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On February 7th, local time, the Russian Ministry of Defense released a war report stating that in the past 24 hours, in response to attacks by Ukraine on civilian infrastructure targets within Russia, the Russian military launched a large-scale strike against Ukrainian military energy and transportation infrastructure using sea-based and air-based long-range high-precision weapons, including the Kinzhal hypersonic missile. All designated targets were hit. In addition, Russian air defense systems shot down one guided-missile bomb and 168 fixed-wing drones belonging to the Ukrainian military. Earlier that day, the Ukrainian Air Force posted on social media that from the evening of February 6th to the early morning of February 7th, the Russian military launched a large-scale air strike against key Ukrainian infrastructure using 39 missiles, including two Zircon hypersonic missiles, and 408 drones.The Ukrainian General Staff stated that its forces attacked an oil depot in Russias Saratov region.February 7 - Xu Yiding, a member of the Party Committee and Vice President of the Agricultural Development Bank of China, is suspected of serious violations of discipline and law and is currently under disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.February 7 - It was learned on February 7 local time that Iranian Armed Forces Chief of Staff Mousavi stated that the Iranian military remains on high alert and any threat, aggression, or miscalculation against Iran will be met with a decisive, swift, and regrettable response.On February 7th, Ukrainian President Volodymyr Zelenskyy stated that the United States and Russia might reach a bilateral agreement affecting Ukraine without Kyivs involvement. Zelenskyy said, "Given the potential risks, the Ukrainian delegation expressed the position that if there is any bilateral agreement between Russia and the United States, the clauses related to Ukraine cannot contradict the Ukrainian constitution." He appeared to be referring to the territorial issue. Zelenskyy indicated that Kyiv had received signals that Washington and Moscow might sign bilateral documents, including those related to economic cooperation. He said, "Intelligence indicates that Russia has proposed the so-called Dmitriev Plan to the United States, totaling approximately $12 trillion." He added that Kyiv had also seen some indications that a potential US-Russia bilateral document might include clauses related to Ukraine.

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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