Gold prices fell sharply and the dollar was little changed on Monday after a weekend of vaccine progress and President Donald Trump talked about decoupling. There were no major data releases in the market during the day, although the Republican party convention in the United States begins on Monday. The focus will be on Thursday’s Jackson Hole video conference, when the Fed chairman will give the opening speech.
Big news about the vaccine!
Over the weekend, the development of the novel coronavirus vaccine was heavily reported: China officially launched the emergency use of the novel coronavirus vaccine in July, and Trump authorized the use of plasma to treat the novel coronavirus vaccine.
Zheng Zhongwei, director of the Science and Technology Development Center of the National Health Commission (NHC) and head of the vaccine r&d team of the State Council’s Joint Prevention and Control mechanism, said in the CCTV dialogue program on July 22 that China has officially launched the emergency use of coVID-19 vaccine on July 22. New crown vaccine Ⅲ phase of clinical trial into the group of more than 20000 people.
New crown vaccine Ⅲ period clinical trial into the group of more than 20000 people Ⅲ period clinical research, is about the vaccine can be listed on a large scale is an important step in the crowd vaccination.
China’s Vaccine Management Law clearly stipulates that in the event of a particularly serious public health event, the NHC shall submit an application for emergency use of the vaccine, and the SFDA shall organize experts to discuss and agree on the application, and the NHC shall use the vaccine in an emergency within a certain scope and time limit. The purpose is to establish the immune barrier first among the special population such as medical personnel, epidemic prevention personnel, border inspection personnel and basic urban operation personnel, so that the operation of the whole city can be guaranteed stably.
China national medicine group chairman, national “863” plan vaccine project’s chief scientist, said Yang xm on June 23, the biological new international clinical crown inactivated vaccine (Ⅲ period) of the united Arab emirates launching ceremony in Beijing, wuhan, the united Arab emirates, ABU dhabi, Hong Kong and China by video conference held simultaneously.
So far, the group has more than 20000 the number of vaccination, and created several global first: security is very good, the effectiveness is further observations; Into the set speed is better than expected, very worth waiting for.
China has been sticking to the five technical routes for vaccines to improve the efficiency of research and development, and the country’s vaccine vanguard is moving ahead at full speed to build a global public health product, experts said.
Meanwhile, ACCORDING to AP, US President Donald Trump announced Monday that novel Coronavirus pneumonia is an urgent novel novel that has an urgent authorization to use plasma therapy, calling it a “breakthrough.”
Trump said plasma treatment has been shown to reduce death rates by 35 percent, and the initiative will expand access to plasma, which can be used to treat outbreaks during recovery.
According to the report, the FDA said in a statement that the therapy for treatment of the new champions league virus pneumonia may be effective, and “the treatment known and potential benefits over its potential risks.” So far, more than 60,000 people in the United States have been treated with convalescent plasma, the FDA said.
The Hill reported that Mr. Trump had been seeking to announce new developments in the fight against the epidemic, which he called a “historic breakthrough” at a White House press briefing, saying it had “vastly expanded access to this treatment.”
Separately, THE Financial Times reported that US President Donald Trump could quickly track down a coVID-19 vaccine being developed by British drug maker AstraZeneca in partnership with Oxford University, making it available in the US before the November election.
One option, according to the report, is to ask the US Food and Drug Administration (FDA) to grant emergency licensing for the vaccine.
Us political commentators believe it would be good for Mr Trump if a vaccine were available before the November election.
Trump talks again on china-us decoupling
In addition to the vaccine news, there is also new news coming out from China and the US. US President Donald Trump is talking again about the issue of china-us decoupling.
US President Donald Trump has raised the possibility of decoupling the US economy from China’s if China does not treat the US properly.
In an excerpt of the video, Mr Trump initially told the host that “we don’t have to” do business with China, and then on the subject of decoupling, he said: “Well, if they don’t treat us right, I certainly will, I certainly will.”
Donald Trump’s latest comments came in an interview with FOX News, Reuters said On Monday.
“Our interview with Steve Hiltonx on Fox News will air at 9pm on Sunday. Tune in!” Trump tweeted in advance of the interview.
In her interview with Trump, Hilton talked about the economy, China and plans to bring manufacturing back to the United States, as well as “school choice” and reducing health care costs.
On June 18, Mr Trump also suggested that the US might “completely decouple” from China.
Even so, the sino-us trade agreement remains intact. China is committed to the first phase of a trade agreement with the United States, U.S. Secretary of State Mike Pompeo said On Friday, even though talks to assess the progress of the deal have been delayed.
“The Chinese have done some of the work they need to do in terms of their commitment to continue to meet their procurement obligations. But you have to remember that there are obligations that go far beyond buying American products, “Pompeo said in an interview on CNBC.
According to Kitco’s Golden Week survey, released Friday (Aug. 21), 15 Wall Street professionals responded to the survey last week. There were seven bulls and seven bears, or 47%, respectively. One analyst (7%) expects prices to move sideways.
Ole Hansen, head of commodity strategy at Saxo Bank, said the near-term direction of gold will be determined by the dollar. He added that dollar weakness was at unprecedented levels and a short-term correction was possible. He also said the minutes could provide some fresh impetus for dollar strength. “We are seeing extreme levels of short dollar positions that can be reduced at this point. This has squeezed bullish gold positions in the short term.”
Afshin Nabavi, head of trading at MKS(Switzerland), said he was bullish on gold as the market appeared to find solid support around $1920. ‘The fundamental backdrop for gold hasn’t changed,’ he added. “We’re just seeing more two-way trading.”
George Gero, managing director of RBC Wealth Management, said gold’s rally will continue into the new week, noting Powell’s speech this week will be one of the most noteworthy events. “People will pause trading until they digest the Fed’s message.”
Markets will hear more from central bankers at their annual Jackson Hole conference on Thursday. Federal Reserve Chairman Colin Powell is scheduled to speak at 9:10 a.m. on Aug. 27 at this year’s conference, titled “Looking Ahead to the Next Decade: Implications for Monetary Policy.”
Lukman Otunuga, senior research analyst at FXTM, said he is short on gold because it lost the battle against the dollar this week. However, he added, the war is still going on. “All eyes will be on the price reaction around $1,900. “If this level proves to be an unreliable support, gold could continue to fall before the bulls could re-enter the market.”
Commerzbank analyst Carsten Fritsch highlighted the 2011 high of $1,920 as a key support zone but warned that a break below that level could delay a rebound. “Gold has built itself a significant support level and is also close to its all-time high since 2011. Many stop-loss orders are likely to be below this point, so it is important to maintain this support zone. Otherwise, the adjustment could drag on even longer. It could also prompt ETF investors to sell their shares.”