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ECB Governing Council member Simkus: The new forecasts may lead to a slight upward adjustment in the interest rate path.The Federal Aviation Administration has proposed imposing flight restrictions around Palm Beach Airport because of its proximity to President Trumps winter residence.On September 1st, Federal Reserve Governor Michael Barr stated that the Fed should be prepared to raise interest rates if inflation fails to subside. He warned that inflation has been consistently above target for over five years, and there is a deep-seated risk of entrenched price pressures. Barr indicated that policymakers can remain patient if upcoming data shows inflation is cooling. In prepared remarks at an event in Washington on Tuesday, Barr said, "If the data trends give me confidence that inflation is moderating and moving toward the 2% target, then I think we can take more time to assess the policy stance. But if inflation doesnt appear to be cooling by a sufficient margin, then I think we should act decisively and raise interest rates."On September 1st, NIOs Chief Financial Officer, Qu Yu, stated at the companys interim results conference that the company is facing significant cost pressures this year. Starting in March, the costs of memory, bulk materials, and batteries have all increased, with the average cost per vehicle in the second quarter rising by approximately 14,000 yuan compared to the end of last year. There is a risk that material costs will continue to rise in the second half of the year, expected to be between 2,000 and 3,000 yuan. "NIOs goal is to maintain the gross profit per vehicle at the level of the second quarter in the third and fourth quarters."Federal Reserve Governor Barr: Persistent inflation above target poses risks.

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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