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Market News 【Market Morning】Dollar soars while gold falls before Non-farm payroll

【Market Morning】Dollar soars while gold falls before Non-farm payroll

Two strong employment reports pushed the dollar, US dollar up nearly 70; US economic data is bright, Dows is close to the flat, ; crude oil inventory is still low. In February, two Great crude oil futures close to the flat. Analyisis predicts oil prices will reach more than $ 80 earlier than expected.

TOPONE Markets Analyst
2021-06-04
786

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Last night global market review


Gold price falls

Spot gold prices fell more than 2% or more than $ 40, due to US employment and service data better than expected, driving the US dollar, and boosted the market's strong economic data may encourage the US Fed to reduce the scale of debt.


The impact of gold prices also spread to other precious metals, silver and platinum fell more than 3%.


TAI Wong, the Montreal Bank Metal Derivative Trading, said that ADP data is far more than expected, and tomorrow's non-agricultural data will also have similar rebounds, driving the dollar obvious high, triggering a long liquidation below $ 1890, but 1850-60 US dollars The support is significant and should hold gold.


Kitco News Senior Analyst Jim Wyckoff said that gold prices fell by 2% on Thursday, just routine profit.


Dow performs unstably 

As of the closing, the road is close to the flat harvest, only slightly falling 23.40 points, falling 0.07%, reported 34576.98 points, and the disk is once fell 265 points; the S & P 500 index fell 14.32 points, drop 0.34%, and reported 4193.80 points. This index currently fell by about 1% from the historical high of the next month, and this year has risen more than 11% this year; Nag is 141.82 points, a decline of 1.03%, and reported 13614.51 points.


AMC's trade is 20.40%. The AMC's line said on the same day, plans to sell more than 11 million stocks in the stock trading frenzy.


Oil price remains stable

Two major crude oil futures trading in narrow intervals on Thursday, close to the flat. As of press, US WTI crude oil July futures only fell 2 cents, drop 0.03%, to $ 68.81 USD / barrel; Brent's crude oil futures fell 4 cents, drop 0.05% to $ 71.31 / barrel.


After a large year of crude oil production, OPEC + It is expected that the Global Oil Market will have a serious tightness. If it does not make further increase, the remaining time of oil inventory will drop sharply. According to the report of the joint technical committee, after completing the existing increasing production plan, OPEC + oil producer will still have a large number of idle capacity, and there is a lot of increase in production in this year later.



Dollar madnessly ups 70 points

In the US-market, the US dollar index touched nearly 70 points, hitting 3 weeks 90.55, and the main non-US currency has retired.


The euro / US dollar plunged to 1.2119, which was the lowest level since mid-March, which was originally dragged down from the Fed, which was announced on Wednesday, which will begin to reduce a plan to support the economy. The Fed said that "investment portfolio will be step-by-step, the goal is to minimize the possibility of adversely affect market operations."


On Friday, the United States will announce non-agricultural employment report in May. It is expected that the United States added 644,000 jobs in May, and unemployment is expected to rise from 6.1% to 5.9%. If these two data have an unexpected rise, it may further boost the dollar demand, as this will increase the Fed's pressure on the monetary policy.


Today's Focus 

20:30 Canadian unemployment rate

20:30 US unemployment rate

20:30 changes in non-agricultural employment


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