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Japans June core CPI annual rate will be released in ten minutes.July 24th - In the first half of this year, my countrys automobile exports reached 635.82 billion yuan, a year-on-year increase of 48.3%, with exports reaching more than 210 countries and regions worldwide. Among them, exports of new energy vehicles reached 360.68 billion yuan, a year-on-year increase of 68.7%.1. On Thursday, all three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.97% to 51,711.65 points, the S&P 500 fell 1.21% to 7,408.3 points, and the Nasdaq Composite fell 2.15% to 25,137.69 points. Tesla plunged more than 14% after its second-quarter net profit fell short of expectations and its gross margin further declined. Google fell more than 7%, and its total market capitalization fell below $4 trillion. The Wind U.S. Tech Giants Index fell 3.86%, with Facebook falling more than 3% and SpaceX rising more than 2%. 2. All three major European stock indexes closed lower. The German DAX fell 1.56% to 24,763.12 points; the French CAC40 fell 1.64% to 8,299.09 points; and the UK FTSE 100 fell 0.73% to 10,639.17 points. 3. The WTI crude oil futures contract closed up 6.37% at $92.36 per barrel; the Brent crude oil futures contract rose 4.91% to $94.61 per barrel. 4. International precious metals futures generally closed lower, with COMEX gold futures falling 2.40% to $4052.30 per ounce and COMEX silver futures falling 3.99% to $57.90 per ounce.The UKs GfK consumer confidence index for July was -17, compared to a forecast of -21 and a previous reading of -23.The UKs July GfK consumer confidence index will be released in ten minutes.

Gold Price Prediction: XAU / USD will continue to fluctuate above $1,900 despite a decline in US Inflation

Daniel Rogers

Mar 15, 2023 11:43

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Gold price (XAU / USD) is not in danger despite U.S. inflation figures meeting expectations. Since Monday, the precious metal has been fluctuating continuously between $1,895 and $1,913. The release of the US Consumer Price Index (CPI) failed to produce a significant reaction in the Gold price; however, the upside bias appears to be solidified as wagers on lesser rate increases from the Federal Reserve (Fed) have increased.

 

The US Dollar Index (DXY) is protecting the critical support at 103.50, but it appears vulnerable to further losses as investors' risk appetite has dramatically increased. As market participants purchased S&P500 futures in response to higher odds of a smaller rate hike from Fed chair Jerome Powell, a likely recession in the US economy was postponed, signaling an uptick in optimism.

 

Contrary to the risk-on sentiment, demand for US Treasury bonds remained weak, causing 10-year US Treasury yields to rise above 3.68 percent.

 

The headline As anticipated, the US CPI increased by 0.4% on a monthly basis, and the annual figure decreased from 6.4% to 6.0%. In addition, the core CPI, which excludes crude and food prices, decreased to 5.5% from 5.6% previously. The Fed appears to be pleased with the persistence of a declining trend in US inflation.

 

In the future, investors will closely monitor the US Retail Sales (Feb) data. Monthly Retail Sales data is anticipated to decline by 0.3% compared to the previous release of a 3.0% increase. This indicates that the consumer spending rebound is over and the Fed is on course to achieve its inflation target of 2%.

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