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Spot Gold opened on Monday with a sharp drop of $20, but after two days on the road, Wednesday was a surge of nearly $40, above the $1870 mark. Thursday began to narrow the gains, Friday’s European decline expanded, even broke 1850, $ 1840 two major hurdles, as of press Time is still down more than 1%, running above the $ 1840 mark.
Spot silver closed four positive lines in a row, rebounding upward after Monday’s close loss of $ 24, which was recorded on Tuesday, the world’s largest silver ETF-iShares Silver Trust position increased by 621.36 tons over the previous day, the current position of 17841.03 tons. Silver was once at $26 in Asian trading on Thursday, but plunged 3% on Friday night.
The U.S. index slipped this week, trying unsuccessfully to attack 91 on Monday, then kept sliding, Thursday was a one-sided downward trend, nearly lost the 90 mark, Friday Asian slightly rebounded, but after the European session and turned down, and is still hovering around 90.2.
The British pound performed brightly, from Monday’s low to Thursday accumulated gains of more than 200 points, and broke above the 1.37 mark, but Friday retracted some of the gains, now trading below this mark. The U.S. and Canada experienced some ups and downs, turning down after standing on the 1.28 handle on Monday and sinking 100 points in an hour after the Bank of Canada announced its interest rate resolution on Wednesday night, before climbing back up on Friday and running towards the 1.27 handle.
In the oil market, the U.S. and Bu oil are in consolidation this week, the first three trading days oscillating upward, Wednesday Bu oil rose to above $56, the U.S. oil also stood at $53, but then began a small pullback, as of press time, oil prices have erased most of the gains at the beginning of the week.
U.S. stocks, Monday for the Martin Luther King Jr. Day market closure, Tuesday Yellen hearing, said that support for the introduction of more fiscal stimulus measures, the three major stock indexes closed higher across the board. Wednesday Biden‘s inauguration, U.S. stocks rolled higher, Thursday the market turned to wait and see, the S&P 500 and the Nasdaq set new record highs, but the Dow closed lower.
Asian stock markets were “on ice”. On Tuesday, the Vietnamese stock market had the biggest crash in its 20-year history, plunging 5.11%, and the Ho Chi Minh Stock Exchange’s trading system was once crushed to a standstill.
A-shares and Hong Kong stocks, on the other hand, rose and then fell this week. The HSI challenged the 30,000-point mark several times but ultimately failed, the GEM index jumped nearly 4% on Wednesday, and all three major A-share indexes hit new stage highs during the day on Thursday.
Bitcoin was in a dismal green this week, after hovering at a high of $37,000 for two trading days, it fell as deep as 14% on Thursday and broke below the $30,000 mark in early trading on Friday, and has now rebounded above $31,000. Ether, the second largest cryptocurrency, surged 11% on Tuesday to set a new all-time high of $1,400 per coin, but plunged nearly 13% on Thursday night to lose $1,200 per coin.
[Weekly Events].
Treasury Secretary-to-be may restart the era of strong dollar, a speech alarmed the U.S. debt
Yellen announced at the treasury secretary nomination hearing that she is not seeking to gain an advantage by depressing the dollar and called for massive fiscal stimulus. Yellen also said that now deep in the new crown crisis, not the time to raise corporate taxes.
Notably, Yellen revealed that she is considering issuing 50-year U.S. bonds, and after her comments, the yield on the 30-year U.S. Treasury rose 1.6 basis points, and the difference between the 5-year and 30-year yields once widened to 140 basis points.
The U.S. Senate Finance Committee will hold a public hearing on Yellen’s nomination at 23:00 GMT on Friday, and the Senate committee is unlikely to vote on Yellen’s nomination until next week.
In addition, on Monday, Biden officially nominated Gary Gensler as chairman of the U.S. Securities and Exchange Commission, nominated Rohit Chopra as director of the U.S. Consumer Financial Protection Bureau (CFPB), and ALLISON HERREN LEE was appointed acting chairman of the SEC. This signals that Wall Street is ready to enter a new era of stricter regulation and stricter rules.
U.S. oil to “defect” to OPEC+? More oil supplies on the way
Biden signed a series of executive orders that also included the revocation of permits for the U.S.-Canada Keystone XL pipeline project, which analysts say means a major setback for the Canadian oil industry and a potential greater reliance on OPEC+ imports for U.S. oil.
The IEA’s monthly report lowered its oil demand forecast, but is optimistic that with 100% implementation of OPEC+ production cuts in December, demand is expected to improve in the second half of 2021 and there may be room for further oil supply growth.
Pfizer-BioNTech Vaccine Expected to Fight Variant virus, Global Vaccination Progress Mixed
On Wednesday night, Pfizer and BioNTech SE showed with a new round of laboratory studies that their collaborative development of a new crown vaccine could provide protection against a variant virus emerging in the United Kingdom.
This news of vaccine progress is more encouraging than any previously, as this new study tested all 10 variants found on the virus’ stinger protein and has a broader analytical basis than the results Pfizer announced last week.
Now that vaccination progress is accelerating around the world and the U.S. intends to join the Global New Coronavirus Vaccine Implementation Program aimed at providing New Coronavirus vaccine to poor countries, however, another unidentified mutant strain of New Coronavirus has been discovered in Canada and vaccine supply delivery has been experiencing some problems one after another.
ECB stays put, policy tool adjustments in the pipeline
As the U.S. drug company Pfizer slowed down the shipment of the new crown vaccine, several EU countries received far fewer Pfizer vaccines than expected, causing dissatisfaction in many countries. In fact, the current rate of vaccination in the EU lags far behind that of the UK and the US. As a result, the ECB reaffirmed its very accommodative monetary policy stance this week by announcing that key interest rates and its bond purchase program remain in place.
However, the ECB’s rate resolution contains some suspiciously hawkish words, indicating a reluctance to use the full amount of the PEPP, and analyst Alexander Weber said that the “commitment to recalibrate the amount if necessary” may be intended to balance the statement’s hawk-dove level.
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