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Market News 【Top1 Evening】Saudi Arabia's major oil town is attacked, oil prices are crazy, cryptocurrencies are soaring, and gold can't return to life?

【Top1 Evening】Saudi Arabia's major oil town is attacked, oil prices are crazy, cryptocurrencies are soaring, and gold can't return to life?

Iran attacked the Saudi oil base, and the oil distribution broke the 70 mark for the first time in more than a year; the U.S. dollar approached a three-and-a-half-month high, as U.S. bond yields resumed their upward trend; Bitcoin and Ethereum heard the wind, and Meitu followed Tesla Invest in cryptocurrencies; European stock markets rose early.

TOPONE Markets Analyst

2021-03-08

516

Gold: Gold prices rose moderately

At the end of the Asian market, spot gold rose moderately and is currently located near US$1705/oz. The price of gold in the Asian market in early trading once approached US$1715/oz.

Some analysts pointed out that the price of gold rose after trading today and broke through the resistance of the bearish channel. At present, the price of gold is facing resistance at the level of $1707.00/oz. In addition, the stochastic indicator is currently losing its positive momentum and touching the overbought area.

Crude oil: crude oil prices rose more than 2%

At midday in Asia on Monday, crude oil prices rose by more than 2%. Among them, the Burundi oil station reached the $70 mark, which was the first time since the outbreak of the public health crisis to stand at this level. U.S. oil also hit the highest level since October 2018. Prior to that, Saudi Arabia The oil facility was attacked.

Axi’s chief global market strategist stated in a research report, “After Iran-backed Houthis attacked Saudi Arabia’s oil and military bases, oil prices soared in the morning.”

US WTI crude oil futures prices rose 1.35 US dollars or 2.04% to US$67.44 per barrel; London Brent crude oil futures prices rose 1.46 US cents or 2.1% to US$70.82 per barrel.

Forex: U.S. dollar, Bitcoin climbed

The U.S. dollar index reported 92.186, up 0.3%, only slightly lower than the 92.201 high since the end of November hit on Friday.

AUD/USD rose 0.2% to 0.7696 US dollars, but far away from the intraday high of 0.77230. The New Zealand dollar/U.S. dollar fell about 0.1%.

The Australian and New Zealand currencies are closely related to global merchandise trade and there is a demand for them.

The U.S. dollar is close to a one-month high against the pound at 1.3819. The dollar was steady at 108.46 yen against the yen, after hitting a nine-month high of 108.645 on Friday.

U.S. Treasury yields (yield rates) rose across the board, damaging investor confidence in the stock market. The U.S. dollar fell 4% in the fourth quarter of last year and has risen 2.4% so far this year. Investors expect that the general rise in U.S. bond yields will hit the stock market’s excessive valuation and boost the charm of the U.S. dollar.

Meitu purchased 22.1 million US dollars in Ether and 17.9 million US dollars in Bitcoin. The company emphasizes that cryptocurrency provides diversification of holding cash, and it does not rule out the launch of blockchain applications in the future.

Bitcoin rose 1.76% to $50,424.08. Ethereum rose 3.5538% to 1,716.27 US dollars. Meitu opened higher than 14% in early trading and is now down 2.58% to 2.64 Hong Kong dollars.

Stock market: European stock markets rose early

Britain’s FTSE index was last reported at 6646 points, up 16 points, or 0.24%; Germany’s DAX index was last reported at 13,991 points, up 70 points, or 0.51%; France’s CAC index was last reported at 5800 points, up 17 points, an increase 0.3 percent.

Hong Kong banking stocks bucked the trend and rose. Bank of China Hong Kong (HK:2388) rose 4.46%, Standard Chartered Bank (HK:2888) rose 4.06%, HSBC Holdings (HK:0005) rose 3.58%, and Bank of East Asia (HK:0023) 1.89%.