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Market news: Delta Air Lines (DAL.N) has suspended flights from New Yorks JFK Airport to Tel Aviv until March 1.On February 28, Iranian Foreign Minister Araqchi, in an interview, clearly stated his views on communication channels between the US and Iran and nuclear rights. He revealed that there is currently no direct contact between the two sides, but added, "If the Americans want dialogue, they know very well how to contact me." Furthermore, the Iranian Foreign Minister solemnly declared that Iran is absolutely not prepared to relinquish its legitimate rights, including the right to enrich uranium.Israeli military officials: Several key Iranian figures have been eliminated.On February 28, Iranian Foreign Minister Araqchi formally sent a letter to the UN Secretary-General and the Security Council President regarding the military attacks launched by the United States and Israel against Iran. In the letter, Araqchi emphasized that the US and Israeli regimes must bear full and direct responsibility for all consequences of these illegal acts of aggression, including any further escalation of the situation due to their provocations.February 28th - On February 28th local time, a spokesperson for the Iranian National Civil Aviation Organization announced that, for security reasons, Iranian airspace is closed to all flights immediately, and the closure will continue until further notice. Officials strongly advise passengers not to travel to the airport in person to cooperate with the current special control measures. Regarding the impact of flight cancellations, the announcement explicitly requires all ticketing agencies and airlines to fulfill their responsibility and fully refund affected passengers.

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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