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On October 28, Germanys consumer confidence index fell to its lowest level since April this year, as continued geopolitical uncertainty and rising inflation led to lower income expectations. Data released on Tuesday showed that the consumer confidence index forecast for November fell to minus 24.1, down from minus 22.5 in October. This is the lowest level in seven months and lower than the consensus forecast of -22.0 by economists. As of September, consumer confidence had declined for three consecutive months, with a slight rebound in October. This decline contrasts with confidence data from businesses, which had previously shown an improvement in October. The survey said the downward trend in consumer confidence was the result of a "clear weakening of income expectations." In contrast, consumers economic expectations and purchasing intentions rose slightly. Rolf Buerkl, head of consumer environment at NIM, said: "Ongoing geopolitical tensions, increased concerns about inflation, and renewed concerns about employment are destroying hopes for a short-term recovery."Japanese Ministry of Finance: We welcome companies from both countries to carry out projects in the fields of energy, artificial intelligence power development, strengthening of artificial intelligence infrastructure, key minerals, etc.Japans Ministry of Finance released a joint statement on Japan-U.S. investment.On October 28, BlackRock (BLK.N) CEO Larry Fink said on Tuesday that investors should continue to increase their holdings of U.S. assets over the next 18 months, especially as funds have continued to flow back to the U.S. over the past two months. He said at an investment conference in Riyadh: "Most global investors currently have a high proportion of their holdings in the U.S., and the U.S. remains the most worthy place to maintain an overweight position over the next 18 months."Japanese Prime Minister Sanae Takaichi: Determined to elevate the Japan-US alliance, which has become the worlds most powerful, to a new level.

Gold Price Prediction: XAU / USD investors approach a 50% mean reversion zone prior to NFP

Daniel Rogers

Mar 10, 2023 11:28

 截屏2022-06-07 下午5.14.47.png

 

After data showed that weekly US jobless claims increased more than anticipated, the price of gold rose on Friday as the dollar weakened. This caused the market to reconsider the Federal Reserve's next move.

 

At the time of writing, the US Dollar index, DXY, was down 0.13 percent, making the price of Gold less expensive for buyers using other currencies. Ahead of the crucial Nonfarm Payrolls report, the gold price is currently in the $1,830s.

 

In the meantime, "the number of Americans filing for unemployment benefits increased. "Initial claims increased to 211k in the week to 4 March, while continuing claims increased to 1,718k," ANZ Bank analysts explained.

 

"This most recent data suggests that the labor market may be beginning to cool, but this data is notoriously volatile, so the market will be on the lookout for additional evidence that labor demand is decreasing. The Challenger Job Cuts data, which shows 77,000 jobs were eliminated in February, is one indicator that US companies are beginning to reduce their workforce, analysts added.

 

"This is less than the January figure of 109,243, but it is 400% higher than the previous February, and it is the highest number of jobs lost in any February since 2009. The majority of layoffs are in the technology, retail, and financial sectors.


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