Euro is still visible, Gold is continuing its mountain.
Viva Post — The closure of Milwaukee’s Master Lock Co. factory, with its rich history of providing middle-class jobs, is a poignant symbol in President Biden’s economic narrative. Despite Biden’s efforts to revive American manufacturing and bring back middle-class jobs, the shuttering of the 85-year-old plant signifies the challenges in revitalizing urban production facilities. The loss of hundreds of union jobs in a predominantly Black neighborhood underscores the complexities of industrial policy and the uneven distribution of economic revitalization efforts.
Amid Biden’s push for economic recovery, the closure of Master Lock highlights the slow pace of transformation in areas hit by deindustrialization. Despite federal initiatives to rejuvenate distressed urban communities, the manufacturing shift to exurban regions and overseas locations poses significant hurdles. The closure not only impacts workers’ livelihoods but also raises questions about the broader economic trajectory and the effectiveness of industrial policy in fostering inclusive growth.
POINT OF VIEW.
The US Dollar Index has fully recovered from its early March decline as markets anticipate a less dovish Fed policy this year. UsDollar rises to 104.6.
The starting price of the Xiaomi SU7 electric car starts at 215 900 yuan (about $30 000), which is about $4000 less than the starting price of the Tesla Model 3. Tesla shares fell 175 points.
Foreign investors keep buying Chinese stocks, with $3 billion purchased in March. This is the second month of consecutive purchases after six months of net sales. HK30 is at 16 591.
Gold prices continue to break records amid ongoing outflows from gold ETFs. It’s asserted that gold remains buoyant due to sustained strong demand from central banks of developing countries. XAUUSD rises to 2232
The pressure on the Euro is still visible.
The EURUSD has breached below the critical 1.0800 support level, aligning with the golden Fibonacci ratio. A potential retest of this level could result in a breakout above 1.0800, pushing the asset towards 1.0860. However, an unsuccessful test may lead to a decline towards 1.0750.
Gold is still continuing its mountain climb.
XAU/USD is targeting the 2250 resistance level. The RSI oscillator shows a triple divergence, signaling an overbought condition for the asset. Testing the 2250 level could trigger a trend reversal, with potential targets at 2205 and 2180