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On August 9th, local time, the U.S. Central Command stated that on August 8th, U.S. Navy personnel were performing maintenance on F/A-18 Super Hornet fighter jets aboard the USS Abraham Lincoln aircraft carrier to ensure the carrier strike groups equipment remained operational and to continue strictly enforcing the naval blockade against Iran. As of that day, the U.S. military had diverted 53 merchant ships, rendered two ships inoperable, and boarded and inspected two other vessels. In addition, the U.S. military allowed more than 30 ships carrying humanitarian aid to pass through the blockade zone.On August 9th, US Vice President Vance stated on the 8th that the US and Iran are in dialogue, and the US-Iran conflict remains in the "middle of the game." In an interview with Fox News that day, Vance said the US-Iran conflict is not over, "but its clearly no longer in the initial stages, but has entered the middle stages." He stated that the US is using a combination of diplomatic, economic, and military means to ensure the best possible outcome. Vance said the USs current primary focus is "to maximize the amount of oil and gas transported through the Strait of Hormuz," and the US is observing whether Iran is willing to make the necessary long-term changes to establish a better relationship with the US. If Iran is unwilling, the US will continue to exert pressure. Vance also said the US is trying to establish a navigation mechanism to ensure the safe passage of ships. This includes mine-clearing operations, and "also requires a commitment from Iran to guarantee that it will not fire on merchant ships."The U.S. Geological Survey reports a 4.7-magnitude earthquake that struck the Kermadec Islands at a depth of 10 kilometers.Saudi Arabia reiterated its firm support for the legitimate Yemeni government.On August 9th, Ukrainian Foreign Ministry spokesman Tishi stated on the 8th that Ukraine is maintaining close contact with Bulgaria to ascertain the specific circumstances surrounding the drone crash in Bulgaria that day. He emphasized that the Ukrainian military did not intentionally launch any equipment towards Bulgaria. Tishi said that Ukraine is verifying all the circumstances and relevant technical facts of the incident and is willing to cooperate with Bulgaria to ascertain the details.

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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