Weekly

On January 20th

Today's range

U.S. economic data pointing to an economic slowdown again depressed the dollar, and the countdown to a potential U.S. government default was nearing its final stages, increasing safe-haven demand for gold, which broke through its highest level of the year to close at $1,930. Gold has been well supported at $1900 and is still in turmoil waiting for a breakout. Today's recommended range is $1,920 to $1,936.

Trading in Hong Kong stocks fell below HK $100 billion ahead of the Lunar New Year holiday, which began yesterday. The Hang Seng index closed 225 points lower, following overnight losses on Wall Street, after recovering from a rally in mainland stocks, but renewed flooding sparked concerns that a peak was not far off. The index was unable to hold its upward trend, falling 27 points, or 0.12 percent, to close at 21,650.

European stocks weakened as the market largely priced in optimism about China's return to normal. European stocks followed overnight losses of more than 1% in New York, after European Central Bank President Christine Lagarde said yesterday that the bank will continue to raise interest rates until inflation is pushed down to its 2% target. Investors were disappointed that Lagarde did not release the dove. The three major European markets developed separately. Germany's DAX index fell 1.72%; France's CAC index in Paris was down 1.86 percent and Britain's FTSE 100 was down 1.07 percent.

Us housing starts fell for the fifth month in a row and permits for new building fell for the third month in a row after retail sales posted their biggest drop in a year in December on Wednesday, showing Americans are less willing to buy homes. In addition to rising interest rates raising the burden of housing, fears of an economic downturn and a lack of confidence are also important issues. On Wall Street, the three major indexes closed lower, with the Dow and S&P 500 both down 0.76% and the Nasdaq composite down 0.96%.

A slew of U.S. economic data pointing to an economic slowdown has once again depressed the dollar, and another time bomb in the market is quietly starting. Political strife in Congress has pushed the countdown to a potential U.S. government default into the final stages, and U.S. domestic issues will make it more difficult for the Biden group to deal with policy issues. Gold closed at $1,930. It went as low as $1,901 and as high as $1,35.2 before closing at $1,932.3, up $27.8.

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