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Joint statement: Turkey, Egypt, Indonesia, Jordan, Pakistan, Qatar, Saudi Arabia and the United Arab Emirates condemn Israels settlement policy in Palestinian territories and explicitly reject the "E1" settlement plan.Swiss National Bank board member Tschudin: If inflation requires it, interest rates will be lowered to below 0%.1. S&P Global: The preliminary US Manufacturing PMI for August came in at 53.2, a five-month low; the preliminary Composite PMI Output Index came in at 56.0, a 52-month high; the preliminary Services PMI Business Activity Index came in at 56.8, a 20-month high; and the preliminary Manufacturing Output Index came in at 51.9, a 13-month low. 2. Xinhua News Agency: The latest data from the German Energy Storage Initiative shows that current gas storage levels in German natural gas storage facilities have fallen to their lowest level for the same period since records began in 2011. 3. Data released by the US Department of Agriculture (USDA) shows that private exporters reported selling 712,000 tons of soybeans to China and 720,000 tons of soybeans to unknown destinations, all for delivery in 2026/2027. 205,000 tons of corn were also sold to unknown destinations, for delivery in 2026/2027. 4. According to Mysteels nationwide dynamic full-sample survey of agricultural oil mills, in the 34th week of 2026 (August 15th to August 21st), the actual soybean crushing volume of domestic oil mills was 2.2172 million tons, a decrease of 19,100 tons from the previous week and 67,700 tons lower than the estimated crushing volume; the actual operating rate was 61.05%. 5. According to CCTV Finance, my countrys futures market achieved a significant breakthrough today. The first batch of 600 tons of "No. 20 rubber" standard warehouse receipts from overseas were generated by overseas delivery warehouses and sold through delivery. The delivered "No. 20 rubber" offshore goods will be physically delivered at Laem Chabang Port in Thailand. This is the first time that my countrys futures market has truly achieved on-site delivery overseas, greatly reducing the logistics costs of rubber trade. 6. According to foreign media reports, Indian clean energy officials stated on the 21st that the country is committed to achieving 30 gigawatts (GW) of polysilicon manufacturing capacity by 2030. 7. The Indian government is closely monitoring rising sugar prices. Sugar production this season is estimated at approximately 3.06 million metric tons. Domestic sugar stocks are ample and can meet demand.On August 21, the Philippine Civil Defense Agency (PCA) announced that due to the combined effects of the southwest monsoon and a tropical cyclone, heavy rainfall has caused frequent flooding and other disasters in many parts of the Philippines, with 88 municipalities across the country declaring a "state of calamity." According to the latest report from the PCA, the worst-affected provinces include Pampanga and Bulacan, located in the largest plain area of Luzon Island, which is highly vulnerable to flooding due to continuous heavy rainfall. Official statistics show that more than half of the villages in Pampanga province have been submerged, affecting nearly one million people and causing agricultural losses of approximately 1.4 billion pesos (about US$22.69 million). A "state of calamity" is an official emergency declaration issued by Philippine governments at all levels when faced with severe natural disasters, pandemics, or major crises.According to the Financial Times, Jim ONeill has declined to serve in Prime Minister Burnhams government.

Gold price prediction: XAU/USD slips to $1,690 on Fed forecasts; US retail sales expected

Daniel Rogers

Sep 15, 2022 11:37

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Gold price (XAU/USD) has adopted a downward trend after falling below Wednesday's minimum of $1,693.67. The precious metal is falling nearing $1,690.00 as bears take control of rising probabilities for a massive Federal Reserve (Fed) rate hike in the near future.

 

Earlier symptoms of weariness have dissipated as a result of Tuesday's higher-than-anticipated US Consumer Price Index (CPI) report. Despite declining gasoline costs, the headline US CPI was announced at 8.3%, which was higher than the 8.2% prediction. The investment community believed that inflation had begun to respond to the Federal Reserve's (Fed) raising interest rates and that a succession of declining price pressures would soon enable the Fed to adopt a 'neutral' stance.

 

However, a US inflation report that exceeded forecasts demonstrates that the road to a neutral monetary policy is far from complete. Moreover, predictions of a one percent rate increase are currently ascendant.

 

In today's session, the US Retail Sales report will be of paramount importance. The economic data estimates do not indicate any improvement in retail demand. This could be the outcome of a fall in consumer confidence in the economy.

 

The gold price has experienced a precipitous decline after demonstrating a textbook-style test and the collapse of a consolidation pattern. On an hourly scale, the consolidation formed within the region of $1,697.12-1,709.62. At $1,698.70, the yellow metal is trading below the 20-period Exponential Moving Average (EMA), which increases the downside filters.