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Economic and fundamental developments 06-04-2022

6 Apr 2022 12:37 PM
  • Asian stock indices fell after the Caixin index of Chinese services sector purchasing managers showed a decline that exceeded expectations to 42.0 points from 50.2 points, its largest contraction in the sector since March 2020.
  • The US dollar rose against a basket of currencies after US bond yields rose to a multi-year high. Traders are awaiting the release of the US Federal Reserve meeting minutes today to look for rate hike indications by 50 basis points next May.
  • Gold prices fell today for the second consecutive session, as the precious metal was affected by the rise of the dollar and US bond yields. Silver prices also fell.
  • Oil prices fell yesterday on global demand concerns, with the city of Shanghai in China closed to limit the spread of the Coronavirus. However, prices are trying to edge higher today, taking advantage of Western countries' expectations to adopt more sanctions against Russia.

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