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Market News 【TOP1 Morning】Gold price re-shines! USD and U.S. debt weaken, S&P ends three consecutive gains

【TOP1 Morning】Gold price re-shines! USD and U.S. debt weaken, S&P ends three consecutive gains

U.S. Treasury yields fell, and the U.S. dollar fell to a two-week low; IMF's "super-optimistic" expectations failed to effectively boost U.S. stocks. The Dow fell 100 points from its all-time high, and the S&P ended its three-game streak; High; the Fed’s FOMC brings inflation risks; EIA raised its two-year oil price expectations, and the two major crude oil futures closed slightly higher.

TOPONE Markets Analyst
2021-04-07
909

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Forex: U.S. dollar fell

U.S. dollar fell to a two-week low against a basket of currencies on Tuesday as traders locked in profits after the U.S. dollar’s strong performance in March, and the fall in bond yields from recent highs put pressure on the U.S. dollar


The dollar index fell 0.239% to 92.341, the lowest level since March 23.


As investors bet that the United States, driven by large-scale stimulus and active vaccination, will recover from the new crown pandemic faster than other developed countries, the U.S. dollar has been appreciating this year, and U.S. bond yields are also rising.


The U.S. dollar rose 2.5% in March, the largest monthly increase since the end of 2016.The dollar fell 0.29% against the yen to 109.855 yen, a one-week low. The major cryptocurrency, Ether, reached a peak of $2,151.63 on Tuesday, before shrinking its gains.


Gold: steady at $1742

In the Asian market in early trading, spot gold was basically stable and is now at around $1742 per ounce.


Boosted by a weaker U.S. dollar and falling U.S. Treasury yields, spot gold rose nearly 1% on Tuesday. Spot gold closed at 1,743.27 US dollars per ounce, up 14.97 US dollars or 0.87%, and hit the highest level since March 25 at 1,745.51 US dollars per ounce.


The latest Kitco News gold survey shows that Wall Street analysts are clearly optimistic about the recent gold trend. Fifteen Wall Street analysts participated in Kitco News's gold survey last week. Among these participants, 11 (73%) predict that the price of gold will rise this week.


Crude oil: oil prices closed up slightly

The U.S. Energy Information Administration (EIA) raised its international oil price forecasts for this year and next, and lowered its forecast for U.S. oil production. The International Monetary Fund (IMF) also issued an optimistic "World Economic Outlook Report."


The two major crude oil futures ended up slightly in the shock. As of press time, US WTI crude oil May futures closed up 68 cents, or 1.16%, to $59.33 per barrel. Its intraday hit a high of $60.90/barrel; Brent June crude oil futures closed up 59 cents, or 0.95%, to $62.74/barrel.


Goldman Sachs predicts that the rebound in oil demand this summer will exceed OPEC and IEA expectations. Earlier in early March, Goldman Sachs stated that the price of Brent crude oil is expected to reach US$80 per barrel in the third quarter of this year, and any correction will be a buying opportunity.


US stocks: the three major US indexes closed down

As of the close, the Dow fell 96.95 points, or 0.31%, to 33430.24 points; the S&P 500 index ended its three-day uptrend, closing 2.81 points, or 0.29%, to 4075.10 points; the Nasdaq closed down 7.21 points , A decrease of 0.05%, to 136,980.38 points. On the previous trading day, the Dow and S&P 500 both closed at record highs.


The share prices of airlines and cruise companies have continued their recent gains. Delta Air Lines rose 2.8%, while Carnival and Royal Caribbean both rose more than 1%. Norwegian Cruise Line shares rose 4.6%.


Large banks such as JPMorgan and Goldman Sachs will start their new earnings season next week. According to Refinitiv, profit in the first quarter is expected to increase by 24.2% year-on-year, higher than the 3.8% in the fourth quarter of last year.


Today’s focus is on:

20:30 Canadian Trade Account (February)


22:30 EIA Cushing crude oil inventory changes (02/April)



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