Gold prices surged as Trump signals US-China trade war escalation. In the early morning on Friday, Gold price fell from 1449.11 to 1430. After the US Non-farm payroll figure of 164K released last Friday, the Gold price rebounded more than 15 dollars, and finally oscillated at around 1,440.13.
As the Fed’s willingness to cut interest rates is less than market expectations, the Dollar Index dropped 0.28% to 98.09. The U.S. benchmarks on Friday ended lower, S&P 500 and DOW 30 figures decreased 0.73% to 2932.04 and 0.37% to 26485.01 respectively.
While Friday’s comments about U-turn on trade tariffs from the US President Donald Trump helped trigger WTI recovery, the oil price hold the strength amid geopolitical tension surrounding the Middle East. The number of U.S. oil rig counts fell for the fifth consecutive week to 770 at the 18-month low. Russia's crude oil production in July decreased by 290K per day barrels compared to the October last year. WTI crude oil price rose 1.28% to 55.19. BRENT crude oil price increased 0.2% to 61.17.
Due to the high risk aversion, all German government bond yields have fallen below 0%. Analysts believed that as the situation continues to deteriorate, Germany's 10-year yields will inevitably hit -0.50%.
The upcoming big data and events: NZD Unemployment Rate (2Q), NZD Employment Change (YoY) (2Q), CNY Caixin China PMI Composite (JUL), CNY Caixin China PMI Services (JUL), GBP Markit/CIPS UK Services PMI (JUL), GBP Markit/CIPS UK Composite PMI (JUL).
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now