Last session market review
The gold market got off to a good start on Monday, with gold prices jumping above 1,740 at one point and riots in Minnesota spreading to more than 70 cities after the violent death of an African-American man by police. At least eight states and Washington, d.c., mobilized national guard troops in response to the demonstrations. The U.S. dollar came under slight pressure, while overall currency trading was limited.
The session will focus on manufacturing pmis in France, Germany, the UK, the us, the eurozone and construction spending in the us.
Fx: euro/dollar at 1.1098; Sterling/dollar closed at 1.2344; The Australian dollar closed at 0.6666 against the U.S. dollar. The dollar was at 107.77 yen; Us dollar/Canadian dollar at 1.3769; The dollar was at 0.9612 Swiss francs.
Commodities: spot gold closed at $1,729.51 an ounce; Comex gold ended at $1,751.70 an ounce. Spot silver settled at $17.84 an ounce; Comex silver futures closed at $18.499 an ounce; Brent crude settled at $37.84 a barrel; NYMEX crude closed at $35.49 a barrel.
In the currency market
Euro: euro/dollar rose for the fourth day in a row, up 0.19% to 1.1098. On the technical level, the pivot point of the currency pair is 1.1054, the initial resistance to the upward movement of the exchange rate is 1.1116, the further resistance is 1.1155, and the key resistance is 1.1218. The initial support for the fall in the exchange rate is at 1.1014, further support at 1.0952, more critical support at 1.0912.
Sterling: the pound/dollar rose for the second day in a row, up 0.19% at 1.2344. On the technical side, the pivot point of the currency pair is 1.2299, the initial resistance to the upward movement of the exchange rate is 1.2366, the further resistance is 1.2410, and the key resistance is 1.2477. The initial support for the fall in the exchange rate is at 1.2255, further support at 1.2188, more critical support at 1.2144.
Yen: dollar/yen turned higher to close at 107.77, up 0.11 percent. On the technical level, the pivot point of the currency pair is at 107.70, the initial resistance to the upward movement of the exchange rate is at 107.83, the further resistance is at 108.03, and the key resistance is at 108.17. The initial support for the fall in the exchange rate is at 107.49, further support at 107.36, more critical support at 107.16.
The stock market
Us and European stock markets: US President Donald Trump held a press conference on China on Friday. Stocks ended mixed on Wall Street after the first phase of the u.s.-china trade agreement remained unchanged despite rising geopolitical tensions. The s&p 500 closed up 14.60 points, or 0.48%, at 3,044.31. The s&p 500 is up 4.5 percent so far this month. However, the dow jones industrial average underperformed, closing down 17.50 points, or 0.07%, at 25383.11. The dow is still surging this month, up 4.2%; The NASDAQ composite index rose 120.90 points, or 1.29%, to 9,489.87 as chip stocks rose.
The pan-European Stoxx 600 index closed down temporarily 1.6 percent on Friday but is still up more than 3 percent since the start of May, its second consecutive monthly rise after a 6 percent rise in April. Germany’s DAX index closed down 197.13 points, or 1.67 percent, at 11584.00. Britain’s FTSE 100 indexes closed down 153.74 points, or 2.47 percent, at 6065.05. France’s cac-40 index closed down 75.95 points, or 1.59 percent, at 4,695.44. Spain’s IBEX35 index closed down 126.10 points, or 1.75%, at 7098.00. Italy’s FTSE closed down 156.66 points, or 0.85 percent, at 18,194.50. The Stoxx Europe 50 index closed down 45.02 points, or 1.45 percent, at 3049.45.
The bond market
Us Treasury yields plunged ahead of Mr Trump’s press conference: the benchmark 10-year Treasury note fell to 0.6640 per cent and the 30-year fell to 1.4288 per cent.
The international spot gold market on Friday morning opened at $1718.54 an ounce, rising as high as $1737.20 an ounce, and touched as low as $1711.79 to close at $1729.51 an ounce, up $11.51 or 0.67%. Spot gold ended the week down 0.25 percent, or $4.39.
COMEX gold futures for August delivery settled 1.4 percent higher at $1,751.70 an ounce.
On Friday (May 29), according to data released oil rig number cut to the lowest level in history, combined with the Opec and its Allies have completed may lose nearly three-quarters of a positive boost, closed substantially higher oil prices: July U.S. WTI crude futures rose $1.78, or 5.2%, to $35.49 a barrel, its once fell to $32.26 a barrel intraday lows. Brent crude for July delivery rose $2.55, or 7 percent, to $37.84 a barrel. This month, WTI oil prices are up 81% and brent is up 96%. Despite the strong rebound in oil prices this month, WTI oil and brent prices are still down more than 40% this year.