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Market news: The lockdown on Norways oil services industry has officially taken effect, impacting offshore drilling.On June 27th, the National Pipeline Group held a hydrogen energy storage and transportation technology exchange meeting in Beijing on June 26th. The meeting officially released technical solutions and complete sets of standards for hydrogen pipeline transportation projects, establishing a complete technical specification and standard system for the connection, storage, transportation, and delivery of hydrogen pipelines. This fills the gap in my countrys long-distance, large-scale hydrogen pipeline transportation technology and standards, marking a key leap from single-point technical breakthroughs to systematic application of hydrogen long-distance pipelines in my country.On June 27th, following two strong earthquakes in Venezuela, Oil and Gas Minister Paula Enau stated on June 26th that oil production was unaffected. In a media interview, Enau said that Venezuelas current daily crude oil production is 1.2 million barrels, and the government has assessed domestic inventory levels, ensuring a secure supply of natural gas and fuels. "We are operating normally; all oil wells are operational and producing." Reportedly, Venezuelan oil company management and oilfield workers indicated that oil and gas facilities were not severely affected. Earlier reports suggested that preliminary assessments indicated limited damage to Venezuelas large oil and gas facilities due to their distance from earthquake-affected cities; however, power shortages could impact oil production capacity.According to the European-Mediterranean Seismological Centre, a 5.4-magnitude earthquake struck the Pakistan region.Irans Meh News Agency, citing local officials, reported that the US attack did not cause any damage to the port of Sirik.

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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