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Oil prices edged lower on Tuesday as the market assessed the supply risks posed by the attack on Saudi Arabia while also weighing the prospect of increased Russian diesel supplies. US President Trump stated that Russia had agreed to supply diesel to the global market and announced a temporary lifting of sanctions on Russian fuel. This additional supply could help ease tensions in the global fuel market, thus alleviating some of the supply concerns that have recently supported crude oil prices. However, lawmakers from both parties complained that the agreement between Trump and Putin appears to violate US law, which prohibits the import of Russian energy before the end of the Russia-Ukraine conflict. Tim Waterer, chief analyst at KCM Trade, said that increased diesel supplies from Russia and the stabilization of pipeline transport from Saudi Arabia have provided some relief, but the market still seems more concerned about the risk of further attacks on ships or pipelines in the Gulf region.Japans seasonally adjusted annualized bank lending rate (excluding trusts) was 5.7% in September, compared with 5.80% in the previous month.Japans seasonally adjusted annualized bank lending rate was 5.3% in September, down from 5.40% in the previous month.October 13 - According to AFP, Houthi political bureau member Buhati said on the 12th that if the United States participates in an aggression against Yemen, the Houthis will respond swiftly and painfully, and will strike the United States and all its interests in the region.Japanese Finance Minister Satsuki Katayama: He will assume the role of Chairman of the Development Committee of the International Monetary Fund and the World Bank starting next April.

Gold Price Prediction: XAU/USD Volatility Decreasing Above $1,860 Prior to US Inflation

Alina Haynes

Feb 13, 2023 14:32

截屏2022-06-07 下午5.15.45.png 

 

Gold price (XAU/USD) volatility is decreasing ahead of U.S. inflation data that could provide fresh momentum. The price of the precious metal is fluctuating above $1,860.00. Nonetheless, the downside appears to be preferred as market players' risk appetite plummets.

 

During the Asian session, the US Dollar Index (DXY) is battling to break above the crucial resistance level of 103.35. S&P500 futures have suffered more losses as quarterly earnings have dampened expectations for risk-perceived assets. In addition, the repeated destruction of unexplained flying objects by the Pentagon's radar has impacted market sentiment. The alpha generated by 10-year US government bonds has fallen below 3.74 percent.

 

The Federal Reserve (Fed) has reignited concerns about future interest rate hikes, which has frightened market sentiment. Patrick Harker, president of the Federal Reserve Bank of Philadelphia, anticipates that interest rates will exceed 5% this year, as inflation remains elevated. He believes that higher interest rates should be maintained for a longer period of time to attain price stability.

 

The announcement of the US Consumer Price Index (CPI) will provide reassuring information for interest rates. According to a Reuters survey, both the headline and core CPI are anticipated to increase by 0.4% on a monthly basis.


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