Overnight Market Review (2022.5.25) On Tuesday, the US economic data was weak, and the market’s worries about a US recession intensified. The US dollar hit a nearly one-month low, gold prices hit a two-week high, and oil prices held steady. Gold futures fell slightly in midday Asian trading on Wednesday, but remained near a two-week high hit yesterday, supported by a fall in the U.S. dollar and uncertain inflation.
The Fed will release the minutes of its May meeting in the early hours of Thursday (May 26) Beijing time. In response to high inflation not seen in more than 40 years, the Federal Reserve raised interest rates by 50 basis points in May and is likely to raise interest rates sharply in a row at the next two policy meetings.
But the Fed’s aggressive interest rate hikes have sparked fears of a possible hard landing for the economy, and the housing market may have sent a signal. U.S. new home sales fell to a two-year low in April as higher mortgage rates eroded demand, Commerce Department data showed on Tuesday (May 24).
GLOBAL GOLD: Gold prices hit their highest in two weeks on Tuesday as a weaker dollar and lower U.S. Treasury yields boosted the safe-haven gold’s appeal amid subdued risk appetite in financial markets. Gold futures were up nearly 1 percent at $1,865.4 an ounce.
Trading strategy deployment: it is recommended to do more at low levels
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