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Market News [Market Evening] Global Central Banks Are Lining Up to Raise Interest Rates, the US Dollar Climbs To New Highs, Can dollar hold 1680 this time?

[Market Evening] Global Central Banks Are Lining Up to Raise Interest Rates, the US Dollar Climbs To New Highs, Can dollar hold 1680 this time?

[Market Evening] Global Central Banks Are Lining Up to Raise Interest Rates, the US Dollar Climbs To New Highs, Can dollar hold 1680 this time?

TOPONE Markets Analyst
2022-09-07
10410

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As of 17:00 (GMT+8), spot gold fell 0.190% to $1698.69/oz, and spot silver rose 0.211% to $18.027/oz.


Comment: International gold prices fell as optimistic economic data boosted the Fed's aggressive interest rate hike stance to continue expectations; the dollar and US Treasury yields jumped. The US dollar index continued to hit a new high in mid-June 2002 at 110.697. We believe that the long-term effects of restrictive policies have not been reflected in gold price movements. As gold prices continue to move lower, the likelihood of a bullish stampede is also increasing.


Suggestion: short Spot gold at 1701.30, and the target point is 1688.80.


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As of 17:00 (GMT+8), the US dollar index rose 0163% to 110.41, EUR/USD rose 0.037% to 0.99054; GBP/USD fell 0.133% to 1.14997; AUD/USD fell 0.295% to 0.67184; USD /JPY was up 0.934% at 144.092.


Comment: ECB Executive Board member Schnabel's speech at Jackson Hole set the tone for this week's upcoming policy meeting. With inflation in the eurozone expected to rise to at least 10% in the coming months and consumer prices at risk of soaring, a sharp 75 basis point rate hike by the European Central Bank on Thursday is certainly possible.


Suggestion: the euro against the dollar is short at 0.99110, and the target point is 0.98650.


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As of 17:00 (GMT+8), WTI fell 1.082% to $85.655/barrel; Brent fell 0.824% to $91.615/barrel.


Comment: International oil prices fell, and US oil hit a new low in late January. The oil industry faces a wave of headwinds, with a strong dollar, aggressive interest rate hikes, soaring bond yields, and slowing economic growth all weighing on oil prices, which are not expected to ease anytime soon.


Suggestion: Long US crude oil at 85.800 positions , target point 88.540.


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1. Russia seeks to establish a stable currency cross-border clearing platform with friendly countries;


2. Franklin Templeton Launches Metaverse ETF for European Investors


3. Tencent acquired 49.9% of Ubisoft's largest shareholder, Guillemot;


4. Former US OCC Director: Digital assets belong to traditional banking business;


5. Fuel Labs completed $80 million in the financing, led by Blockchain Capital;


6. Ronin Network and Axie Infinity will support PoS after the merger of Ethereum;


7. Varjo, an enterprise-level Metaverse software, and hardware service provider, completed a $40 million Series D financing;


8. KPMG will launch an embedded financial center in Singapore to support companies entering the blockchain and other fields.


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The Taiwan Weighted Index fell 1.250% to 14379.8 points;


The Nikkei 225 fell 0.189% to 27,497.5 points;


Hong Kong's Hang Seng Index rose 0.093% to 18982.7 points;


Australia's S&P/ASX 200 fell 0.772% to 6738.25.


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20:30(GM+8):


US trade account in July ($100 million)


Canada's trade account in July (100 million Canadian dollars)


22:00(GM+8):


Bank of Canada overnight lending rate on September 7 (%)


Canada's August IVEY seasonally adjusted PMI


Canada's August IVEY unseasonably adjusted PMI



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