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Market News [Market Morning] Biden May Soon Announce the Cancellation of Some Tariffs on China, The Shortage of Oil Supply May Intensify, And Crude Oil Sounds The Clarion Call

[Market Morning] Biden May Soon Announce the Cancellation of Some Tariffs on China, The Shortage of Oil Supply May Intensify, And Crude Oil Sounds The Clarion Call

In early Asian trading on July 5, the U.S. dollar index traded around 105.17. Although the market has lowered expectations for a U.S. interest rate hike, worries about a global economic recession still supported the U.S. dollar higher. The market is waiting for the minutes of the Fed meeting and non-agricultural data; Australia The Fed will release a decision on interest rates within the day, and the market is expected to raise interest rates by 50 basis points.

TOPONE Markets Analyst
2022-07-05
574

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On Monday, spot gold fluctuated within the range of 1800-1814 and finally closed flat at $1808.04 per ounce; spot silver rose sharply during the U.S. session and finally closed up 0.69% at $19.98 per ounce.


Comment: Gold fell on Monday as the prospect of rising interest rates dented the appeal of the non-yielding asset, but a weaker dollar helped the metal hold above the $1,800 support level. Gold bulls have been caught in the quagmire of aggressive policy action by the Federal Reserve, as the prospect of higher U.S. interest rates eroding the precious metal’s appeal, with the Fed expected to raise rates by another 75 basis points this month.


Suggestion: Spot gold is short at 1808.40; the target point is 1784.90


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The U.S. dollar index fell below the 105 mark for a while but then recovered all lost ground and turned up, finally closing up 0.038% at 105.19; 10-year U.S. Treasury yields were closed for the U.S. Independence Day holiday.


Comment: The euro and sterling rose against safe-haven currencies on Monday, supported by an improvement in global risk sentiment during a quiet U.S. holiday-led trading session.


Suggestion: short position of EUR/USD 1.04310, target point 1.03820


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In terms of crude oil, the two crude oils rose sharply in the U.S. session. WTI crude oil returned to the top of the $110 mark and closed up 2.23% at $111.94 per barrel; Brent crude returned to the top of the $115 mark at $116.41 per barrel.


Comment: Oil prices rose on Monday as supply concerns stemming from OPEC production cuts, unrest in Libya, and sanctions on Russia outweighed concerns about a slump in global demand. Eurozone inflation hit another record high in June, strengthening the case for the European Central Bank to raise interest rates quickly, while U.S. consumer confidence hit a record low.


Suggestion: short the 108.500 position of U.S. crude oil, the target point is 104.490


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U.S. stocks were closed for the U.S. Independence Day holiday.


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U.S. media say Biden may soon announce the cancellation of some tariffs on China


According to the “Wall Street Journal” on July 4, citing sources, U.S. President Biden is expected to announce the cancellation of some of the additional tariffs on China soon. The plan is understood to include a moratorium on tariffs on consumer goods such as clothing and school supplies.


Ukrainian Foreign Minister: There is no hope of Ukraine joining NATO in the short term


Ukrainian Foreign Minister Kuleba said on the 4th local time that there is no hope for NATO countries to allow Ukraine to join the organization in the short term. Separately, Ukraine said it needs between $60 billion and $65 billion this year to meet funding needs.


NATO holds accession talks with Finland and Sweden; the three parties will sign the “accession” protocol on the 5th


A NATO spokesperson announced on July 4, local time, that NATO officials held talks with representatives of Finland and Sweden on the text of the agreement on the two countries’ accession. On July 5, local time, NATO Secretary-General Stoltenberg, Finnish Foreign Minister Haavisto, and Swedish Foreign Minister Linde will formally sign the “Accession” Protocol between Finland and Switzerland at the NATO headquarters in Brussels and will meet together reporter.

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