Weekly

Following the good news that US President Trump was discharged from hospital and the result of the interest rate resolution announced by the Australian Federal Reserve, the Australian Federal Reserve will keep the benchmark interest rate at a low level of 0.25%, and consider how to further relax the monetary policy to support weak enterprises and hope to stimulate employment data. Affected by the good news, the stock markets in the Asia-Pacific region have generally made good progress. They rose by 0.3% to 0.8% respectively, with the Taiwan-weighted index outperforming them by 1.24%.

Major European stock markets also rose, with French and German stock markets rising 0.5%-0.6% respectively, while British stock markets were inferior, rising only 0.1%. Lagarde, president of the European Central Bank, said that the second wave of new pneumonia epidemic has the risk of delaying the economic recovery of the euro zone, and has to deal with the current pessimistic Brexit negotiations. When necessary, the European Central Bank has to consider adopting looser monetary and fiscal policies to save the economic crisis that may be impacted by the epidemic.

The early performance of the US stock market was also ideal. The Dow Jones index led the rise by more than 200 points, and the S&P 500 and Nasdaq index also rose. The upward trend that was thought to be sustainable was completely reversed by a social networking post, but it rose to fall. The three major stock indexes of US stocks closed down across the board: Dow Jones Industrial Average fell by 1.34%, S&P index fell by 1.40%, while Nasdaq index was the worst, with a drop of 1.57%; It turned out that US President Trump was tweeting a sudden message at 2 pm local time in the United States, expressing dissatisfaction with the sincerity of Pelosi, the Speaker of the House of Representatives and a Democratic Party member. Trump pointed out that the Republican Party had given a very generous $1.6 trillion plan, and as always, she did not mean to negotiate in good faith, so he ordered his representative to stop negotiating with Congress on the new bailout plan, saying that it would be postponed until after the November 3 general election.

The market originally hoped that the United States would reach an agreement on a new round of fiscal stimulus, but Trump's unexpected move surprised the market, and investors re-invested in the US dollar as a safe haven. The US dollar index began to rise from a low of 93.34 to a high of 93.85 yesterday.

U.S. President Trump's post made U.S. stocks plummet, and gold was hard to be immune. Investors preferred to hold US dollars, which made the US dollar index appreciate. Yesterday, gold price was under pressure, falling from the highest level of 1921 dollars per ounce to close at 1878 dollars per ounce, which was close to yesterday's low. Yesterday's gold price performance was not only affected by the policy, but also needed to be adjusted in terms of technical trend. The gold price trend was first subject to the downward trend line of August's high level, and repeated attempts to break through 1918 failed, and 1918 happened to be 0.382 of Feibo regression line from June's low level to August's high level. After adjustment, the gold market outlook was healthier.

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