The US dollar recorded its largest daily increase since June High gold prices show signs of fatigue

29 Aug, 2024

On Wednesday (August 28th), due to month end buying and technical trading, the US dollar index recorded its largest increase since June 3rd, ultimately closing up 0.50% at 101.06.

On Wednesday (August 28th), due to month end buying and technical trading, the US dollar index recorded its largest increase since June 3rd, ultimately closing up 0.50% at 101.06. The inverted range of the US Treasury yield curve narrowed further, with the benchmark 10-year US Treasury yield closing at 3.8400%; The two-year US Treasury yield, which is more sensitive to monetary policy, ultimately closed at 3.8730%.

 

Gold prices fell 0.8% on Wednesday (August 28), closing at $2504.46 per ounce. Affected by the strengthening of the US dollar, investors are focusing on key inflation data from the world's largest economy in search of clues about the size of the Federal Reserve's possible interest rate cut in September. Investors also need to pay attention to the changes in the number of initial jobless claims in the United States and the revision of the US Q2 GDP, which will be released this trading day.

 

On Wednesday (August 28th), international oil prices fell sharply due to a smaller than expected decrease in US crude oil inventories and ongoing concerns about global demand. WTI crude oil ultimately closed down 1.81% at $74.33 per barrel; Brent crude oil ultimately closed down 3.04% at $77.38 per barrel.

 

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