Weekly

On January 18th

Today's range

The continued weakness of the yuan, coupled with expectations that European Central Bank interest rates will peak this year, pushed the dollar index back up to 102.5 and gold fell for a second straight day. Resistance to the new supply zone is strong and may take some volatility to break through. Today's recommended range is $1,900 to $1,920.

Hong Kong stocks rose four days after the foot soft. The Hang Seng Index opened lower and closed lower. It was up nearly 50 points at one point, but the decline accelerated to a full-day low of 21,577 points. It was down 169 points or 0.78%.

European stock markets have finally gone their separate ways, depending on the economic data. The euro zone's ZEW economic sentiment index unexpectedly returned to positive territory in January, with the latest reading at 16.7, much higher than market expectations of -23.6. The UK's pay report continued to rise, spurking inflation. Investors are concerned about the Bank of England's move to raise interest rates. France's CAC in Paris was up 0.48 percent, while Britain's FTSE 100 was down 0.12 percent.

A number of business leaders at the World Economic Forum in Davos, Switzerland, expressed concerns about global inflation and central bank tightening monetary policy impact on the market, the bearish market infected investors, and two major US banks reported disappointing results, while the New York Fed manufacturing index hit the worst since May 2020, the Dow Jones Industrial average closed down 1.31 percent. The S&P 500 also fell 0.18 percent, while the Nasdaq composite gained 0.14 percent.

Media reports that the European Central Bank supported a 0.5 percent interest rate hike in February, citing signs of slowing inflation, and said it could slow the rate hike in March. Although the central bank's stance is not an attempt to change the current monetary tightening policy, speculation that euro interest rates will peak encouraged the dollar to continue its rally. The dollar index closed at 102.5 yesterday and gold fell under pressure. Gold reached a high of $1,919.1, a low of $1,903.8 and a low of $1,870.3 before closing at $1,908.7, down $7.30.

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