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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: The U.S. dollar index hit a six-day high, and gold suffered the largest one-day decline in years." Hope this helps you! The original content is as follows:
On October 22, in early trading in Asia on Wednesday, Beijing time, the U.S. dollar index was hovering around 98.91. On Tuesday, market optimism about the trade agreement boosted the U.S. dollar, with the U.S. dollar index hitting a six-day high and finally closing up 0.36% at 98.95. The benchmark 10-year U.S. Treasury yield finally closed at 3.974%, and the 2-year U.S. Treasury yield, which is sensitive to the Fed's policy rate, closed at 3.463%. Gold and silver suffered their sharpest sell-off in years on Tuesday as investors locked in profits on concerns that recent historic gains have left them overvalued. Spot gold once fell 6.3%, the largest one-day decline since April 2013, and finally closed down 5.31%, at $4,124.36 per ounce; spot silver finally closed down 7.11%, at $48.66 per ounce. Oil prices rose as the United States planned to purchase 1 million barrels of crude oil to replenish the U.S. Strategic Petroleum Reserve. WTI crude oil approached the 58 mark during the session and finally closed up 1.14% at US$57.57/barrel; Brent crude oil finally closed up 1.03% at US$61.58/barrel.
U.S. dollar index: As of press time, the U.S. dollar is hovering around 98.91. The U.S. dollar index has benefited from the support brought by policy differentiation and the rebound in optimism related to U.S. fiscal stability. The U.S. dollar index will most likely maintain a bullish tone before the release of inflation data this Friday. Technically, the U.S. Dollar Index is trying to settle above resistance at 98.85–99.00. If this attempt is successful, the USD Index will move towards the next resistance level, which is located in the 100.00–100.15 range.
In Asian trading on Wednesday, gold hovered around 4080.57. Huang In the current turmoil in the global financial market, gold's status as a traditional safe-haven asset is once again facing a severe test. Spot gold prices suffered a heavy setback on Tuesday (October 21), falling as much as 5.3% in a single day, closing at $4,124/ ounces, this is not only a new low in the past week, but also the largest single-day decline since August 2020. Gold prices hit a low of $4,083.15 per ounce during the session, falling nearly $300 from the day's high, catching countless investors off guard. This plunge is not an isolated incident, but the result of multiple factors, including investor profit-taking, weakening demand for safe havens, and subtle changes in the macroeconomic environment.
On Wednesday in the Asian market, crude oil was trading around 57.40. WTI's rise suggests that the easing of Sino-U.S. trade frictions has outweighed the impact of a rising dollar and oversupply concerns. Traders awaited a U.S. Energy www.stofoco.comrmation Administration (EIA) inventory report later on Wednesday.
14:00 UK September CPI monthly rate
14:00 UK September retail price index monthly rate
20:25 European Central Bank President Lagarde delivers a speech
22:30 EIA crude oil inventories in the United States for the week of October 17
22:30 EIA crude oil inventories of the United States for the week of October 17 Cushing crude oil inventory
22:30 EIA Strategic Petroleum Reserve inventory in the United States for the week of October 17
At 04:00 the next day, Federal Reserve Board Governor Barr delivered a speech on financial inclusion
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