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Futures news on October 20th, overnight shibor was 1.3170%, down 0.10 basis points; 7-day shibor was 1.4180%, up 0.30 basis points; 14-day shibor was 1.4680%, up 0.70 basis points; January shibor was 1.5570%, down 0.20 basis points; March shibor was 1.5820%, up 0.20 basis points.Foxconn Technology Groups shares rose 5.5% to NT$239.00.Yoshimura Hirofumi, leader of Japans Restoration Party: We have basically reached an agreement with the Liberal Democratic Party on the conditions for forming a coalition government.On October 20th, NIO founder William Li Bin reiterated at an internal meeting that the company will achieve profitability in the fourth quarter of 2025, listing this goal as his core personal priority for the quarter. Li Bin emphasized that profitability is not achieved solely through cost-cutting, but rather through increased sales and improved operational efficiency. He identified key actions for the fourth quarter as strengthening the marketing of key models, ensuring a stable supply chain and reducing costs, and delivering high-quality software releases on time. Furthermore, NIO will deepen the development of its operational mechanisms and system capabilities across all employees and formulate a three-year operating plan to lay the foundation for long-term development. With the launch of new models, the companys confidence has significantly increased. Li Bin believes that now is the optimal time for training and urges the team to seize the opportunity and go all out to achieve their goals.South Korean President Lee Jae-myung: South Korea will focus on investing in independently developed technologies, components and materials, such as special chips used for national defense.

Gold Price Prediction: The XAU/USD pair will go below $1700 after a positive NFP report, followed by the CPI

Daniel Rogers

Oct 10, 2022 11:23

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The gold price declined after the U.S. Labor Department released employment data that exceeded expectations, thereby validating the Fed's need for additional tightening and supporting the dollar. Consequently, XAU/USD is currently trading at approximately $1690, below its initial price.

 

Prior to the announcement of the US Nonfarm Payrolls report, the price of gold hovered around $1710. Gold's initial reaction to the headline, however, was a decline into the $1700 region, but this initial movement quickly vanished. In a volatile reaction, it extended its losses below $1700 at the time of typing.

 

US Bureau of Labor Statistics (BLS) data revealed that the US economy added 263K new jobs, above predictions of 250K, while the unemployment rate decreased to 3.5% from 3.7%. Even while the reading is lower than August's, it was above expectations, which would strengthen the case for a Federal Reserve rate hike.

 

In the meanwhile, money market futures have put in a 92% likelihood of a Fed rate hike of 75 basis points, up from 85.5% prior to the US Nonfarm Payrolls report.

 

US Treasury bond yields rose, with the 10-year US Treasury bond yield increasing three basis points to 3.865%, while the US Dollar Index, a measure of the dollar's value vs six other currencies, rose 0.28% to 112.565.

 

Now that the US Nonfarm Payrolls report is in the rearview mirror, the next significant events on the US calendar are the September CPI statistics and the University of Michigan Consumer Sentiment study, both of which will take place in the coming week.


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