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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Platform]: The US dollar index rebounded, why did Powell suddenly let go?" Hope it will be helpful to you! The original content is as follows:
On August 26, early trading in the Asian market on Tuesday, Beijing time, the US dollar index hovered around 98.13. On Monday, as market optimism about the prospect of interest rate cuts subsided, the US dollar index rebounded and returned to above the 98 mark, eventually closing up 0.71% to 98.394. U.S. Treasury yields generally rose, with the benchmark 10-year U.S. Treasury yields closing at 4.276%, and the 2-year U.S. Treasury yields closing at 3.7340%. Due to the strengthening of the US dollar, spot gold fluctuated sideways in a narrow range of nearly $15, and finally closed down 0.19% to close at $3365.8/oz; spot silver fell even more, eventually closing down 0.72% to $38.57/oz. International crude oil rose for the fourth consecutive day. WTI crude oil rose above the key 100-day moving average, which stimulated some algorithmic buying. It once approached the $65 mark during the session and finally closed up 1.52% to $64.62 per barrel; Brent crude oil finally closed up 1.31% to $68.2 per barrel.
Dollar Index: As of press time, the US dollar index hovered at $98.13 US dollar rose against major currencies on Monday, rebounding from a sharp decline after Fed Chairman Powell's speech last week. His remarks reinforced expectations for a rate cut in September. Technically, the U.S. dollar index is trying to close above resistance at 98.00–98.20. If this attempt is successful, the U.S. dollar index will move to the next resistance level, which is in the 99.20–99.40 range.
On Tuesday, gold hovered around 3378.97. The market believes that the prospect of the Federal Reserve's interest rate cut in September is still variable. The US dollar index rose 0.49% on Monday, setting the largest single-day increase in the past month, suppressing the trend of gold prices. Moreover, there is a demand for a technical pullback after the gold price surged last Friday. Investors are waiting for this Friday's U.S. PCE inflation data, and this data storm may determine the directional breakthrough of gold in the next stage. Investors are waiting for this Friday's U.S. PCE inflation data, and this data storm may determine the directional breakthrough of gold in the next stage.
On Tuesday, crude oil trading around 64.25. Oil prices climbed about 2% on Monday, continuing last week's rally as tradersMore sanctions are expected on Russian oil, and Ukraine's attack on Russia's energy infrastructure could disrupt supply. Investors are waiting for the U.S. PCE inflation data this Friday, and this data storm may determine the directional breakthrough of gold in the next stage. Investors are waiting for this Friday's U.S. PCE inflation data, and this data storm may determine the directional breakthrough of gold in the next stage.
20:30Monthly rate of durable goods orders in the United States in July
21:00Monthly rate of FHFA House Price Index in June
21:00Monthly rate of S&P/CS20 major cities in June
22:00Monthly rate of housing price index in August
22:00 US Richmond Fed Manufacturing Index in August
The next day, Bank of Canada Governor McClum delivered a speech
The next day, 04:30 the next day, API crude oil inventories from the US to August 22
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