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On September 6th, Greek Prime Minister Kyriakos Mitsotakis announced a €2.2 billion (approximately US$2.56 billion) economic package aimed at alleviating the cost of living crisis in Greece. The measures focus on supporting self-employed individuals, pensioners, farmers, and families with many children, including raising the minimum wage from the current €920 to €1,000 by January 2028. Greek authorities expect to exceed budget targets again in 2026, thus allowing the government to provide subsidies and tax cuts to various groups. The Prime Minister assured that these new measures will not jeopardize Greeces fiscal situation and will comply with EU regulations on budget spending.On September 6th, local time, Russian President Vladimir Putin met with US President Donald Trumps special envoy, Sergei Witkov, and his son-in-law, Jared Kushner, at the Kremlin on the evening of the 5th. He briefed them on the details of the three-day ceasefire agreement reached between Russia and Ukraine, and stated that Russia would strive to ensure the progress of US-Ukraine negotiations and the safety of mediators. Witkov thanked Russia for agreeing to the three-day ceasefire. Putin stated that Russia had received a request through its intelligence and diplomatic departments to cease airstrikes on the Ukrainian capital, Kyiv. "I have issued the corresponding order, and from midnight tonight, (Russian) airstrikes on Kyiv have ceased," Putin said. Putin also noted that Ukraine had significantly reduced its attacks on Russian territory (including Moscow), "by an order of magnitude." Putin also mentioned that Ukraine had proposed a broader three-day ceasefire, which Russia had not agreed to. However, Russia will make every effort to ensure the progress of US-Ukraine negotiations and the safety of mediators.Belgorod Oblast authorities: A Ukrainian drone strike in Russias Belgorod Oblast has killed one person.On September 6, the Iranian Foreign Ministry issued a statement condemning the United States for its attacks on Iranian oil tankers in the Persian Gulf and the Gulf of Oman. The Iranian Foreign Ministry stated that such attacks are part of the ongoing US military action against Iran, including a maritime blockade and economic warfare, which clearly violate Article 2, Paragraph 4 of the UN Charter and pose a clear threat to international peace and the security of commercial shipping. The statement declared Irans determination to defend its sovereignty and national interests and resist US "state terrorism" and acts of aggression, including attacks on commercial shipping. The Iranian Foreign Ministry warned that the consequences of the USs continued aggressive and interventionist actions in the region should be borne by the US and its allies.September 6 (Xinhua) -- Russian President Vladimir Putin said that Kyiv has called for an expanded ceasefire, but Russia has not yet consulted with Ukraine on the matter. "The Ukrainian authorities have called for a broader three-day ceasefire, but we have never reached an agreement with them on this," Putin said during a meeting with U.S. special envoy Witkov and Trumps son-in-law Jared Kushner.

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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