News and Information

  The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on August 30, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market will be 7.1816 yuan for 1 US dollar, 7.8966 yuan for 1 euro, 4.9870 yuan for 100 yen, 0.91523 yuan for 1 Hong Kong dollar, 9.1690 yuan for 1 pound, 4.7072 yuan for 1 Australian dollar, and 4.7072 yuan for 1 New Zealand dollar.

  On Wednesday (August 30), spot gold fluctuated narrowly in the Asian session, and is currently trading around $1,936.50/ounce, not far from the nearly three-week high of 1,938.04 set overnight. On Tuesday, as weak labor market data in the United States cast doubt on the possibility of the Federal Reserve raising interest rates again, the dollar and U.S. Treasury yields plummeted, helping gold prices surge more than $15, breaking the key 55-day moving average and refreshing the nearly three-week high. Short-term...

  ATFX FX - Former White House economist says U.S. inflation is feared to return to 5%, the Federal Reserve will have to raise interest rates, interest rates will "definitely" return to 6%, and the market has not priced it in yet.... The U.S. economy could be headed for another wave of high inflation due to factors such as huge fiscal spending and high energy costs, a former White House economist said. "I think we're going to see a zigzag inflation cycle", Kevin Hassett, chairperson of the Council of Economic Advisers under the Trump administration...

  ATFX - U.S. job openings fell more than expected in July, the third straight month of declines, falling below 9 million for the first time since early 2021, continuing a gradual rebalancing of the labor market that will help curb inflationary pressures. The Bureau of Labor Statistics' Job Openings and Labor Mobility Survey (JOLTS) released Tuesday showed the number of job openings fell to 8.83 million from 9.17 million in June. It was the first time in the past seven months...

  The September that dollar bulls have been hoping for is just around the corner, and the dollar has strengthened in September for six years in a row. Not only has the Bloomberg Dollar Index risen in September every year since 2017, but the average gain for the month was 1.2%, outperforming any other month in the same period. Strategists say the reasons include late-quarter buying and a general increase in safe-haven demand through October, the month with the most stock market falls. "September tends to be good for the dollar, and the usual explanation is that risk aversion...

  A former White House economist said the U.S. economy could be headed for another wave of high inflation due to factors such as huge fiscal spending and high energy costs. "I think we're going to see a zigzag inflation cycle," Kevin Hassett, chairperson of the Council of Economic Advisers under the Trump administration, said in an interview on Tuesday. "Spurred by high growth and rising energy prices, we're going to see another wave of inflation." Hassett...

  On August 29, Beijing time, the Asian market morning, the dollar index (104.0178, 0.0143, 0.01%) narrowly fluctuated, and is currently trading around 109.90. On Monday, the dollar index retreated from a high level and finally closed down 0.18% at 104.01. The dollar has strengthened in recent weeks as the U.S. economy remains resilient and the market expects the Federal Reserve to maintain higher interest rates for a longer period of time. Federal Reserve Chairperson Powell said on Friday that it may be necessary to enter...

  Simon White, a macro strategist, said interest-rate markets had begun to accept central bankers' mantra that "high interest rates will last longer". But that could soon be tested if the economy is closer to recession than superficial data suggest. At last week's Jackson Hole conference, central bankers did not dismiss the idea that they intend to keep rates high for an extended period of time. In the United States, since June...

  The dollar rose to a multi-day high last week. Inflation expectations fell to a five-week low according to the 10-year and 5-year break-even inflation rates shown by the St. Louis Federal Reserve Bank. On Tuesday (August 29), spot gold maintained a small increase. As of press time, spot gold was at $1,921.67/ounce, up 0.09%. On Monday (August 28), spot gold prices were basically stable as investors digested hawkish remarks from Federal Reserve Chairperson Powell. They wait for...

  Aside from the hype surrounding artificial intelligence, one of the overarching themes driving the U.S. stock market rally this year has been investors' fervent bets on the Federal Reserve's announcement of an end to the rate hike cycle, but that optimism has been damaged. There is no doubt that the Fed's mission to curb inflation is nearing its end. Overall consumer price pressures are rapidly easing as food and energy prices have fallen sharply. Overall inflation rose 3.2% year-on-year in July, a far cry from the 9.1% recorded in June last year.

  According to foreign media, a new index shows that American workers are increasingly pessimistic about their employers' near-term business prospects. According to data from Glassdoor, a website for current and former employees to anonymously rate companies, US workers' confidence in their employers' prospects for the next six months fell to 47.6% in July from 53.4% a year earlier. The Glassdoor Employee Confidence Index has tracked market sentiment since 2016. Total...

  The People's Bank of China authorized the China Foreign Exchange Trading Center to announce that on August 29, 2023, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.1851 yuan for 1 US dollar, 7.8602 yuan for 1 euro, 4.9760 yuan for 100 yen, 0.91575 yuan for 1 Hong Kong dollar, 9.1576 yuan for 1 pound, 4.6776 yuan for 1 Australian dollar, and 4.6776 yuan for 1 New Zealand dollar.

  Beijing, August 28th, last week (August 21st-25th week), international spot gold opened at $1889.07/ounce, with a maximum of $1923.16/ounce and a minimum of $1884.68/ounce, closing at $1914.59/ounce, up $25.6 or 1.36%. The weekly close was sunny, ending the four-week losing streak before the end. Although Powell's latest speech suppressed the rally in gold, the PMI numbers in Europe and the United States...

  Morgan Stanley's Michael Wilson believes that the decline in U.S. stocks last Thursday, despite Nvidia's earnings report, shows that this year's rally has "ended" and points to further declines in the future. The bearish strategist recently admitted that he was too pessimistic about the outlook for U.S. stocks in 2023. But he still said the market's guidance for the U.S. chipmaker's explosive results...

  The United States Oil Fund (USO), the largest oil ETF in the United States, is reverting to a pre-COVID-19 pandemic investment strategy that drew close attention from regulators and roiled the market in 2020, credited with being one of the driving forces behind the alarming negative oil price event! The USO, with $1.20 billion in assets, will reallocate most of its positions to the near term starting in September.