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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Decision Analysis]: Gold and crude oil rose sharply on the opening! The US dollar broke through the 99 US dollar mark." Hope it will be helpful to you! The original content is as follows:
On June 23, early trading in the Asian market on Monday, Beijing time, the US dollar index hovered around 99.01. Last Friday, the U.S. dollar index hit its biggest weekly gain in more than a month, with the daily line flat, and finally closed down 0.01% to 98.77 due to uncertainty in the war in the Middle East and its possible impact on the global economy. The US dollar index strengthened about 0.5% at the beginning of Monday's session and then fell back; the benchmark 10-year U.S. Treasury yield closed at 4.3830% last Friday, and the 2-year U.S. Treasury yield closed at 3.9160%. Although rising geopolitical risks have supported the gold price, the rise in U.S. inflation expectations and the Fed's cautious stance have affected market expectations of the number of interest rate cuts this year. Spot gold remained stable last Friday and finally closed down 0.07% at $3,371.39 per ounce. Affected by factors such as the US air strikes on Iran’s three major nuclear facilities and Trump’s retaliation about why the Iranian regime cannot change, spot gold opened higher by $24 on Monday, reaching a high of $3,398 per ounce. Last Friday, spot silver closed down 1.9% at $36.02 per ounce. WTI crude oil opened high and fell last Friday, and finally almost gave up all the gains in the day, closing up 0.2% to $73.96 per barrel; affected by the escalation of the situation in the Middle East, WTI crude oil opened 3.7% higher on Monday. Brent crude oil closed down 1.93% on Friday at $77.17 per barrel, opening 1.8% higher on Monday.
Dollar Index: As of press time, the US dollar index hovers around 99.01. The U.S. dollar index hit its biggest weekly gain in more than a month due to uncertainty in the war in the Middle East and its possible impact on the global economy. Technically, if the US dollar index falls below 50MA98.51, it will move towards the nearest support level, i.e. the 98.00–98.20 range.
On the Asian session on Monday, gold trading around 3364.45. U.S. President Donald Trump's decision to join Israel's war against Iran has escalated the conflict sharply, thus boosting gold. Traders will keep an eye on the initial value of the US S&P Global Purchasing Managers Index (PMI) late Monday. Earlier on Sunday, the U.S. launched air strikes on three Iranian nuclear facilities, directly joining the Israeli-Iran war, despite Trump's long-standing pledge to avoid new foreign conflicts. Tensions escalated after the U.S. bombardment of Iran’s nuclear facilities has promoted the flow of safe-haven funds and benefited gold prices, which have traditionally been considered a hedging tool in times of political and economic uncertainty.
On the Asian session on Monday, crude oil trading around 75.53. Affected by the escalation of the Middle East situation over the weekend, WTI crude oil opened 3.7%. The U.S. State Department issued a global security alert on Sunday, advising U.S. citizens around the world to "be alert." After the U.S. attacked Iran's nuclear facilities, the U.S. State Department stated that "the conflict between Israel and Iran has led to impeded travel in the Middle East and periodic airspace closures. In addition, demonstrations against U.S. citizens and interests overseas may also occur."
①To be determined the United States imposed tariffs on various steel appliances
②To be determined Iranian Foreign Minister Aragic held talks with Russian President Putin
③15:15France's initial manufacturing PMI in June
④15:30Germany's initial manufacturing PMI in June
⑤16:00Eurozone's initial manufacturing PMI in June
⑥16:30Eurozone's initial manufacturing PMI in June
⑦16:30Eurozone's initial manufacturing PMI in June
⑦16:30Eurozone's initial manufacturing PMI in June
⑦21:00Eurozone's initial manufacturing PMI in June
⑨21:45 The initial value of S&P Global Manufacturing PMI in June
⑩21:45 The initial value of S&P Global Services PMI in June
22:00 The total number of existing home sales in the United States in May
22:00 The total number of existing home sales in the United States in May
22:00 The next day, the Fed Gulsby attended the event Q&A
The next day, the Fed Kugler and Williams hosted the event
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