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【Top1 Evening】U.S. dollar soared, oil prices continued to soar, and gold prices plummeted!
Affected by Powell’s dovish remarks, the U.S. dollar hit a multi-month high against the euro and the yen; the price of gold fell to a nine-month low; OPEC+ continued to tighten oil supply to protect the recovery of oil prices; the deputy prime minister of Russia said that oil prices should be monitored to avoid overheating in the oil market .
Gold: The price of gold fell to a nine-month low
Spot gold fell 0.3% to US$1,692.13, and earlier fell to US$1,686.40, the lowest since June 8. The gold price has fallen 2.3% so far this week.
US gold futures fell 0.6% to US$1,690.40.
Jeffrey Halley, senior market analyst at OANDA, said: "Obviously, Powell's speech last night was not dovish enough for the market. He said that he is not worried about rising U.S. Treasury yields, which in a way gave the green light for higher yields. "
The U.S. 10-year Treasury bond yield rose above 1.5%, while the U.S. dollar soared to a three-month high. Rising yields increase the opportunity cost of holding gold.
Gold holdings in SPDR Gold Trust GLD, the world's largest gold, fell to its lowest level since May on Thursday.
Silver fell 0.5% to US$25.17 per ounce, a weekly decline of 5%, its worst performance since the end of November. Palladium fell 0.2% to US$2,334 per ounce, while platinum fell 0.6% to US$1,119.53 per ounce.
Crude oil: soaring oil prices
The two major crude oil futures continued their gains from the previous trading day on Thursday (March 4). As of press time, US WTI crude oil futures for April closed up 2.55 US dollars, or 4.16%, to 63.83 US dollars per barrel; Brent crude oil May futures closed up 2.67 US dollars, or 4.17%, to 66.74 US dollars per barrel.
OPEC+ held a meeting on Thursday and decided to continue to control oil supply. The news shocked the oil market and caused oil prices to soar. The member states agreed to maintain the current scale of production cuts, and only Russia and Kazakhstan were exempted to increase production slightly. The Minister of Energy of Saudi Arabia stated that he does not believe that the oil market is overheated. Saudi Arabia suffered alone last year. Now it must remain vigilant and cautious. According to Amrita, chief oil analyst at Energy Aspects, a London consulting firm, OPEC+ will definitely face the risk of excessive tightening of the oil market.
Forex: U.S. dollar hits three-month high
The U.S. dollar index hit a three-month high in Asian trading, last at 91.672, and rose 0.7% on Thursday.
The euro fell 0.2% to a three-month low of 1.19515 against the dollar, which was down 0.7% overnight; the dollar earlier hit an eight-month high of 108.035 against the yen, and then gave up most of its gains.
When asked about the impact of the devaluation of the yen on the economy, Japan’s Finance Minister Taro Aso declined to comment on the decline in the yen.
Riskier currencies such as the Australian dollar and New Zealand dollar followed the decline of the stock market, as investor confidence deteriorated again.
"Once the bond market rout is over and volatility is reduced, the commodity currencies (Australian and New Zealand dollars) will be able to recover.
Commodity prices are not falling,” said Capurso of the Commonwealth Bank of Australia.
The Australian dollar fell 0.3% to 0.7705 against the US dollar, following a 0.7% drop on Thursday. The New Zealand dollar fell 0.2% against the U.S. dollar and fell 0.8% overnight.
In the cryptocurrency market, Bitcoin BTC=BTSP fell 2.3% to US$47,272.65. Ether ETH=BTSP fell by 3
.6% to 1,483.43 US dollars.
Stock market: the stock market fell for the second day on Friday
The decline in stock index heavyweights and technology stocks dragged down the broader market, as the U.S. Treasury yield (yield rate) rose to undermine investor confidence.
The Nikkei index .N225 fell slightly by 0.23% to 28,864.32 points, the weekly decline for the second consecutive week. The TOPX stock index .TOPX closed down 0.61% to 1,896.18 points.
European stock markets generally fell at the opening. The European Stoxx 50 index fell 0.72%, the UK FTSE 100 index fell 0.66%, Germany’s DAX index fell 0.58%, Italy’s FTSE MIB index fell 0.68%, Spain’s BEX index fell 0.43%, and France’s CAC The 40 index fell 0.25%.
Focus
21:30 (GMT+8) U.S. unemployment rate in February
21:30 (GMT+8) Changes in the number of non-agricultural employment in the United States in February
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