US dollar index fell to the lowest point in more than a year, spot gold continued to gain three consecutive positive!

TOPONE Markets | 2024-08-28 08:46

Abstract：Board members overseeing the Chicago and New York fed voted in July to cut the discount rate by 25 basis points, according to minutes of the Fed's discount rate meeting. In last month's vote, 10 of the 12 regional fed's wanted to keep the discount rate at 5.5% , while the Chicago and New York Fed wanted to cut it to 5.25% . As the timing of the rate cut approaches, the dollar index is likely to fall further.

Hot spot tracking

Board members overseeing the Chicago and New York fed voted in July to cut the discount rate by 25 basis points, according to minutes of the Fed's discount rate meeting. In last month's vote, 10 of the 12 regional fed's wanted to keep the discount rate at 5.5% , while the Chicago and New York Fed wanted to cut it to 5.25% . As the timing of the rate cut approaches, the dollar index is likely to fall further.
The Mund Federal Reserve's manufacturing index fell to -19 in August, the lowest since May 2020, while the Conference Board's Consumer Confidence Index hit 103.3 in August, the highest since February, the 2024. A new low in the Federal Reserve Manufacturing Index is bad for U. S. manufacturing, while a new high in consumer confidence in August is good for U. S. spending. Positive CPI negative PMI, the overall dollar negative.

Product Hot Comment

Forex

Product	Yesterday's Change	Yesterday's Close	Today's Open
EUR/USD	▲0.21%	1.11837	1.11834
GBP/USD	▲0.56%	1.32605	1.32584
AUD/USD	▲0.32%	0.67953	0.67959
USD/JPY	▼-0.38%	143.951	143.938
GBP/CAD	▲0.28%	1.78261	1.78172
NZD/CAD	▲0.46%	0.84037	0.8403

📝 Review:Tuesday, the dollar index fell to its lowest level in more than a year on the prospect of an imminent us interest rate cut and is on track for its biggest one-month fall since November 2022, closing down 0.30 per cent at 100.56. The inversion narrowed to 3.8310 per cent for the benchmark 10-year note and 3.9120 per cent for the two-year note, which is more sensitive to monetary policy.

🕵️ Operation suggestion:

USD/JPY 143.968 Sell Target Price 142.167

Gold
Product Yesterday's Change Yesterday's Close Today's Open
Gold ▲0.26% 2524.57 2524.75
Silver ▲0.23% 29.952 29.951
📝 Review:Spot gold rose to close up 0.27 percent at $2,524.40 an ounce after rising again to close at $2,525 amid uncertainty over the iraq-israel conflict and a weaker dollar. Spot Silver finished up 0.24 per cent at $29.96 an ounce.
🕵️ Operation suggestion:
Gold 2524.30 Buy Target Price 2534.63
Crude Oil
Product Yesterday's Change Yesterday's Close Today's Open
WTI Crude Oil ▼-1.82% 75.342 75.352
Brent Crude Oil ▼-1.60% 78.872 78.884
📝 Review:Oil prices fell, Libyan production was halted and gains triggered by Middle East tensions were halted after senior us generals said the danger of a wider conflict between Israel and Hezbollah had been eased. WTI crude ended down 1.81 per cent at $75.70 a barrel and Brent Crude $80 before closing down 1.77 per cent at $79.81 a barrel.
🕵️ Operation suggestion:
WTI Crude Oil 75.358 Buy Target Price 76.504

Product	Yesterday's Change	Yesterday's Close	Today's Open
Gold	▲0.26%	2524.57	2524.75
Silver	▲0.23%	29.952	29.951

Product	Yesterday's Change	Yesterday's Close	Today's Open
WTI Crude Oil	▼-1.82%	75.342	75.352
Brent Crude Oil	▼-1.60%	78.872	78.884

Indice

Product	Yesterday's Change	Yesterday's Close	Today's Open
Nasdaq 100	▲0.54%	19572.35	19523.05
Dow Jones	▲0.18%	41283.2	41256.1
S&P 500	▲0.31%	5626.05	5618.75
	▼0.00%	17559.3	17559.3
US Dollar Index	▼-0.32%	100.31	100.38

📝 Review:The Dow Jones industrial average rose 0.02 percent, the S & p 500 added 0.16 percent and the NASDAQ added 0.16 percent. Doddo fell 4 per cent and Nvidia gained more than 1 per cent. The NASDAQ China Gold Dragon Index closed up 0.4 per cent, XPEV.N rose 6.6 per cent, JD.O gained more than 2 per cent and Ctrip gained 8.5 per cent.

🕵️ Operation suggestion:

Nasdaq 100 19525.150 Sell Target Price 19235.393

Crypto
Product Yesterday's Change Yesterday's Close Today's Open
BitCoin ▼-2.08% 61847 60411.4
Ethereum ▼-3.92% 2579 2488.9
Dogecoin ▼-2.03% 0.10322 0.09997
📝 Review:Taken as a whole, bitcoin has experienced a significant price drop, not only falling below the psychologically important $59,000 mark, but also dropping more than 5% in a single day and losing nearly $4,000 in value. Ethereum, too, has taken a beating, falling as much as 10 per cent on the day. The drop pushed bitcoin below the $60,000 mark, a sign of weakness below. In the current market trend, prices may continue to explore to find more solid support points. In that case, investors should keep a close eye on two potentially key support levels: $57,900 and $56,070. Given the current market dynamics, investors should be careful not to operate blindly when considering a long entry or trying to capture a rebound.
🕵️ Operation suggestion:
BitCoin 59320.2 Sell Target Price 57770.0