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Market News 【TOP1 Morning】Disney drags down the S&P 500, optimism triggers a fall in gold prices, the dollar drops to its lowest in two years

【TOP1 Morning】Disney drags down the S&P 500, optimism triggers a fall in gold prices, the dollar drops to its lowest in two years

The deadline of the US Congress at midnight on Friday is approaching. It is expected that the US will introduce a rescue plan of US$908 billion, which will put pressure on the US dollar and support the dollar-denominated gold price.

TOPONE Markets Analyst
2020-12-15
649

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Gold: At the end of the US market, spot gold closed at US$1,827.20 per ounce, down US$12.50 or 0.68%. The highest intraday touched US$1840.74 per ounce and the lowest touched US$1818.73 per ounce. Last week, spot gold rose by US$0.86 or 0.05%.


COMEX February gold futures closed down 0.6%, reported 1,832.10 US dollars per ounce.


Forex: The US dollar is close to its lowest level in two years, and the Brexit agreement hopes to boost the pound to jump. The U.S. dollar index was as low as 90.419 earlier in the session, the lowest since April 2018. The pound rose 0.79% against the dollar late in the session to $1.3324, jumping from a low of $1.3133 hit last Friday.


The high-risk Australian dollar and New Zealand dollar also rose. The New Zealand dollar rose 0.08% against the U.S. dollar to hit $0.7086, the highest level since April 2018.


As an indicator of risk liquidity, the Australian dollar rose 0.07% against the US dollar to quote at US$0.7539.


The euro rose about 0.31% against the dollar to $1.2146. Europe’s new restrictions, including Germany’s stricter blockade measures, have limited impact on the market.


Bitcoin rose 0.03% in late trading to $19,132.83.


Crude oil: Oil prices remain stable and the continued oversupply offsets the hope of vaccination.


February Brent crude oil futures closed up 0.32 US dollars, or 0.6%, to 50.29 US dollars per barrel, and the January US crude oil futures settlement price rose 0.42 US dollars, or 0.9%, to 46.99 US dollars per barrel.


Earlier in the session, oil prices fell by more than 1%. Earlier, the Organization of the Petroleum Exporting Countries (OPEC) stated that due to the lingering impact of the new crown pandemic, the rebound in global oil demand in 2021 will be slower than previously expected, which hinders the organization and its allies in their efforts to support the market. Jim Ritterbusch, President of Ritterbusch and Associates, said: "In the past few weeks, the momentum of oil prices has slowed significantly. It may take some new or unexpected bullish news to push oil products to new highs, but we will also notice that the market seems Has developed immunity to bad news, and these news usually make the holding of petroleum products take a hard hit."


Stock market: Disney dragged down the S&P 500 index. Disney shares fell 3.65%, Pfizer fell nearly 5%, the biggest drag on the S&P 500 index.


The Dow Jones Industrial Average fell 0.48% to close at 29,900.96 points; the S&P 500 index fell 0.32% to close at 3,651.92 points; the Nasdaq index rose 0.61% to close at 12,453.96 points.


The consumer discretionary sector of the S&P 500 index rose 1%, which was the strongest sub-index. Amazon rose 1.4% to boost it. The energy sector fell more than 3%.






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