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Original Title: Decision Analysis: Trump’s “Lightning Shock” Stimulates the Market! Two major events hit today, is the price of gold really weak?
FX168 Financial News (Hong Kong) News Tuesday (Oct 6) Asian trading hours, willingness to take risks was strong. The news that US President Trump was discharged from the hospital after receiving a new corona treatment boosted risk sentiment and most Asian stocks rose.
The mainland China market will remain closed for the National Day holiday and the Hong Kong market will open today. At the close, Australia’s ASX200 index closed 0.35% higher; the Nikkei 225 Index closed 0.51% higher; South Korea’s KOSPI index closed 0.34% higher.
On the night of the fifth local time, the President of the United States, Trump, who was receiving treatment for COVID-19, left the Walter Reid Medical Center, where he has lived for 3 nights. That night, Trump had returned to the White House on Marine One.
Trump posted on social media saying he feels great now and told his 87 million followers not to fear the new corona virus and not to let the virus take over lives. Trump said that under the leadership of the White House administration, drug companies have developed very good drugs and he feels that his current situation is better than 20 years ago.
White House physician Sean Conley said in a medical briefing on the afternoon of the 5th that although Trump has not recovered, he has reached discharge standard and will receive 24-hour medical care after returning to the White House. .
The medical team said Trump, 74, has been fever-free for more than 72 hours and that his blood oxygen saturation is currently normal. However, doctors are reluctant to talk about the possible impact of the new crown on Trump’s lungs and he is unwilling to reveal that Trump was in treatment. When was the new corona test negative? The medical team also claimed that Trump has been supplied with oxygen twice in recent days.
Tai Hui, chief Asian markets strategist at JP Morgan Asset Management, said that in addition to Trump’s health, “some markets are also concerned about whether the US Congress will pass additional stimulus bills.”
“Given that most of the previous round of important support measures has expired, if we really see some kind of stimulus plan approved, I think the market will see it in a positive light,” he said.
Speaker of the U.S. House of Representatives Nancy Pelosi and Secretary of the Treasury Steven Mnuchin had a phone conversation Monday for about an hour about economic relief from the new corona virus, and they are preparing to meet. again on Tuesday to continue his recent efforts to reach an agreement on the legislation. A series of talks.
Joe Manimbo, senior market analyst at Western Union Business Solutions, said: “I think the market is convinced that after the data that continues to show the slowdown in the US economy, the fiscal stimulus will come out sooner or later.”
In the currency market, the US dollar was within a tight range in one day, while non-US currencies rose and fell in a mixed fashion. The market is paying attention to today’s speech from Fed Chairman Powell.
In terms of commodities, spot gold had limited intraday trading, fluctuating around 1910 as a whole, while silver was basically flat.
Daniel Pavilonis, senior market strategist at RJO Futures, said: “Perhaps in the future there will be a minor deal that Pelosi and the Republicans will accept. I think the stimulus plan will be beneficial to metals.”
Pavilonis said the increased appetite for risk is not good for gold and said “it could be a winger again this week.”
Intraday approach and weather vane:
Economic data:
8:30 PM August Canada Trade Account
8:30 PM August US Trade Account
Central Bank News:
16:35 The president of the European Central Bank, Lagarde, gave a speech
21:00 The President of the European Central Bank, Lagarde, participates in a round table to celebrate the 10th anniversary of the European Stability Mechanism
10:40 PM Fed Chairman Powell was invited to address the National Association for Business Economics Annual Online Conference
Analysis of the main currencies:
EUR: The euro / dollar held gains after yesterday’s sharp rise and is currently trading below the 1.18 mark. From a technical perspective, the red MACD kinetic energy column on the daily chart initially appears, the RSI indicator is moving near the 50 level, and the KDJ indicator breaks above the 50 level, indicating that the price is expected to continue. bouncing. Initial short-term support is at 1.1760 and initial resistance can be seen at 1.1805.
GBPGBP / USD has consolidated at a high level after rising for two consecutive days and is currently trading near the 1.13 mark. From a technical perspective, the daily MACD red kinetic energy column gradually expanded, the RSI indicator held around the 50 level, and the KDJ indicator broke the 50 level, suggesting that the price is expected to rise further. Initial short-term support is at 1.2950 and initial resistance can be seen at 1.3036.
Yen: USD / JPY consolidated at a high level after a strong bounce yesterday, and is currently near the 50-day moving average. From a technical perspective, the daily MACD red kinetic energy column expanded slightly, the RSI indicator hovered around 50, and the KDJ indicator traded near the overbought level. The price is expected to continue to fluctuate. Initial short-term support is at 105.20 and initial resistance is at 105.90.
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