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On May 2nd
Today's range
The market is closely focused on the two-day Fed meeting that starts on Tuesday, with media starting to debate whether there will be enough action to control inflation after this month's 0.25% rate hike. The dollar index is back at 102, putting pressure on gold, but it is still mostly stuck in the 1970-2020 range as gold waits for chemotactic. This week's US non-farm data and Federal Reserve data could trigger gold momentum at any time. The recommended range of US $1974 to US $1992 was maintained today.
Hong Kong and European markets will be closed for the labor holiday.
The market was focused on the takeover of First Harmony Bank, a regional lender whose deposits were dwindling. To avoid eventual bankruptcy, Bond Deposit Insurance Corp. ordered the takeover and contacted jpmorgan Chase & Co. The biggest bank failure since the collapse of Lehman Brothers on September 15, 2008, weighed on markets yesterday with a nearly 30 per cent drop in small and medium-sized regional banks, and a weak US manufacturing purchasing managers' index sent all three major Wall Street markets lower, with the Dow Jones index down 0.14 per cent. The S&P 500 fell 0.08% and the Nasdaq Composite fell 0.11%.
The outlook is under pressure as China's manufacturing activity fell back into contraction on the back of a fall in inventories of raw materials. The latest reading was below the growth line and the manufacturing purchasing managers' index fell to 49.2 in April, China's National Bureau of Statistics said on Sunday, missing market expectations of 51.4. By the European session, it had reversed course, rising as high as $2,006.1, with the dollar index back at 102 and gold down $6.9 at $1,982.6 as attention focused on the Fed's two-day meeting starting Tuesday and media began to debate whether it would be aggressive enough to control inflation after this month's 0.25 percent rate hike.
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