English
[Market Evening] Under the 1800 mark, Pay Attention to the Changes in the Fed's Interest Rate Hike Expectations, the Dollar Trend May Help Gold Bulls
Although the U.S. PPI in July was lower than market expectations, the dollar was under pressure for a time, helping gold prices rise to around the 1800 mark, but Fed officials downplayed the lower-than-expected inflation data and reiterated their commitment to tightening policies. U.S. bond yields rose to nearly three The weekly high made gold pared gains and came under slight pressure. Relatively speaking, the current market expectations for the Fed to raise interest rates by 75 basis points in September have fallen significantly, and interest rate futures show that the probability of a 50 basis point rate hike has risen to 60%, slightly favoring the bullish price of gold.
As of 17:00 (GMT+8), spot gold fell 0.090% to $1787.78/oz, and spot silver rose 0.261% to $20.338/oz.
Comment: The international gold price is firm, but the rebound of the US dollar index limits the upside of the gold price. The market continues to believe that the weakening of inflation pressures in the United States in July is unlikely to prompt the Federal Reserve to change the course of monetary policy, and the rise of non-yielding asset gold is still facing restraint.
Suggestion: Go long spot gold at 1786.80 and target at 1798.60.
As of 17:00 (GMT+8), the US dollar index rose 0.200% to 105.19, EUR/USD fell 0.221% to 1.02997; GBP/USD fell 0.140% to 1.21791; AUD/USD rose 0.263% to 0.71254; USD /JPY was up 0.223% at 133.293.
Comment: The ZEW Economic Sentiment Index in the Eurozone recorded -51.1 in July, the lowest level since December 2011. Under the double pressure of energy shortage and high inflation, the eurozone economy is stagnant and unable to bear the burden. A recession in the eurozone may be inevitable. Some experts even predict that the eurozone will experience a technical recession in the first quarter of 2023 at the latest.
Suggestions: long EUR/USD 1.03020 position, the target point 1.03610.
As of 17:00 (GMT+8), WTI rose 0.567% to $93.755/barrel; Brent rose 0.831% to $99.151/barrel.
Comment: International oil prices struggled to maintain gains as recession fears eased, but gains were capped by contrasting views on demand prospects from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA).
Suggestion: short US crude oil at 93.300; the target point is 89.750.
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2. President of the Central Bank of Brazil: hopes to make the central bank's digital currency work in 2024;
3. Shinsei Bank of Japan launched BTC and XRP reward programs for customers;
4. US judge says Robinhood will face market manipulation claims;
5. DCG founder: Central banks can safely invest in Bitcoin through BlackRock's Bitcoin Private Trust;
6. Blockworks: The Ethereum merger will take place around September 15th or 16th;
7. MakerDAO considers buying $3.5 billion in ETH Buterin calls it risky and scary;
8. Email automation tool Klaviyo was compromised, and 44 encryption-related companies were affected by the data breach;
9. US CFTC Chairman: Ready for the possibility of regulating cryptocurrencies.
The Taiwan Weighted Index rose 0.519% to 15309.8 points;
The Nikkei 225 rose 1.770% to 28639.1 points;
Hong Kong's Hang Seng Index rose 0.179% to 20150.0;
Australia's S&P/ASX 200 rose 0.095% to 7054.15.
20:30(GM+8):
US July import price index monthly rate (%)
US July import price index annual rate (%)
22:00(GM+8):
US University of Michigan Consumer Confidence Index Preliminary in August
U.S. University of Michigan expectations index preliminary value in August
The preliminary value of the current situation index of the University of Michigan in August
US August University of Michigan 1-year inflation forecast initial value (%)
U.S. August University of Michigan 5-10-year inflation forecast initial value (%)
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