Weekly

Australian Federal Reserve Chairman Lowe said yesterday that Australia's economy is recovering, but employment data is fragile, and household income is likely to fall in the fourth quarter of this year.

He said that he can't expect to rely on the previous interest rate policy to stimulate inflation. The Reserve Bank of Australia may cut the interest rate to 0.1%, and is also considering the benefits brought by purchasing longer-term government bonds and quantitative easing.

Australian 10-year bond yields fell by 7 basis points. Affected by the news, the Australian dollar fell sharply against the US dollar. On October 15th, the dead line of Brexit negotiations is just around the corner. British Prime Minister Johnson seems to be willing to continue negotiations with a soft attitude.

The German representative of the EU member also tried to sort out the progress, saying that the EU should be more pragmatic on the more controversial fishing issue. Brexit without agreement may not be implemented at that time. The pound rebounded against the US dollar yesterday.

While the concession euro rose against the dollar.

COVID-19 pneumonia has been spreading in Europe, which has caused investors to worry about the implementation of greater social blockade measures by local governments to crack down on the economy. Major European stock markets have developed individually. The FTSE index in London closed at 5935 points.

It fell 34 points or 0.58% and has fallen for 3 consecutive days; Paris CAC index reported 4941 points, down 5 points or 0.12%; German stock market rose, and Frankfurt DAX index reported 13028 points, up 9 points or 0.07%.

U.S. Treasury Secretary Nuchin said that before the election, because of the differences between the two major parties in the United States, it was difficult to make progress in the short term, which affected investor sentiment. The U.S. stock market fell and the Dow Jones index closed at 28,514 points.

Down 165 points or 0.58%; The Standard & Poor's 500 Index reported 3488 points, down 23 points or 0.66%; Nasdaq index reported 11768 points, down 95 points or 0.8%.

The US dollar index fell, which was mainly affected by Australia's interest rate cut and Europe's European Central Bank's implementation of quantitative easing. In addition, the Brexit negotiations may continue, which made the pound stronger. The US dollar fell from 93.67 to 93.25 and closed at 93.4.

Yesterday, the price of gold rebounded due to the weakening of the US dollar index, and the highest price rose to 1913 US dollars per ounce. However, US Treasury Secretary Nuchin said that it was difficult to make progress in the short term, which affected investors' risk aversion and the price of gold took profits.

The final price was $1902 per ounce, up $10. The price of gold has not yet fallen below the rising trend line, and has a convergence triangle with the falling line, so it is seeking a breakthrough opportunity.

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