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The Peoples Bank of China (PBOC) announced today that it conducted 34.3 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 34.3 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.On March 3, Capital Economics stated in a research report that if the Middle East conflict persists, Asian central banks may pause their easing cycles. If the conflict drags on, oil prices could rise to around $100 per barrel, putting significant upward pressure on energy prices in the region. In this scenario, overall inflation would be more than one percentage point higher than Capital Economics benchmark forecast. The firm added, "Given the relatively favorable starting point for inflation and the potential for rising oil prices to drag on economic growth by squeezing real incomes and increasing business costs, central banks will be reluctant to shift to a clear stance of interest rate hikes."March 3 - Kabul, the capital of Afghanistan, was hit by another airstrike early this morning, with explosions and gunfire heard over the city. The conflict between Afghanistan and Pakistan continues. Earlier, Afghan Defense Ministry Deputy Spokesperson Sidiqullah Nusrat stated that Afghanistan had captured eight Pakistani security outposts.U.S. State Department: U.S. Secretary of State Marco Rubio will brief members of the U.S. Senate and House of Representatives on Capitol Hill on Tuesday afternoon local time.According to a NewsNation reporter, US President Trump stated that he believes there is no need to deploy ground troops to Iran.

Gold Price Prediction: XAU/USD struggles to extend gains on encouraging ADP Employment data from the United States

Daniel Rogers

Jan 06, 2023 11:12

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After falling to almost $1,825.00 during the late New York session, the gold price (XAU/USD) has tried a recovery. The precious metal is battling to continue its rebound as robust United States Automatic Data Processing (ADP) Employment Change data has prompted the risk of the Federal Reserve (Fed) maintaining higher interest rate stability for an extended duration.

 

S&P500 suffered a major sell-off from the market participants, displaying a risk-aversion theme, as bigger additions of fresh payrolls in the United States job market will require the Fed to sustain its aggressive position on interest rates for a longer term. This has also caused a possibility of recession in the US economy. The Employment Change (Dec) jumped to 235K in contrast to the predicted 150K and the previous release of 127K. In addition, the weekly Initial Jobless Claims (IJC) have decreased to 204K compared to the expected 225K.

 

The US Dollar Index (DXY) achieved a roaring rally after sustaining above the important resistance of 104.00 and rose to reach 105.00. In addition, 10-year US Treasury yields detected demand and rose to approximately 3.72 percent.

 

Investors will closely monitor Nonfarm Payrolls (NFP) data on Friday. After noticing optimistic signals from ADP Employment Change, it is quite likely that the US NFP will report data that exceeds expectations. The unemployment rate is expected to remain unchanged at 3.7%.


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