The US dollar rebounded strongly yesterday Although gold is strong, it will experience short-term pressure and fall back to consolidate

16 Jan, 2024

The US dollar rebounded strongly yesterday Although gold is strong, it will experience short-term pressure and fall back to consolidate

The US dollar index rose on the 15th. The US dollar index, which measures the US dollar against six major currencies, rose 0.19% on the same day and closed at 102.599 at the end of the foreign exchange market. As of the end of the trading day in New York, 1 euro was exchanged for 1.0951 US dollars, lower than the previous trading day's 1.0956 US dollars; 1 pound is exchanged for $1.2727, which is lower than the previous trading day's $1.2748.

On Monday (January 15th), the demand for safe haven due to tensions in the Middle East boosted the attractiveness of gold, while the market increased its bets that the Federal Reserve would cut interest rates earlier than expected. Gold prices continued their trend in the previous two trading days and continued to rise.

On Monday (January 15th), persistent energy market concerns continued to worry about potential supply chain disruptions and the possibility of OPEC production cuts, weakening the global energy market's ability to meet fossil fuel demand. However, record crude oil production in major non OPEC countries such as the United States, as well as a significant increase in petroleum gasoline and other crude oil derivatives, are hindering efforts by barrel traders to push up crude oil costs. Meanwhile, despite the limited impact of the Middle East conflict on crude oil production, oil prices experienced a slight decline after last week's benchmark increase of 2%. Earlier in the day, the benchmarks of US crude oil and crude oil fell by more than $1 per barrel.

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