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Market News 【TOP 1 Morning】 Before 2021 Q1 Earnings, US Stocks Close Down, Gold Continues to Fall

【TOP 1 Morning】 Before 2021 Q1 Earnings, US Stocks Close Down, Gold Continues to Fall

U.S. bond yields climbed and gold fell below $1,730; the U.S. dollar fell, and the market waited for U.S. inflation and retail sales data; U.S. stocks closed lower, and investors waited for corporate earnings and U.S. inflation data.

TOPONE Markets Analyst
2021-04-13
662

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Forex: US dollar fell

The U.S. dollar fell slightly on Monday, and traders awaited the high-profile US inflation and retail sales data to be released in the next few days. Demand for new three-year and 10-year bonds issued by the Treasury Department is strong.


The U.S. dollar rebounded this year, and U.S. Treasury yields rose due to expectations of accelerated economic growth and rising inflation.


The dollar index fell 0.04% to 92.164. The index is currently above the three-week low of 91.995 touched last Thursday; the euro against the dollar did not change much to $1.1900; the pound rose 0.22% against the dollar to $1.3724, traders said to the British government’s latest economic restart plan Welcome; the dollar fell 0.19% to 109.44 yen against the yen.


U.S. Treasury bond yields fell from their daily highs, but still rose on the same day. After good demand for auctions on Monday, the Treasury Department will auction for 30-year bonds on Tuesday.


Gold: Gold prices continue to fall

Gold prices fell as rising US Treasury yields undermined the attractiveness of gold prices, while investors were waiting for key US inflation and retail sales data to gauge the health of the economy.


Spot gold closed at US$1,732.76 per ounce, down US$11.12 or 0.64%. The highest intraday hit US$1,745.02 per ounce and the lowest US$1,727.21 per ounce. Last week, spot gold closed up 14.57 US dollars or 0.84%.


COMEX June gold futures closed down 0.7%, at $1,732.70 per ounce.


Kitco metals senior analyst Jim Wyckoff said that rising yields are still a negative factor in the metals market that cannot generate dividends or yields. "The bulls have lost a bit of momentum, which has prompted short-term technical traders to put pressure on the sellers and put pressure on prices."


Crude oil: rising oil prices

Oil prices rose on Monday as people were optimistic about the speed of vaccination in the United States and the Houthis in Yemen stated that they had launched missiles at Saudi oil bases.


Brent crude oil futures rose $0.33 to settle at $63.28 per barrel. US crude oil rose by $0.38 to settle at $59.70 per barrel.


However, crude oil prices have remained range-bound in the past three weeks, and expectations of a surge in economic activity in the United States have continued to grow, but this has been offset by the slow speed of vaccination in Europe and expectations that Iran will increase supplies in the coming months.


U.S. stocks: U.S. stocks fell

The US stock market S&P 500 Index and the Dow Jones Industrial Average closed lower on Monday. Investors are waiting for the upcoming corporate earnings season and the key inflation report to be released later this week to find clues about future trends.


The Dow Jones Industrial Average fell 55.2 points, or 0.16%, to 33,745.4 points; the S&P 500 Index fell 0.81 points, or 0.02%, to 4,127.99 points; the Nasdaq Index fell 50.19 points, or 0.36%, to 13,850.00 points.


OANDA senior market analyst Ed Moya said, "Investors will now pay close attention to the earnings season, because at this time they are looking forward to the financial forecasts issued by the company. At this time, valuations start to become important again."


"We will see such a nervous mood that we can't buy everything, and this is exactly the trading trend of the past few months."


Today’s focus is on:

17:00 Eurozone ZEW Economic Sentiment Index (April)

20:30 Annual core inflation rate (March)



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