22/06/2023
1. On Wednesday, perhaps due to Fed Chairman Powell's "not enough hawks" speech, the US dollar index fell sharply in US trading session, barely holding at 102 and reaching as low as 102.03 before closing down 0.44% at 102.08. The direction of US bond yields is confusing, with the US 2-year bond yield falling below 4.7% in intra-day trading before eventually closing at 4.72%; The US 10-year bond yield initially rose and then fell, but still remained above 3.7%, closing at 3.727%. The inversion between these two types of currency has fallen deeply by 100 basis points, the lowest level since March.
2. Spot gold plummeted in front of the US market, dropping below $1,920 to a daily low of $1,919.23, then regaining some lost points and returning to above $1,930 before ultimately closing down 0.19% at $1,932.82 per ounce; spot silver continued to fall sharply, down more than 2% in the day, falling below $23 and ultimately closing down 2.16% at $22.66 per ounce.
3. Crude oil rose by over 2%: WTI crude oil stood above $70 and even reached a daily high of $72.70, ultimately rising 2.07% to $72.32 per barrel, while Brent crude oil rose 2.07% to $76.94 per barrel.
4. The three major US stock indexes closed lower: the Dow fell 0.3%, the S&P 500 fell 0.52%, and the Nasdaq fell 1.21%. Chip stocks performed poorly, with AMD falling 5.72%, Intel falling 6%, and Qualcomm falling 3.39%. Conceptual cryptocurrency stocks rose, with MicroStrategy up 5.71%, Riot Blockchain up 3.82%, and Coinbase up 1.77%.
5. European stocks continued to decline, with Germany's DAX falling 0.55%, the UK's FTSE 100 falling 0.13%, France's CAC40 falling 0.46%, Spain's IBEX35 falling 0.03%, and the Stoxx 50 Index falling 0.47%.
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