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【Top1 Evening】Oil prices rebound, U.S. dollar and Japanese yen hit a new high, Eurasian stocks fell with U.S. stocks
European stock markets opened generally down; crude oil inventories fell sharply and oil prices rebounded in key positions; gold prices rebounded from a nine-month low, but they were still subject to rising bond yields.
Gold: rising gold prices
Gold prices rebounded from the last nine-month low, but rising U.S. Treasury yields continue to suppress non-interest-bearing asset gold.
Spot gold rose 0.5% to US$1,719.21 per ounce, and fell to US$1,701.40, the lowest since June 9 on Wednesday. US gold futures rose 0.1% to US$1,717.50.
"It's just a technical rebound. Gold's overall fundamentals are still skewed to the downside-the dollar's reversal and rising U.S. bond yields are not conducive to gold prices," said Hareesh V, Head of Commodity Research at Geojit Financial Services. He said that gold's hedging appeal has diminished.
Higher US Treasury yields threaten the attractiveness of gold as an inflation hedge because it increases the opportunity cost of holding gold. The U.S. dollar rose against other currencies.
Forex: The dollar hits a seven-month high against the daily circumference in four
The orderly rise in U.S. Treasury yields provided support. Later, the Chairman of the Federal Reserve (Fed/FED) Powell will give a speech, which may determine the trend of the global bond and foreign exchange markets.
The U.S. dollar against the Swiss franc is also close to a three-month high, holding its gains against most currencies, as the US bond market resumes calm to support market sentiment. However, the U.S. dollar fell against the Australian and New Zealand dollars as traders who expected stronger growth in the global economy continued to buy commodity currencies.
Powell's remarks will be closely watched to see if he will express doubts about the recent massive selling of public debt, and whether there will be any adjustments to his assessment of the economy before the next meeting of the Federal Reserve, which ends on March 17.
As long as U.S. bond yields rise steadily, the dollar/yen rally may continue, but the U.S. dollar may fall against the currencies of other major commodity exporting countries as more signs indicate a rebound in the global economy.
Crude oil: Crude oil futures rise
New York Mercantile Exchange April crude oil futures, the transaction price rose 0.24% before the deadline, trading at USD61.43 per barrel.
The previous high point was USD61.60 per barrel. Crude oil is expected to find support at USD59.36 and USD63.57 will meet resistance.
The May transaction price of Nymex Brent crude oil rose by 0.25% to USD64.23 per barrel; while the contract price of Brent crude oil and crude oil was set at USD2.8 per barrel.
Stocks: European stocks opened and fell, Nikkei hit a one-month low
European stock markets generally fell at the opening. The European Stoxx 50 Index fell 0.61%, the UK FTSE 100 Index fell 0.79%, Germany's DAX Index fell 0.53%, Italy's FTSE MIB Index fell 0.39%, Spain's BEX Index fell 0.44%, and France's CAC The 40 index fell 0.24%.
The Nikkei index closed down more than 2% and hit a one-month low, following the decline in US stock futures. The Nikkei index .N225 closed down 2.13% to 28,930.11 points, the lowest point since February 5; the top stock index .TOPX fell 1.04% to 1,884.74 points.
"There is uncertainty about the trend of U.S. Treasury yields, which makes the market outlook unclear," said Masahiro Chikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.
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23:00 (GMT+8) US January factory orders monthly rate
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