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Supermicro (SMCI.O) shares fell more than 20% in pre-market trading.March 20 – With oil supplies constrained for the third consecutive week, buyers are forced to seek quick alternative sources, and offshore oil reserves, a crucial buffer, are rapidly dwindling. These reserves could decrease even faster if the US proceeds with Treasury Secretary Bessenters proposal to lift sanctions on Iranian oil shipments. Since the start of the war, crude oil and condensate in floating storage have been declining at a rate of 1.8 million barrels per day, one of the fastest declines in years. According to data intelligence firm Vortexa, these reserves currently stand at approximately 78 million barrels, about one-third of which originate from Iran. Goldman Sachs estimates that approximately 131 million barrels of Russian oil and 105 million barrels of Iranian oil are at sea, which will ultimately only offset the impact of a two-week supply disruption in the Strait of Hormuz. Vortexa analyst Emma Li stated that the Islamic Revolutionary Guard Corps could potentially profit significantly if all cargoes were sold as normal barrels. However, mainstream importers will still face constraints in terms of compliance, financing, and logistics, especially if exemptions are deemed temporary or uncertain.ECB Governing Council member Villeroy: France has very little room for maneuver in terms of budget.ECB Governing Council member Villeroy: Interest rate hikes will be decided at each meeting, depending on the specific circumstances.March 20 - Iranian Islamic Revolutionary Guard Corps spokesman Naini was killed in an attack on March 20 local time.

Gold Price Prediction: As the USD Index attempts to recover, XAU/USD is likely to encounter resistance near $1,830

Alina Haynes

Feb 24, 2023 14:25

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Gold price (XAU / USD) has detected resistance while extending its recovery above $1,828.00 in the Asian session. As the US Dollar Index (DXY) has attempted a recovery following a correction to around 104.10, the precious metal's bearish pressure appears to be strong. It appears that the risk-taking impulse has subsided and investors are returning to the risk-aversion theme.

 

Following a favorable Thursday, S&P500 futures are showing moderate losses. Global equities are susceptible to extreme volatility as additional announcements of interest rates may be necessary to combat persistent inflation. A small majority of equity analysts surveyed by Reuters anticipated a correction within three months.

 

After a severe correction, yields on US government bonds are still struggling to recover. At the time of writing, 10-year US Treasury Yields were approximately 3.87 percent.

 

Investors will monitor the Personal Consumption Expenditure (PCE) Price Index figures for additional guidance. Annually, the economic data is anticipated to be 4.3% higher than the previous release of 4.4%. The monthly data is anticipated to increase by 0.4%, compared to the 0.3% previously reported. Price pressures in the U.S. economy have shown resiliency following a downward trend, which was driven by a rebound in household expenditure and a positive labor market.

 

The US Department of Labor reported a decline in Initial Jobless Claims (IJC) to 193K on Thursday, below Bloomberg's estimates of 200K. Continuing claims, which include individuals who have received unemployment benefits for a week or more, decreased by 37,000 to 1.65 million in the week ending February 11, according to Bloomberg. This was the largest decrease since December.

 

Undoubtedly, the labor market is exceptionally robust, as evidenced by the declining number of jobless claims, the lowest unemployment rate in decades, and robust job creation. This strengthens the notion that the Federal Reserve (Fed) cannot halt further rate hikes.


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