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The US dollar achieves four consecutive gains under general metal pressure. COMEX gold closed at a two-month low.
Sep 24,2020 06:54CST
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Source:SMM
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SMM9 March 22: yesterday, the outer plate metal fell across the board, Lunxi down 3.01%, Lunxi copper down 2.55%, Lunzn zinc down 2.35%, Lun aluminum down 1.38%, Lun nickel down 1.27%, Lun lead down 0.53%, and Lun copper fell sharply on Wednesday, due to the strengthening of the dollar and the slowing pace of copper price rise triggered fears of speculative selling. The dollar hit its highest level since July, making copper more expensive for buyers of other currencies. Domestically, shanghai aluminum fell 3.52%, shanghai tin fell 1.72%, shanghai copper and shanghai zinc fell 1.26%, shanghai lead fell 0.61%, and shanghai nickel rose 0.05%.

The dollar index rose 0.41% to 94.357, while the dollar index rose for the fourth day in a row to an eight-week high as the US stock market fell and investors questioned the pace of the global economic recovery in the face of rising novel coronavirus cases and weak economic data in Europe. and try to deal with US policy uncertainty. Several rounds of speculative dollar buying triggered stop-loss orders, pushing the dollar higher. Fed policy makers have warned of the risks of cooling the economy at a time when the US has reached a political stalemate in launching a new epidemic rescue stimulus package.

U. S. stocks closed lower on Wednesday, with technology stocks leading the way. The Nasdaq fell more than 3%, and the S & P 500 was close to falling into a pullback. A new round of economic stimulus package is still deadlocked, Powell and other Fed officials warned of the risks of economic recovery and called for fiscal stimulus measures. Analysts say the U. S. economic recovery has slowed. The Dow fell 525.05 points, or 1.92%, to 26763.13; the Nasdaq fell 330.65 points, or 3.02%, to 10632.99; and the S & P 500 fell 78.65 points, or 2.37%, to 3236.92.

In precious metals, COMEX futures closed at a two-month low on Wednesday as the dollar strengthened and investors waited for further responses from major central banks in times of economic uncertainty. Gold prices are currently being affected by the trend of the dollar, which continues to be under pressure from a stronger dollar. The dollar index hit an eight-week high, undermining gold's attractiveness to investors holding other currencies.

In terms of crude oil, US crude oil futures edged higher on Wednesday as (EIA) data from the US Energy Information Administration showed that US crude and refined oil inventories fell last week, although concerns about the still-raging novel coronavirus epidemic limited gains. Us crude oil, gasoline and distillate stocks all fell last week, according to data released by EIA on Wednesday. Analysts pointed out that while the EIA data provided support, concerns about the COVID-19 epidemic and a new round of blockades curbed the rise in oil prices. Demand-side factors and global economic conditions have a great impact on the oil market.

On the data side, the German Gfk consumer confidence index for October, the previous value-1.8, expected-1, published-1.6, revised-1.7 (previous value).

Agency review of Germany's Gfk consumer confidence index for October: German consumer confidence improved less than expected, dashing hopes that German household spending would be strong enough to propel the country to a rapid recovery from the epidemic. Rolf Buerkl, a consumer expert at (GfK), a German market research firm, said that despite the recent increase in confirmed cases and the introduction of a new round of restrictions, the consumer environment in Germany has stabilized and it seems that a large-scale stimulus package for consumers and businesses is the right measure to help Germany out of a severe recession.

German manufacturing PMI in September, the previous value of 52.2, expected to be 52.5, announced 56.6.

Data from Phil Smith:, an economist at IHS Markit, a market research firm, show that there is a growing trend divergence between manufacturing and services in Germany. Confidence among service suppliers has fallen amid rising novel coronavirus cases, but manufacturers appear to have shrugged off fears of further epidemic restrictions at home and abroad, with confidence among commodity manufacturers rising to their highest level in more than two and a half years.

Euro zone manufacturing PMI in September, the previous value of 51.7, expected to be 51.9, released 53.7.

The initial manufacturing PMI of the euro zone recorded 53.7 in September, the highest level since August 2018. Chirs Williamson:9, chief economist of IHS Markit, a market research firm, stalled the euro zone's economic recovery last month as the number of COVID-19 infections increased and service sector activity fell.

Us July FHFA house price index monthly rate, the previous value of 0.90%, expected 0.5%, published 1%, revised 1% (previous value).

Forexlive comments on the monthly rate of the US FHFA house price index for July: all signs are that the US real estate market will continue to strengthen.

The preliminary value of PMI of US Markit manufacturing industry in September, the previous value is 53.1, the forecast is 53.1, and the announcement is 53.5.

Williamson, chief economist of IHS Markit, a market research firm: business activity in the United States fell slightly in September, and the increase in factory activity was offset by a contraction in service sector activity, indicating that the novel coronavirus epidemic continued and the economy lost momentum as the third quarter drew to a close. The question now is whether the economy's strong performance will last into the fourth quarter. The uncertainty of the presidential election on November 3rd has also increased. As a result, the risks in the coming months seem to be downwards, as companies wait for clear news about where the epidemic is going and the elections.

Us EIA crude oil inventory (10,000 barrels) for the week ended September 18, with a previous value of-438.9, an expected value of-232.5, and a public announcement of-163.9.

Financial blog zero hedging comments on US EIA crude oil inventory data: crude oil, gasoline and refined oil inventories all fell last week, with gasoline stocks falling for seven weeks and refined oil stocks falling the biggest since March. WTI crude oil futures extended gains after the data were released. Senior energy analyst Vince Piazza pointed out that the recovery of the novel coronavirus epidemic in Europe may dampen crude oil demand sooner than we expected. As the summer travel season in the United States is over, the market is ready for a short-term oversupply. Interestingly, as the price of WTI crude fell below $43, domestic production revived, putting pressure on market sentiment and the balance between supply and demand.

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