[Market Evening] International Oil Prices Fall, Demand May Have Loosened Amid Tight Supply
U.S. President Joe Biden will fly to Saudi Arabia on Friday, where he will attend a summit of Gulf allies and call on them to further expand oil production. However, spare capacity in OPEC members is shrinking, with most producers operating at maximum capacity, and it is unclear how much additional capacity Saudi Arabia can quickly free up for the market.

As of 17:00 (GMT+8), spot gold fell 0.437% to $1702.20/oz, and spot silver fell 0.723% to $18.251/oz.
Comment: The international gold price continued its previous weakness and fell to the overnight low of $1,697.53 per ounce on August 9, 2021, as the continued surge in the dollar and concerns about the Fed's more aggressive interest rate hike expectations have weighed on gold demand. As long as the Fed keeps raising rates, markets don't see inflation as a long-term problem.
Suggestion: Spot gold is short at 1704.50, and the target point is 1700.00.
As of 17:00 (GMT+8), the US dollar index fell 0.074% to 108.43, EUR/USD rose 0.049% to 1.00227; GBP/USD rose 0.069% to 1.18320; AUD/USD fell 0.159% to 0.67380; USD /JPY fell 0.136% to 138.778.
Comment: The euro against the dollar fell below the parity level of 1 during the session, and the lowest went to 0.9952. After some obstacle options and the intervention of the European Central Bank to adjust reserves, the euro stubbornly closed above parity in late trading. In the overnight market, the United States announced that the PPI in June increased by 11.3% year-on-year, exceeding market expectations of 8.8%. Following the high-speed growth of the CPI on Wednesday, after the release of the data reflecting the bursting inflation, the US dollar index broke through 109, reaching a maximum of 109.30, continuing to hit a new high since 2002.
Suggestion: short position of EUR/USD 1.00300, target point 1.00000.
As of 17:00 (GMT+8), WTI fell 0.930% to $92.710/barrel; Brent fell 0.470% to $96.683/barrel.
Comment: International oil prices fell, although the market expects that the prospect of the Fed raising interest rates may not be so aggressive and that it is difficult for OPEC to further expand production increases, but concerns about demand recovery limited the gains. US demand for gasoline, jet fuel, and diesel is down more than 10 percent compared to 2019 before the pandemic began.
Suggestion: US crude oil is short at 93.070, and the target point is 90.200.
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The Taiwan Weighted Index rose 0.179% to 14516.1 points;
The Nikkei 225 rose 0.335% to 26,799.5 points;
Hong Kong's Hang Seng Index fell 1.039% to 20291.0 points;
Australia's S&P/ASX 200 rose 0.365% to 6,619.45.
20:30(GM+8):
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21:15(GM+8):
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22:00(GM+8):
US University of Michigan Consumer Confidence Index Preliminary in July
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