US service industry data is stronger than expected, reinforcing speculation that the Federal Reserve will maintain higher interest rates for a longer period of time

US service industry data is stronger than expected, reinforcing speculation that the Federal Reserve will maintain higher interest rates for a longer period of time

Gold once again faces downward pressure

On Wednesday, the US service industry data was stronger than expected, strengthening the speculation that the Federal Reserve will maintain a higher interest rate for a longer period of time. The US stock market fell, while the yield of treasury bond bonds climbed, and the US dollar index fluctuated at a high level. At one time, it hit a new high of 105.03 for nearly half a year, but it fell back to around 104.83 at the end of the day, close to flat; Most non US currencies fluctuated with the US dollar, but the pound performed poorly against the US dollar, breaking a nearly three-month low of 1.2481 and closing at 1.2504, a decrease of approximately 0.47%.

Spot gold closed at $1919.09 per ounce, fell $5.87 per ounce, or 0.31%. It hit a high of $1929.18 per ounce on the day and a low of $1915.23 per ounce, missing out on $1920 per ounce. The service industry PMI in the United States rose to 54.5 in August, the highest since February 2023, higher than the 52.7 in July. This data exceeded the consensus expectations of economists, who had previously predicted a slight decrease to 52.5. After the release of the data, expectations for a rate hike in November have increased, while Susan Collins, Chairman and CEO of the Boston Fed, stated earlier today that the Fed has not yet fully curbed