the rmb has soared and the price of gold has hit a new high!
2024-09-21
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on september 20, local time, the three major u.s. stock indexes rose and fell. the dow jones industrial average rose slightly, while the nasdaq and s&p 500 both fell slightly. the u.s. dollar index rose 0.10%;the offshore rmb surged by nearly 300 points, breaking through the 7.04 mark at one point;the dollar rose nearly 1% against the yen.
at the same time, spot gold rose more than 1%, setting a new all-time high of $2,625.77 an ounce.
the rmb rose nearly 300 points
wind data showed that on september 20, local time, the u.s. dollar index rose 0.10% to 100.7335; the euro rose 0.02% against the u.s. dollar to 1.1163; the pound rose 0.29% against the u.s. dollar to 1.3322; the u.s. dollar rose 0.89% against the yen to 143.9045;the offshore renminbi rose 293 basis points against the u.s. dollar to 7.0416. it once broke through the 7.04 mark during the session, reaching a high of 7.0388.
citic securities predicts that in the future, the concentrated settlement of foreign exchange by export enterprises may increase short-term exchange rate fluctuations, and the rmb exchange rate may approach 7 yuan. however, it is expected that the probability of the rmb exchange rate breaking through 7 yuan in a trend this year is not high:first, although the fed has cut interest rates by a large margin this time, the subsequent path it has given is flexible and stable; second, the domestic economy still faces the problem of insufficient effective demand in the short term; third, the people's bank of china hopes to maintain exchange rate stability, and there may be certain risks in both rapid appreciation and depreciation. a review of the past three rounds of rmb appreciation cycles shows that the us dollar index has weakened significantly and the domestic economic fundamentals have improved significantly.
gold prices continue to hit new highs
spot gold and comex gold futures both continued to hit new highs.spot gold rose 1.36% to $2,621.88 an ounce, up 1.71% this week; comex gold futures rose 1.25% to $2,647.4 an ounce, up 1.41% this week.
spot silver rose 1.27% to $31.1775 an ounce, up 1.49% this week; comex silver futures rose 0.23% to $31.495 an ounce, up 1.35% this week.
apple's stock price plummets
on september 20th local time, the three major u.s. stock indexes rose and fell. as of the close, the dow jones industrial average rose 0.09%, the nasdaq index and the s&p 500 index fell 0.36% and 0.19% respectively.
big tech stocks were mixed.apple's stock price plummeted in late trading, turning from a rise of nearly 2% to a fall, and finally closed down 0.29%., the latest market value is 3469.6 billion us dollars (24.47 trillion yuan). microsoft fell 0.78%, google-a rose 0.89%, amazon fell 0.91%, meta rose 0.40%, netflix fell 0.47%. in addition, tesla fell 2.32% and nvidia fell 1.59%.
economic "barometer" issues warning
the share price of fedex, a "barometer" of the us economy, plummeted 15.24%.
at the beginning of the new fiscal year, fedex's sales revenue turned to negative growth and its profit expectations dropped sharply. in addition,fedex also cut its revenue and profit guidance for the current fiscal year, as concerns about a u.s. recession reignited.
"while there is a lot of optimism in the market right now, there are clearly some underlying concerns," said jim reid, a strategist at deutsche bank. in particular, futures markets are pricing in a more aggressive pace of rate cuts than the fed's dot plot on wednesday suggested, with investors believing the pace of rate cuts may need to accelerate if downside risks materialize.
wti crude oil rose 4.8% this week
u.s. wti crude oil closed basically flat on friday, up more than 4% this week, marking the second consecutive week of gains.
most energy stocks fell, with exxon mobil down 0.62%, chevron up 0.46%, conocophillips down 0.46%, schlumberger down 0.8% and occidental petroleum down 0.77%.
oil prices were supported by the federal reserve's sharp interest rate cut this week and a drop in u.s. crude oil supply.
ole hansen, head of commodity strategy at saxo bank in denmark, believes that oil prices will only remain below $70 for a long time if there is a real risk of recession, and the federal reserve's sharp interest rate cut this week will help reduce the risk of the us economy falling into recession.
source: china business news wechat compiled from china securities journal, securities times, etc.
