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July 12 – On the morning of July 12, the State Flood Control and Drought Relief Headquarters Office and the Ministry of Emergency Management continued to organize a joint consultation with the China Meteorological Administration, the Ministry of Water Resources, the Ministry of Natural Resources, the Ministry of Housing and Urban-Rural Development, the Ministry of Industry and Information Technology, and the Ministry of Transport to assess the development trend of Typhoon Bavi and heavy rainfall, and to deploy flood and typhoon prevention work in key areas. The State Flood Control and Drought Relief Headquarters activated a Level IV emergency response for flood control in Shandong on July 12, and adjusted the emergency responses for flood and typhoon prevention in Zhejiang, Fujian, Beijing, Tianjin, and Guangxi as needed. Three additional working groups were dispatched to Hebei, Liaoning, and Jilin to assist and guide local flood control efforts.Ukraine says it sank 14 Russian ships on Sunday.Kuwaiti Foreign Ministry: Strongly condemns the heinous attack on Kuwait by Iran this morning.July 12th - According to Beijing Emergency Management Bureau, the Beijing Flood Control Office announced that the Level I flood control emergency response for Daxing, Tongzhou, Shunyi, and Pinggu districts was lifted at 2 PM on July 12th. The entire city has lifted its flood control emergency response. At 8:30 AM today, the Level I flood control emergency response for Fangshan, Miyun, Huairou, Mentougou, and Fengtai districts was lifted, while the Level II flood control emergency response for Dongcheng, Xicheng, Chaoyang, Haidian, Shijingshan, Changping, and Yanqing districts was lifted.The Ukrainian military says it hit an oil refinery in Russia’s Samara region.

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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