local office buildings and two educational institutions were also damaged in the attack.

Gold Price Forecast: XAU/USD views $1,800 as upbeat US labor market fuels hawkish Fed wagers

Alina Haynes

Mar 09, 2023 13:55

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Gold price (XAU / USD) appears vulnerable above $1,810.00 as the upside appears constrained by rising Federal Reserve rate expectations (Fed). The precious metal is anticipated to resume its decline as strong United States Employment data reported by Automatic Data Processing (ADP) has confirmed that January's strong consumer spending and higher payrolls were not a one-time blow to the Consumer Price Index's decline (CPI).

 

S&P500 futures have given up the slight gains they made on Wednesday during the Asian session. As China's CPI and Producer Price Index (PPI) figures indicate deflation, the risk-aversion theme has intensified. The US Dollar Index (DXY) has maintained a sideways trend above 105.20 as investors await the publication of US Nonfarm Payrolls (NFP) data for fresh direction signals. The alpha provided by 10-year US Treasury bonds has risen above 3.98 percent.

 

The official US Employment data is expected to indicate a decline in the payrolls to 203K from the former release of 514k. A figure of 203K is not as terrible as January's 514K figure, but it appears insignificant in comparison. Investors should be aware that a figure of 514K in the last seven months was exceptional.

 

Aside from that, it is anticipated that the unemployment rate will remain at a multi-decade low of 3.4%. The Average Hourly Earnings are expected to ascend to 4.8% on an annual basis. Household income may increase consumer expenditure. Jerome Powell, the chairman of the Federal Reserve, has already confirmed that the Fed will increase interest rates in order to reduce inflation.


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