Overnight financial data review: dollar fall or peak signal base metal trend differentiation overall weak operation

SMM6 22: overnight the dollar was hit by weak U. S. data and non-U. S. currency strength, in addition to 10-year U. S. bond yields have also been revised back, the dollar's upward momentum has subsided, the overnight dollar returned below the 95 mark, closing at 94.853. The trend of the inner and outer plate of the basic metal is weak as a whole. In the external market, the rise and fall of metals has been mixed, but the overall trend is weak. LME zinc fell more than 2 per cent, hitting its lowest level since August 2017, with lead and tin falling slightly. Nickel and aluminum rose slightly, copper closed 0.23 per cent higher, and copper hovered near a three-week low, largely weighed down by sentiment in the Sino-US trade war. In the internal market, only Shanghai aluminum and nickel rose slightly, while the rest of the varieties generally fell, with Shanghai zinc down nearly 2% following the outer market trend, Shanghai lead down more than 1%, and Shanghai tin and copper down slightly.

Initial claims for unemployment benefits fell to 218000 last week, the fourth straight week of decline, in a sign of further tightening in the labour market. The four-week average of the less volatile first-time jobless claims fell 4000 to 221000. With the unemployment rate falling to an 18-year low of 3.8 per cent, the labour market is seen as approaching full employment. The Fed raised interest rates for the second time this year last week, predicting two more this year and calling the labour market "strong".

The Philadelphia Fed manufacturing index, released at the same time, was 19.9 in June, its lowest level since November 2016, with a forecast of 29 and a previous value of 34.4.

According to the April house price data released later, the FHFA house price index in the United States in April was 0.1% from the previous month, expected to be 0.5%, and the previous value was revised from 0.1% to 0.2%. The US FHFA house price index in April was 6.4 per cent from a year earlier, compared with 6.7 per cent.

Euro zone data released late in the evening showed that the initial consumer confidence index for the euro zone in June was-0.5, expected to be 0, the previous value of 0.2.

Important overnight financial data are shown in the following table: