【TOP 1 Morning】Gold slide! Tesla holds the market back. Oil continues to rise

Forex: USD plummets

The U.S. dollar fell to a six-week low against other major currencies on Monday. The market digested the sharp drop in U.S. Treasury yields last week as the Federal Reserve reiterated that the rise in inflation may be temporary.

The recent global stock market rose to record highs, showing an improvement in risk sentiment, and also putting pressure on the US dollar.

The US dollar index fell 0.58% to 91.082, continuing the downward trend that began at the end of March.

Affected by this, the pound rose 1% against the dollar, approaching $1.40, the first time since March 18. The data that is expected to be released later this week will provide more evidence for the recovery of the British economy.

The U.S. dollar weakened sharply across the board, hitting a few weeks low against the major currencies of the Group of Ten (G10) such as the Japanese Yen, Swiss Franc, Australian Dollar, New Zealand Dollar and Euro.

The euro rose above $1.20 against the U.S. dollar in late New York trading, the first time since March 4, to $1.2037. The European Central Committee will hold a meeting on Thursday, and there are internal differences on the speed of bond purchases, the extension of the new crown epidemic blockade, and the possible delay of the EU recovery fund.

According to Masafumi Yamamoto, chief foreign exchange strategist at Mizuho Securities, U.S. bond yields and the U.S. dollar exchange rate are in a period of consolidation.

The U.S. dollar traded at 108.135 yen in the afternoon against the daily circle, hitting its lowest level since March 5.

Stock market: U.S. stocks fall

The U.S. stock market closed down on Monday, falling from a record high set last week. Investors are waiting for companies to announce their first-quarter earnings and financial forecasts to prove that the stock’s high valuation is reasonable. Tesla fell after its driverless cars happened before. Fatal accident.

Tesla shares fell 3.4% after a Tesla car believed to be driving an unmanned driver crashed into a tree in northern Houston on Saturday, killing two passengers in the car.

Tesla caused the biggest drag on the S&P 500 and Nasdaq. Tesla’s investment in Bitcoin fell 8.4% over the weekend, which also put pressure on its stock price.

Most of the S&P 500 index stocks are lower. Microsoft, Amazon and Nvidia/Nvidia have also caused a drag on the index stock index. Analysts are waiting for most of the corporate earnings reports to be released this week and next week.

Gold: gold price fall

The price of gold fell from a high in more than seven weeks, as US Treasury yields rose, which suppressed the attractiveness of non-yielding gold and offset the support of a weaker U.S. dollar.

Spot gold closed at US$1771.43 per ounce, down US$5.08 or 0.29%. It hit the highest level since February 25 at US$1,790.14 per ounce and the lowest touched US$1,766.65 per ounce. Last week, spot gold was US$32.63 or 1.87%.

COMEX June gold futures closed down 0.5%, at 1,770.60 US dollars per ounce.

COMEX's most active gold futures contract at 21:18 on April 19th, Beijing time, instantly traded 2,584 lots in one minute, with a total value of 457 million US dollars.

Among other precious metals, spot silver fell 0.54% to US$25.81 per ounce; spot platinum rose 0.65% to US$1209.74 per ounce.

Spot palladium rose 1.16% to US$2808.74 per ounce, after rising to US$2849.19 per ounce, the highest level since February 2020.

Crude oil: oil prices continue to rise

OPEC+ is discussing lowering the level of the April 18 meeting, considering only arranging the Joint Production Reduction Supervision Committee (JMMC) meeting next week instead of holding the OPEC+ ministerial meeting. Due to delays in receiving funds for infrastructure maintenance, one of Libya’s main ports has ceased operations, and Libya’s current crude oil production has fallen to less than 1 million barrels per day, the first time in the past few months.

The two major crude oil futures continued their gains since last week. US WTI crude oil futures in May closed up 25 cents, or 0.41%, to $63.38 per barrel; Brent June crude oil futures closed up 28 cents, or 0.42%, to $67.05 per barrel. Last week, U.S. oil still closed up 6.42% cumulatively, and Bursa oil closed up 6.09% cumulatively.

Today’s focus is on:

12:30 Monthly Rate of Japan's Tertiary Industry Index (February)

14:00 Changes in employment in the UK (January)