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GFZ (German Geosciences Research Center): A 4.6-magnitude earthquake has struck southern Iran.On April 11, Du Guangda, Deputy Director of the Science and Technology Department of the Ministry of Industry and Information Technology, stated that the Ministry of Industry and Information Technology will focus on the manufacturing industry as the main battlefield and application-driven development as the main line, releasing a number of high-value "AI+" scenarios, exploring a number of typical applications, building a number of distinctive intelligent entities, providing a number of new intelligent terminals, developing a number of new standards, cultivating a number of industrial application talents, and creating a number of high-quality enterprises, so as to comprehensively promote the deep integration of artificial intelligence and manufacturing.On April 11, Iranian First Vice President Aref posted on social media that if Iran negotiates with the "America First" US representatives in Islamabad, Pakistan, it is likely to reach an agreement beneficial to both sides and the world. However, if facing the "Israel First" US representatives, no agreement will be reached, and "we will inevitably continue to defend ourselves more resolutely than ever before, and the world will pay a greater price."Market news: Local authorities said that drone debris crashed at night in an area of an oil depot in Russias Krasnodar Krai, causing a fire that has been extinguished.April 11th - According to foreign media reports, British Prime Minister Keir Starmer has decided to increase UK defense spending at a faster pace than currently planned in an effort to counter potential leadership challenges. The UKs defense spending has fallen behind allies such as Germany, and the government had previously set a target of increasing core defense spending to 3.5% of economic output by 2035. The decision to increase defense spending is essentially finalized, but specific details are still pending. The UK Treasury insists that any significant increase in defense spending must be achieved through tax increases or spending cuts.

Gold Price Prediction: After a chaotic gyration above $2,020, the XAU/USD pair stabilizes as investors watch the crucial US NFP report

Alina Haynes

Apr 06, 2023 11:49

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In the early Tokyo session, the Gold price (XAU / USD) is exhibiting lackluster performance above $2,020.00. Wednesday's publication of lackluster employment data in the United States caused a wild swing in the price of precious metals. Investors have transferred their focus to the publication of the US Nonfarm Payrolls (NFP) data, resulting in a sideways Gold price.

 

S&P500 continued its downward trend on Wednesday as a weaker Services PMI bolstered recessionary indicators in the U.S. economy, indicating bearish market sentiment. The US Dollar Index (DXY) rebounded strongly from its new monthly low of 101.40 but encountered resistance near 102.00. Despite the publication of unfavorable US Services PMI and labor market data, the USD Index received significant bids.

 

The US ISM Services PMI for March decreased to 51.2 from 54.5 and 55.1 in the previous release. As a result of the Federal Reserve's decision to raise interest rates, a decline in the Service sector is causing growing concern. (Fed). Additionally, households struggle to endure the burden of high inflation. The New Orders Index, which indicates future demand, fell sharply to 52,2 from 57,6 and the previous reading of 62.6. It is very encouraging that the US Services PMI range did not fall below 50, as this would have indicated a contraction.

 

Following the release of disappointing US Automatic Data Processing (ADP) Employment data, investors are eagerly anticipating the release of US NFP, which will shed more light on the state of the labor market. It is anticipated that the unemployment rate will remain unchanged at 3.6%. And Average Hourly Earnings would decline to 4.3% from 4.6% previously reported.


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