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March 21 – According to the Civil Aviation Administration of China (CAAC), in February, air passenger traffic reached 68.305 million, a year-on-year increase of 11%. Data shows that in February, domestic air passenger traffic reached 61.442 million, a year-on-year increase of 10.5%; international air passenger traffic reached 6.863 million, a year-on-year increase of 15.6%. Regarding cargo and mail transportation, in February, air cargo and mail volume reached 740,000 tons, a year-on-year increase of 22.3%. Among them, domestic air cargo and mail volume reached 408,000 tons, a year-on-year increase of 21.2%; international air cargo and mail volume reached 332,000 tons, a year-on-year increase of 23.8%.On March 21, Colombian President Petro Petrov stated via social media on March 20 that he firmly denies any allegations of ties between himself, his presidential campaign, and drug cartels. Petrov said that the Colombian judiciary currently has no investigations linking him to drug traffickers, and he stated that he has "never spoken to any drug traffickers." Petrov also said that he explicitly instructed his campaign team leaders not to accept any political donations from bankers or drug traffickers. A comprehensive investigation into his presidential campaign has also found no drug-related funds.According to Al Jazeera, a new round of airstrikes has occurred in the Iranian regions of Tehran, Karaj, and Isfahan.March 21st - International crude oil prices continue to fluctuate at high levels, and the cost pressure on airlines is being rapidly passed on to customers. Recently, several domestic airlines have raised fuel surcharges on international routes, with increases generally exceeding 50%, and some routes even doubling. Although the domestic market is still in the traditional off-season after the holidays, with the expectation of further fuel surcharge increases continuing to strengthen, many consumers are starting to book tickets for travel two weeks or even a month in advance, attempting to lock in relatively lower travel costs at present.March 21 – According to the U.S. Treasury Department, the United States approved a 30-day authorization on March 20 to conditionally ease sanctions on Iranian oil products, allowing the delivery and sale of Iranian crude oil and petroleum products already shipped as of March 20. U.S. Treasury Secretary Bessenter stated that the Treasury Department is issuing a “narrow, short-term authorization” allowing the sale of Iranian oil currently stranded at sea. By temporarily releasing existing oil supplies, the U.S. will quickly provide approximately 140 million barrels of oil to the global market. The temporary, short-term authorization is strictly limited to oil already en route.

Gold Price Prediction: XAU / USD corrects to around $1,910 despite intensifying concerns of a global banking crisis

Alina Haynes

Mar 16, 2023 14:00

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After reaching a new six-week high at $1,937.39, the gold price (XAU/USD) displayed a corrective move during the Asian session. As gold's allure is extremely strong amid growing concerns about the global banking crisis, a correction in the precious metal appears to be short-lived. Credit Suisse's debacle following the failure of Silicon Valley Bank (SVB) has triggered the risk of global financial instability, and uncertainty over the Federal Reserve's (Fed) upcoming interest rate decision has bolstered the case for the Gold price.

 

S&P500 futures have shown a recovery move following Wednesday's sell-off as investors assess the banking sector's uncertainty. However, the motif of risk aversion has not yet completely subsided.

 

During the Asian session, the US Dollar Index (DXY) is fluctuating in a narrow range of around 104.60. It appears that the impact of banking sector turmoil is maturing for the USD Index, and investors are beginning to discount expectations for next week's monetary policy. According to the CME FedWatch instrument, the probability that Fed chair Jerome Powell will raise interest rates by 25 basis points (bps) has risen above 70%. While 30% of the probabilities support maintaining the current interest rate policy.

 

Increasing odds of a status quo monetary policy are supported by a declining Consumer Price Index (CPI), a rising Unemployment Rate, sluggish Retail Sales, and a declining Producer Price Index (PPI).