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Original Title: Financial Newspaper Market FX168 Early Self-Study Opening: New News on the China-India Border Conflict, the Western Theater of the People’s Republic of China issued a talk on the situation on the China-India border
FX168 Financial News (Hong Kong) reported that the US dollar fell to a two-year low as Fed policy turned dovish and gold prices rose on Monday. Spot gold closed at 1967.38 US dollars per ounce, an increase of 2.87 US dollars or 0.15%.
This trading day will focus on the announcement of the Reserve Bank of Australia’s interest rate decision.
The closing of the main currencies and raw materials on August 31:
Foreign exchange:EUR/ USD closed at 1.1936;GBP/ USD closed at 1.3363;Australian dollarUSD / USD closed at 0.7376; USD / JPY closed at 105.91; USD / CAD closed at 1.3045; USD /Swiss francClosed at 0.9035.
Commodities: spot gold closed at $ 1967.38 an ounce; Comex gold futures closed at $ 1978.60 an ounce; cash silver closed at $ 28.11 an ounce; Comex silver futures closed at $ 28,594 an ounce; Brent crude oil closed at $ 45.28 a barrel; NYMEX crude oil closed at USD 42.61 per barrel.
Important news review:
1. According to the Times of India report on Monday, in a strategic operation, the Indian army occupied the high ground on the left bank of Lake Bangong, Ladakh, causing it to occupy the upper part of the area. Prior to this, a spokesman for the Indian Army stated that India had thwarted the Chinese Army from entering the Indian area near the southern shore of Lake Pangong Co.
2. The spokesman for the Western Theater Command, Colonel Zhang Shuili, made a statement on the situation on the Sino-Indian border on the 31st. On August 31, the Indian Army undermined the consensus reached in the first multi-level talks between the two. parts. The illegal crossing of the line to take control and the blatant provocations caused tension at the border.
3. Huawei has withdrawn its sponsorship of the Australian Professional Rugby League team Canberra Surprise in advance and has condemned Australia for creating a “continuing negative business environment” for the company.
4. On August 31 local time, the Director General of the World Trade Organization Azevedo will officially leave his post, one year before the end of the original term.
5. On the morning of August 31, Japanese Prime Minister Shinzo Abe held a conference call with US President Trump. According to a person from the Japanese government, Abe said during the meeting that he would request the next prime minister to maintain close cooperative relations between Japan and the United States.
6. According to the latest Reuters news from August 31, India said on Monday that the Chinese military tried to change the status quo of the disputed and unclear border between the two countries, and India had thwarted this attempt. According to information published on August 30 by the platform of the program “Awareness of the strategic situation of the South China Sea”, an electronic reconnaissance aircraft EP-3E (AE1D91) of the Japanese Navy appeared in the air near the north of Taiwan and then he traveled to Japan via the East China Sea, with an unusual trajectory. This EP-3E is suspected of taking off directly from Taiwan.
Summary of important economic data as of August 31:
On August 31, the website of the National Bureau of Statistics published the performance of the China purchasing managers index in August 2020. In August, the Chinese manufacturing purchasing managers index was 51.0%, a slight decrease of 0.1% from the previous month, indicating that the manufacturing industry in general is performing smoothly.
Market Hot Spot Tracking:
On Tuesday (September 1) in the Asian market in early trading, spot gold once stood at $ 1970 per ounce, then fell slightly, and spot silver earnings fell to 0.22% . Following last week’s Fed Chairman Powell’s hint at the Jackson Hole Central Bank’s annual meeting to relax the inflation target, Fed Vice Chairman Clarida said Monday that the Fed promised not to raise the interest rates just for lowering unemployment and, in many cases, allowing appropriate excesses. The 2% inflation target also denies the viability of negative interest rates. He also acknowledged that past policies may have gone astray because the model they follow will not work in a world where low interest rates will become the norm.
Large and small non-farm strikes this week! The Fed “milestone” triggered the market, if the price of gold will once again exceed $ 2,000
Forex market
Euro: The euro / dollar rose for the second day in a row, closing at 1.1936, an increase of 0.28%. Technically, the currency’s pivot point is at 1.1928, the initial resistance for the bullish exchange rate is at 1.1973, the additional resistance is at 1.2010, and the key resistance is at 1.2055; Initial support for the bearish exchange rate is at 1.1891, additional support is at 1.1846 and the most critical support is at 1.1809.
GBP: GBP / USD rose for the second day in a row, closing at 1.3363, an increase of 0.10%. Technically, the currency’s pivot point is at 1.3354, the initial resistance for the bullish exchange rate is at 1.3408, the additional resistance is at 1.3449 and the key resistance is at 1.3502; Initial support for the bearish exchange rate is at 1.3313, further support is at 1.3259 and the most critical support is at 1.3218.
Japanese Yen: USD / JPY appeared and closed at 105.91, an increase of 0.54%. Technically, the currency’s pivot point is at 105.73, the initial resistance for the bullish exchange rate is at 106.24, the additional resistance is at 106.60 and the key resistance is at 107.11; Initial support for the exchange rate on the downside is at 105.38, additional support is at 104.87 and the most critical support is at 104.51.
stock Exchange
US stocks closed on Monday (Aug 31) on a mixed basis. The Dow Jones industrial index fell 223.82 points to 28,430.05 points, or 0.8%; the S&P 500 Index fell 0.2% to close at 3,500.31 points; Nasdaq Composite Index outperformed The overall market rose 0.7% to close at 11,775.46 points.
Traders were hit by corporate news and dovish US monetary policy signals. European stocks opened strongly on Monday (Aug 31), but closed lower. According to Reuters data, European stocks rose 2.8% in August. The UK stock market is closed on Monday for public holidays. The German DAX30 index closed down 87.82 points, or 0.67%, to 12,945.38 points. The French CAC40 index closed down 55.72 points, or 1.11%, at 4,947.22 points. The European Stoxx 50 index closed 41.59 points, or 1.25%, down at 3,273.95 points. Spain’s IBEX35 index closed down 160.00 points, or 2.24%, to 6,973.00 points. Italy’s FTSE MIB index closed down 207.32 points, or 1.04%, at 19,633.69 points.
Commodities market
Spot gold closed at 1967.38 US dollars per ounce, an increase of 2.87 US dollars or 0.15%. On the day, spot gold touched the high of 1976.20 US dollars / ounce and the low touched 1954.15 US dollars / ounce.
COMEX December gold futures closed 0.2% higher at $ 1978.60 an ounce, a cumulative decline of 0.4% in August.
In the aftermath of the hurricane, traders continued to weigh the demand outlook and OPEC production cuts. Oil prices closed slightly lower on Monday (Aug. 31), cutting gains for the month: October futures. US crude WTI closed 36 cents, or 0.8%, lower at $ 42.61. / Barrel; Brent crude futures for November fell 53 cents, or 1.2%, to $ 45.28 a barrel. According to Dow Jones market data, WTI oil prices are up 5.8% this month, marking the fourth consecutive month of gains.
Focus on Tuesday (September 1):
09:45 China, August, Caixin Manufacturing PMI
12:30 The Reserve Bank of Australia announces the resolution of interest rates
16:00 Final value of the manufacturing PMI of the euro zone in August
17:00 Initial value of the annual rate of the August CPI of the euro zone and monthly rate
17:00 Eurozone unemployment rate in July
9:45 PM Final Markit Manufacturing PMI for August US
22:00 USA August ISM Manufacturing PM
22:00 Monthly rate of construction expenses in the US in July
01:00 the next day, Governor of the Federal Reserve Board Brainard delivered a speech
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