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On August 26th, ING strategists Padhraic Garvey and Michiel Tukker stated that market discussions surrounding the U.S. Treasurys decision to double the size of its long-term Treasury repurchase program continue to intensify, but with the Jackson Hole Economic Symposium approaching, market focus will gradually shift to short-term bonds. In a report, the two strategists noted, "Treasury Secretary Bessenter continues to dominate, or rather attempts to dominate, the long-term bond market, while Federal Reserve Chairman Warsh may also want to play a similar role in the short-term bond market, although he is currently choosing to remain low-key." The strategists indicated that Warsh will have the opportunity to further elaborate on his views at the Jackson Hole symposium on Friday.On August 26, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Uzbekistans Chief of Staff, Mirziyoyeva, in Beijing. Wang Yi stated that China has always been a trustworthy and reliable partner of Uzbekistan, and will, as always, support Uzbekistan in safeguarding its national sovereignty, security, and development interests, in pursuing a development path suited to its national conditions, and in President Mirziyoyevas policies and initiatives to build a "New Uzbekistan." He expressed confidence that Uzbekistan will continue to provide firm support on issues concerning Chinas core interests. China is willing to work with Uzbekistan, guided by the important consensus reached by the two heads of state, to strengthen high-level exchanges, accelerate the construction of landmark projects such as the China-Kyrgyzstan-Uzbekistan railway, promote mutually beneficial cooperation in trade and investment, energy and minerals, culture and people-to-people exchanges, and local cooperation, expand cooperation in emerging fields such as artificial intelligence and renewable energy, and strengthen multilateral coordination to write a new chapter in China-Uzbekistan friendly cooperation.The UK energy regulator OFGEM says the abolition of VAT will benefit customers currently on flat-rate packages, as suppliers will automatically apply discounts.The UKs energy regulator OFGEM announced that from October, the price cap will increase by £60 per year (or £5 per month) to £1,723 for households using both electricity and gas.The UKs energy regulator OFGEM has stated in this update that the governments decision to abolish VAT on all household electricity bills has been reflected in the decision.

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.

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