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Market News 【TOP1 Evening】Oil price surges! Does Bitcoin give up?

【TOP1 Evening】Oil price surges! Does Bitcoin give up?

The crude oil Asian market, Iran's good news continues! The new export terminal will be opened soon, and the Iranian nuclear agreement will be restarted soon; the trend of gold is becoming more stable, will it continue to rise above 1900? Asia-Pacific stock markets: Vietnam’s VN30 Index hit a new high, and Japan’s exports to China reached a 10-year high.

TOPONE Markets Analyst
2021-05-20
703

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Gold: Gold price goes down


Gold futures prices fell slightly, falling back from the four-month high hit yesterday.


Spot gold prices rose by US$6.97, or about 0.37%, to US$1,876.59 per ounce.

The price of gold futures fell by US$4.55 or about 0.24% to US$1,876.95 per ounce. It rose to US$1,889.75 on Wednesday, a new high since January 8.


The US dollar index futures, which measures the trend of the US dollar against six major trade-weighted currencies, rose 0.06% to 90.135.


Cryptocurrency: Bitcoin crashes


Cryptocurrencies collectively fell. Bitcoin and Ethereum once fell by 35% and 45% respectively. For retail investors who have just entered the cryptocurrency field, they are obviously frightened.


As of the writing, Bitcoin has stabilized at around $40,000, and Ethereum has recovered from the previous day's decline and is currently trading at $2,700.


 Forex: USD rebounds


The U.S. dollar rebounded on Wednesday after rumors that the Fed might reduce its bond purchase plan. The dollar index closed up 0.39% to 90.19, the highest intraday hit 90.29.


The dollar fell 0.13% to 109.33 against the yen, and fell 0.3% to 109.19, the biggest drop since last Tuesday. The Australian dollar rose 0.53% to 0.7771 against the US dollar as gold and oil prices climbed. The U.S. dollar fell 0.7% to 1.2081 against the Canadian dollar, the largest drop since May 6. Canada's wholesale trade increased by 2.8% in March, exceeding expectations for an increase of 1%.


During the European market, the euro rose 0.50% against the dollar to report 1.2141; it supported the rebound in risk appetite for the US stock market and also helped support the euro. The pound rose by about 0.80% last week. The market expects that the British economy will recover strongly. It is expected that the Scottish independence referendum may be far away.



Crude oil: oil prices continue to rise


Crude oil prices rose slightly, but they were still near their lows in the month. Although the U.S. Energy Information Administration (EIA) data showed that the increase in U.S. crude oil inventories was lower than market expectations, the progress of Iranian nuclear talks and the Asian epidemic restrained the market.


According to the US Energy Information Administration's weekly report, in the week ending May 14, US crude oil inventories increased by 1.321 million barrels, which was lower than market expectations of 162.3 barrels. Earlier, the American Petroleum Institute (API) published inventory data also showed that crude oil inventories only increased by 620,000 barrels, which was also lower than expected.


US WTI crude oil futures prices rose 37 US cents, or 0.58%, to US$63.72 per barrel.

Brent crude oil futures prices rose 30 US cents, or 0.45%, to 66.96 US dollars per barrel.

Natural gas prices rose 0.1% to US$2.965.


Stock market: Asia-Pacific stock markets rose


Vietnam’s VN30 Index reached a new high for three consecutive years; the Australian stock market rose more than 1% driven by technology stocks; Japanese and Korean stock markets rose slightly. The Nikkei 225 index rose 0.19% to close at 28098.25 points. The textile, metal products, and electrical sectors led the rise, but the steel and mining sectors continued their sharp declines, and the air transportation and non-ferrous sectors also led the decline.


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