Weekly

June 23rd

Today's range

The Bank of England unexpectedly raised interest rates by 50 points, but the market worried that the aggressive interest rate hike behavior of the Bank of England will trigger the possibility of a recession in the UK, the pound fell against the dollar. On the other hand, Federal Reserve Chairman Jerome Powell confirmed that two rate hikes are still scheduled for this year, the dollar index rose, and gold prices fell below $1,920 to close. If the weakness remains, it may not be supported until $1882. Today's recommendation ranges from $1905 to $1922.

Yesterday, the Dragon Boat Festival holiday, Hong Kong stock day off.

The Bank of England unexpectedly raised interest rates by 50 points to their highest level in nearly 15 years, taking them to 5.00%, a level last seen in September 2008. After the Bank of England announced the rate hike, the pound was close to its annual high against the dollar, but the market soon focused on the possibility that excessive rate hikes would trigger a recession in the UK, and the pound fell against the dollar. The European Central Bank has continued to play the eagle, saying that interest rates are still not high enough to control inflation. All three major European stock markets fell, with Germany's DAX index down 0.22 percent, France's CAC index down 0.79 percent and Britain's FTSE 100 index down 0.76 percent.

In a second day of remarks before Congress, Federal Reserve Chairman Jerome Powell said yesterday that the central bank would try to avoid raising interest rates too much, but that two more hikes this year were still appropriate, adding that it would only start cutting rates once the Fed was confident inflation was heading lower. 

The market continues to pay attention to the US Federal Reserve Chairman Powell's speech in Congress, on Thursday, he clearly issued hawkish words to the market, although the bureau tries to avoid excessive interest rate hikes, but two more interest rate hikes this year is still appropriate! The pressure on the gold market, coupled with the Bank of England unexpectedly raised interest rates by 50 points, but the market worries that the Bank of England's aggressive interest rate hike will trigger the possibility of a recession in the UK, the pound fell against the US dollar. Gold fell below $1,920, reaching a high of $1,935 and a low of $1912.5 before closing at $1,913.8, down $18.7.
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