【TOP1 Morning】Gold price is trending hard, USD is at a three-year low. Gamestop rebounds!

Forex: U.S. dollar stuck in three-year low

The safe-haven U.S. dollar fell near a three-year low against higher-risk currencies on Thursday, as the Fed continued to release dovish signals to stimulate re-inflation bets.

The U.S. dollar fell to new lows against the Australian dollar, while the British pound, Canadian dollar and New Zealand dollar stayed near overnight lows.

Fed Chairman Powell reiterated on Wednesday that the Fed will not adjust its policy until the economy improves significantly, and the Fed will not be affected by a short-term surge in inflation. His congressional testimony on Tuesday and Wednesday was roughly the same.

Commodity currencies will benefit from the rebound in global trade. At the same time, the progress of the UK's recovery from the epidemic will also delight investors

Inspire.

The Australian dollar rose 0.1% to US$0.79717 in Asian trading on Thursday, hitting a three-year high of US$0.7975 earlier; the New Zealand dollar and Canadian dollar traded slightly below the multi-year high touched on Wednesday; the British pound remained unchanged at US$1.4143, approaching overnight. 1.43 US dollars, for the first time since April 2018; Euro trading is near the high end of the recent range, at 1.2168 US dollars, approaching the nearly one-month high of 1.2180 US dollars reached earlier this week.

Gold: The price of gold fell by $0.24

Spot gold recovered most of the decline after falling more than 1% earlier, but the price of gold was struggling, as rising US Treasury yields weakened its attractiveness as an inflation hedge.

At the end of the US market, spot gold closed at 1,805.34 US dollars per ounce, down 0.24 US dollars or 0.01%, the highest intraday hit 1814.14 US dollars per ounce, the lowest touched 1,783.56 US dollars per ounce.

COMEX April gold futures closed down 0.4%, at $1797.90 per ounce. Powell reiterated on Wednesday that US interest rates will remain low and the Fed will continue to buy bonds to support the US economy.

Powell testified before the U.S. Senate on Tuesday that monetary policy still needs to be loosened, economic recovery is uneven and far from complete.

"In the past two days, Powell's stance was very dovish, so the risk-friendly Powell rejoiced in the stock market. This is negative for the US dollar, which gives gold a little breathing space," said Tai Wong, a trader at investment bank BMO in New York.

Crude oil: rising oil prices

Oil prices climbed to a new 13-month high after US government data showed that crude oil production fell last week because crude oil production was interrupted after the extreme cold weather.

Brent crude oil futures rose 1.67 US dollars, or 2.6%, and settled at US$67.04 per barrel. The intraday hit a daily high of US$67.30 per barrel, the highest level since January 8, 2020.

The settlement price of US crude oil futures rose 1.55 US dollars, or 2.5%, to 63.22 US dollars per barrel. It had previously touched 63.37 US dollars per barrel, which was also the highest level since January 8, 2020.

The U.S. Energy Information Administration (EIA) said that as of the week of February 19, total crude oil production fell by 1.1 million barrels per day to 9.7 million barrels per day, which was equal to the largest weekly decline in history, and refinery refineries also fell sharply. The severe cold forced most of the Texas grid to shut down, and oil producers and refineries were forced to shut down due to freezing of parts and pipelines.

US stocks: Dow broke the 32,000 mark

The three major stock indexes started low and then high that day. The Dow expanded its uptrend in the mid-section and hit a record high. Technology stocks also stabilized, but the stock prices of individual stocks remained weak. As of the close, the Dow closed up 424.50 points, or 1.35%, to 31961.86 points, and it stood at 32,000 points for the first time in the session; the S&P 500 closed up 44.10 points, or 1.14%, to 3,925.43 points; the Nasdaq closed up 132.80 points. An increase of 0.99% to 13,597.97 points.

On the disk, energy stocks and WSB popular concept stocks rose, and Tencent concept stocks fell. As for individual stocks, Goss Electronics (KOSS.O) closed up 54.96%, Tesla (TSLA.O) closed up 6.18%, Fisker (FSR.N) closed up 38.61%, and Baidu (BIDU.O) closed down 5.77%. MINISO (MNSO.N) closed down 5.45%, Boeing (BA.N) rose 8.1%, and Chevron (CNX.N) rose 3.7%. Goldman Sachs (GS.N) and Visa (V.N) both rose more than 3%.

After the share price of Game Station GameStop (GME.N) soared 70%, it triggered an intraday suspension mechanism. After trading resumed, it quickly expanded to 100% and closed at $91.71. Its after-hours increase once expanded to 100%, and is currently quoted at US$153.02.

Focus on today:

21:30 US fourth quarter GDP annualized quarterly rate revision

21:30 The initial value of the monthly rate of durable goods orders in the United States in January