Overnight Market Review (2022.5.18) On Tuesday, the strong US retail sales data, the decline in the risk of US recession, the rebound in US stocks, the correction in the US dollar, the rise in gold prices, and the news that the US may ease restrictions on Venezuelan crude oil put pressure on oil prices. Today’s focus is on national CPI and US housing data.
Global gold markets: Gold prices edged higher on Tuesday, with gold futures up 0.3% to $1,819.70.
U.S. bond yields rose in midday Asian trade on Wednesday, while gold futures fell after hawkish comments from Federal Reserve Chairman Jerome Powell.
Powell pledged on Tuesday that the U.S. central bank will raise interest rates as needed to curb sky-high inflation that threatens the fundamentals of the economy. The Fed has already raised rates by three-quarters of a percentage point in 2022 so far and is on track to raise rates by another 0.5% at its next two meetings in June and July 2022.
Trading strategy deployment: it is recommended to do more at low levels
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