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Hello everyone, today XM Foreign Exchange will bring you "[XM Official Website]: Focusing on US inflation data, the Israeli army launched an attack on the Hamas leader, and the gold price hit a historical high and approached 3675." Hope it will be helpful to you! The original content is as follows:
On Wednesday (September 10, Beijing time), spot gold trading was around $3,638/ounce, gold prices continued to rise on Tuesday, hitting a record high of $3,674.36 during the session, as the market generally expected the Federal Reserve to cut interest rates in September, and investors also paid attention to the upcoming U.S. inflation data this week. In addition, Israel's intensified geopolitical tension in the Middle East also helped gold prices rise; U.S. crude oil trading was around $63.06/barrel, and oil prices closed higher on Tuesday, after the Israeli military said it launched an attack on Hamas leaders in Doha, the capital of Qatar, expanding its military operations in the Middle East for several years.
The U.S. government said that the U.S. economy may create 911,000 fewer jobs than previously estimated in the 12 months to March, indicating that job growth has stalled before President Trump imposed tariffs on countries around the world.
CME’s FedWatch tool shows that financial markets have digested the possibility of the Fed cutting interest rates by 25 basis points at next week’s policy meeting, while futures trading shows that the market is expected to cut interest rates by 50 basis points close to 10%. Recent non-farm employment data released in July and August also indicate that labor market conditions are becoming weaker.
Murphy&Sylvest's Chicago-based market strategist Paul Nolte said that this would not affect the Fed at all, when talking about the correction of non-farm employment data.The rate cut was 25 basis points, and we are not clear about the corrections for the specific monthly data, and there will be no results in the next few months, but this indicates a weak labor market.
United Health jumped after the vejck.cnpany said it expected the number of insured participants in the Medicare high-star rating insurance plan to meet its expectations, which could mean the government will pay the vejck.cnpany more.
JPMorgan Chase rose 1.7%, after a vejck.cnpany executive said investment bank revenue would see low double-digit percentage growth in the third quarter and market revenue would see high double-digit percentage growth.
Jed Ellerbroek, portfolio manager at Argent Capital, said that this is all good news and a sign of a good economic prosperity. Now it is recovering after Trump's 'liberation day' policy led to abrupt end to mergers and acquisitions," he refers to the U.S. announcement in April to impose tariffs on countries around the world.
The S&P 500 closed up 0.27% to 6512.61 points, a closing high. The Nasdaq rose 0.37% to 21,879.49 points, and also hit a closing high. The Dow Jones Industrial Average rose 0.43% to 45,711.34 points. Eight of the 11 sectors of the S&P 500 rose, with the vejck.cnmunications Services sector leading the gain, up 1. 64%, followed by the utility sector, up 0.71%.
The S&P 500 has risen about 11% so far this year and the Nasdaq has risen 13%. Apple fell 2.6% after the vejck.cnpany's new iPhone released by the vejck.cnpany failed to attract investors' interest.
Broadcom fell 2.6% after the world's second-largest chip maker rose for five consecutive trading days. Investors will focus on producer inflation reports released on Wednesday and consumer price data released on Thursday to assess the impact of Trump's tariff policy. And whether there is a reason to cut interest rates more aggressively.
Artificial intelligence infrastructure vejck.cnpany Nebius soared nearly 50% after the vejck.cnpany signed a $17.4 billion deal with Microsoft. In after-hours trading, Oracle soared 12% after its quarterly earnings report.
Gold prices continued to rise on Tuesday, hitting a new record intraday high as the market generally expected the Fed to cut interest rates in September. Investors also focused on upcoming U.S. inflation data this week. Spot gold rose 0.2% to 3,643 per ounce .57, hitting a record high of $3674.36 during the session. December gold futures closed up 0.1% at $3682.2 per ounce.
Bart Melek, head of vejck.cnmodity strategy at TD Securities, said the rally was driven mainly by market expectations that the Fed may start to cut interest rates in September.
According to CME's FedWatch tool, traders currently expect the Fed to cut interest rates by 25 basis points next week, and some investors even bet on a possible 50 basis points cut. Previously,Data from Lab shows that U.S. job growth slowed sharply in August. Falling interest rates often put pressure on the dollar and bond yields, thereby increasing the attractiveness of interest-free gold.
Despite rising gold prices, it still hovered around the seven-week low; the 10-year U.S. Treasury yield also rebounded, after hitting a five-month low. Investors are currently waiting for the U.S. Producer Price Index (PPI) released on Wednesday and the Consumer Price Index (CPI) released on Thursday to further judge the direction of the Fed's policy meeting next week.
Melek added that if the U.S. economic performance weakens, it may prompt capital to flow into unconventional assets such as gold to hedge potential economic downside risks.
Gold rose above $3,600 per ounce on Monday, setting record highs several times this year, benefiting from weak dollar, strong buying from central banks, loose monetary policies and increased global uncertainty.
Sprott Asset Management CEO John Ciampaglia said that even if the gold price has reached $3,600, we still hold a bullish stance - we think there is still room for market growth because we don’t think there will be substantial changes in tariff policies, trade relations or geopolitical aspects, and if there is any improvement in these aspects, the gold price rise may be temporarily suspended.
In other precious metals, spot silver fell 1.2% to $40.86 per ounce; platinum fell 1.4% to $1,363.14 per ounce; palladium fell slightly by 0.3% to $1,130.61 per ounce. Oil prices closed higher on Tuesday after the Israeli military said it launched an attack on Hamas leaders in the Qatar capital Doha, expanding its years-long military operation in the Middle East.
Brent crude oil futures closed up 0.6%, with a settlement price of $66.39 per barrel; U.S. crude oil futures also climbed 0.6%, with a settlement price of $62.63 per barrel. Two major indicators rose nearly 2% at one point after the Israeli attack on Qatar, but later gave up most of the gains, and the United States assured Doha that such incidents would not happen again on its territory.
Jorge Leon, head of geopolitical analysis at Rystad Energy, said: The United States and Qatar have made it clear that they do not seek further escalation, while other members of the Gulf Arab Cooperation Council (GCC) responded in a mundane manner, strengthening the view that the risk of a wider regional conflict remains under control. "For now, the geopolitical risk premium is falling, not rising," Leon said.
UBS analyst Giovanni Staunovo said that in addition to the White House assurances to Qatar, the narrowing of oil prices is also because the attacks did not cause any direct supply disruption.
Before Qatar was attacked, oil prices had risen, helped by the latest oil increase in OPEC+ alliance, and could be subject to RussiaWorries about new sanctions.
The U.S. Energy vejck.cnrmation Administration (EIA) said that due to the increasing inventory, global crude oil prices are expected to face tremendous pressure in the vejck.cning months, suppressing the rise in oil prices. The Federal Reserve meeting held next week may lower interest rates, which is also the focus of market attention.
U.S. employment data for the 12 months to March were significantly revised down, exceeding expectations, prompting traders to bet that the Fed will cut short-term interest rates next week and take more action to support the labor market this year.
The U.S. dollar rose against most currencies except the Japanese yen on Tuesday, regaining lost ground in the previous trading day, and investors consolidated their positions before the release of this week's key inflation report.
The U.S. Producer Price Index (PPI) will be released on Wednesday and the Consumer Price Index (CPI) will be released on Thursday. The market will focus on these data to measure the impact of tariffs on prices in the world's largest economy.
The dollar fell during the session, and a previously released report showed that between April 2024 and March 2025, the number of jobs created by the U.S. economy was nearly 1 million less than the government's previous estimates, indicating that during the 12-month period, labor market conditions were far weaker than the level shown by preliminary data. However, the correction of employment data has basically no impact on the market.
In afternoon trading, the euro fell 0.5% against the dollar to $1.1707, pushing the dollar index up 0.4% to 97.78, and earlier in the session, the dollar index fell to a seven-week low.
The US dollar rose 0.6% to CHF 0.7976, hitting a six-week low during the session.
Although the dollar rose on Tuesday, Elias Haddad, senior market strategist at Brown Brothers Harriman in London, said the main theme is that the recent dovish shift in Fed policy "will cause the dollar to fall to a new cyclical low, mainly because the Fed will now prioritize its full employment targets over price stability due to moderately restrictive monetary policy. Any rebound in the dollar, or any relief rebound, is unsustainable." A correction to the employment data released on Tuesday puts the Fed's employment mission into focus.
Data from the U.S. Bureau of Labor Statistics shows that in the 12 months to March, the U.S. economy created 911,000 jobs less than the initial valuation. In the 12 months ended March 2024, the total number of jobs was downgraded by 598,000.
ActionEconomics said that the downward revision is the largest downward revision in history, exceeding the downward revision of 824,000 in March 2009 and 818,000 in March last year. The downward revision means that in the 12-month period, the number of jobs will be reduced by 76,000 per month from the initial value.
RunningPoint Chief Investment Officer Michael Ashle, CA“The only thing that grows faster than job growth skepticism is the pressure on the Fed to finally quietly cut interest rates, because nothing can tell the cooling of the economy than the job market turns into a ghost story,” ySchulman said. “The jobs data corrections have turned the job stories from fairy tales to audit records, the biggest reality test in years, in other words, the employment fairy has retracted a lot of the optimism it brought before.
After Tuesday afternoon, U.S. interest rate futures price movements showed that the market expected a 92% chance of a 25 basis point cut later this month and an 8% chance of a 50 basis point cut.
The pound fell 0.5% against the dollar to $1.3521 . The Australian dollar, New York Investments and Canadian dollar, both fell against the dollar. Some analysts said the strong performance of U.S. three-year Treasury bonds also pushed the dollar upside.
The strong results of the bid were offset by the disappointment brought by the August bid results. ActionEconomics analysts said the bid price was reasonable and hit a new high for end-customer demand.
The strong results of the U.S. bonds sold today may have been a driving force, with U.S. annual Treasury bonds generally rising over the past week or so. ”
Later this week, the market will focus on the euro zone, and the ECB is generally expected to keep interest rates unchanged at Thursday’s policy meeting. Last month, economists had mixed views on the possibility of a further rate cut by the European Central Bank, but market sentiment has shifted as recent data show inflation is close to the target of 2% and unemployment is at a historical low.
The U.S. government said on Tuesday that in the 12 months to March, the U.S. economy may have 911,000 fewer new jobs than previously estimated, indicating that employment growth has shown signs of stagnation before Trump imposed tough tariffs on imported goods. Economists had previously expected under the Labor Department The BLS, the Bureau of Labor Statistics (BLS), may lower employment levels from April 2024 to March 2025 by 400,000 to 1 million jobs. Previously, employment levels from April 2023 to March 2024 had been lowered by 598,000 jobs. The benchmark revision follows another news released last Friday - employment growth almost stagnated in August, while June is the first time in four and a half years to see a decrease in jobs. In addition to being dragged down by uncertainty in trade policy, the labor market is also under pressure from the White House to tighten immigration policies, which weakens the labor supply. At the same time, vejck.cnpanies turn to artificial intelligence tools and automation, which is also curbing demand for labor. Economists believe that the downgrade in employment growth data has little impact on monetary policy. The Federal Reserve is expected to resume interest rate cuts next Wednesday, after uncertainty over tariffs.Sexuality was suspended in January.
In response to Israel's air strikes on Hamas' senior officials in the Qatar capital Doha on the afternoon of September 9 local time, White House Press Secretary Levitt said that US President Trump "after receiving the notice from the US military that 'Israel is carrying out an attack', he immediately instructed the special envoy Witkov to vejck.cnrm Qatar of the imminent attack." However, according to Qatar Prime Minister and Foreign Minister Mohammed at a press conference that night, "The attack occurred at 3:46 pm local time, and Qatar received the first call from US officials at 3:56 pm, 10 minutes after the attack."
U.S. President Trump said that this morning, the Trump administration received a notice from the US military that Israel was attacking Hamas in Doha, Qatar. This decision was made by Prime Minister vejck.cnanyahu, not by me. Unilateral bombing in Qatar will not help the United States achieve its own goals. I immediately instructed the envoy Steve? Witkov vejck.cnrmed Qatar of the upcoming attack, and Witkov did do so; unfortunately, the notice was too late and failed to prevent the attack. I think this unfortunate event may be an opportunity to achieve peace. In addition, I also spoke to the Emir of Qatar and the Prime Minister and assured them that such incidents will never happen again on Qatar territory. I have instructed Secretary of State Rubio to finalize a defense cooperation agreement with Qatar.
The White House Budget Office has asked Congress to pass temporary spending bills to avoid government shutdowns on October 1 and extend the time of funds available to January 31. The Budget Office's draft documentation includes requirements for specific capital increase projects, including funding for Columbia-class submarines and allowing the District of Columbia to use its own taxes. Appropriations vejck.cnmittee leaders have previously discussed shorter-term temporary measures that last until November.
A U.S. delegation heard an introduction to Pakistan's port infrastructure and investment opportunities at a meeting with Pakistan's Maritime Department on Tuesday. The U.S. delegation also heard an introduction to the infrastructure projects, special economic zones and tourism potential of Gwadar Port. According to the Pakistan Maritime Ministry, the US has shown interest in the investment prospects of liquefied natural gas terminals, bulk handling and all three ports, and said that Pakistan's marine sector is of great strategic significance to trade and economic growth.
On September 9, local time, the EU's High Representative for Foreign Affairs and Security Policy, Karas, said in a debate at the plenary meeting of the European Parliament that the European vejck.cnmission is ready to suspend trade relations with Israel and terminate research partnersbut governments are hindering further measures. She said, "The option for the EU to take further action is clear and is still under discussion, but member states have differences on how to make the Israeli government change its policy. We as a coalition cannot take action unless the member states agree on the action."
The Spanish government announced on the 9th that it would ban Israeli National Security Minister Itamar bin Geville and Finance Minister Bezalel Smotrich from entering the country in response to Israel's military operations in the Gaza Strip and its humanitarian impact on Palestinian civilians. Spanish Foreign Minister Alvarez said after the cabinet meeting that day that the move was part of the sanctions against Israel proposed by Spanish Prime Minister Sanchez on Monday, aiming to deny "all people involved in genocide, human rights violations and war crimes entering Spain and the EU." He also stressed that the Spanish government still supports the "two-state solution" and will not sever diplomatic relations with Israel for the time being.
French Prime Minister Belu submitted his resignation to President Macron on September 9. The government led by Beiru failed to receive more than half of the support in the National Assembly's vote of confidence, and only received 194 votes in favor and 364 votes against it. The Presidential Palace of Elysee Palace announced that Macron will appoint a new prime minister in the next few days. Beiru is the second French prime minister to resign in more than nine months and the fifth in less than two years.
Cui Dongshu, Secretary-General of the Passenger Car Branch, issued a statement saying that in August, passenger car manufacturers' retail, export, wholesale and production all hit record highs of the month, and new energy exports set new historical records in all months in previous years. From January to July 2025, domestic passenger car retail achieved a positive annual growth of 10%, and the annual cumulative growth rate fell to 9.5%, and from July to August, it lowered the annual cumulative growth rate by 1 percentage point month by month. This year, the auto market's trend of "low in front, high in middle, and flat in the middle and then flat" has begun to show signs.
On September 9, at the 2025 Global Energy Internet Conference held in Beijing, the "Global Electric Power Development Transformation Report 2025" prepared by the Global Energy Internet Development Cooperation Organization was released to the public. The report proposes that in the past five years, driven by economic development, energy transformation and technological innovation, the global power industry has undergone profound changes, presenting four major trends: "electrification of energy consumption, clean electricity production, wide-area power allocation, and digital and intelligent system operation".
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