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The yield on Japans 20-year government bonds fell 4 basis points to 3.765%, while the yield on Japans 30-year government bonds fell 7 basis points to 4.005%.The yield on Japans 30-year government bonds fell 5 basis points to 4.025%.Euro Stoxx 50 futures fell 0.37%, German DAX 30 futures fell 0.28%, and UK FTSE 100 futures rose 0.1%.July 7th - The Hong Kong Gold Central Clearing and Settlement System officially commenced trial operations. It is understood that the Hong Kong Financial Services and the Shanghai Gold Exchange launched the first phase of "physical connectivity" today, based on the cooperation agreement signed in January this year. HKG Clearing has applied to become an international member of the Shanghai Gold Exchange and opened a physical gold account. Market participants can choose to deposit their physical gold holdings into designated warehouses in Hong Kong on the Shanghai Gold Exchanges international board through this account. Through two-way transfers, market participants can participate in both the Shanghai Gold Exchanges on-exchange market and the Hong Kong over-the-counter market, facilitating the flow of physical gold between the HKG Clearing system and the Shanghai Gold Exchange system, effectively connecting the gold markets of Hong Kong and Shanghai.On July 7th, AMP Chief Economist Shane Oliver listed a list of risks facing the market over the next year, with one key risk focusing on the White House. He stated that after the upcoming midterm elections, US President Trump will be less constrained and may use this window of opportunity before the 2028 election to escalate overseas military operations, including renewed actions against Iran, and potentially involving Greenland and Cuba. Oliver added that this risk is particularly concerning if Trump loses control of both houses of Congress in November.

Price Analysis of the US Dollar Index: DXY Retreats from 104.00, Rising Wedge Anticipated

Alina Haynes

May 12, 2022 10:27

During Thursday's Asian session, the US Dollar Index (DXY) fails to continue the previous two days' upward momentum, trading on the defensive around 103.95.

 

In doing so, the dollar index remains near the 20-year high reached earlier in the week, but for the first time in three days, the daily decline is recorded.

 

In addition to highlighting a 12-day-old rising wedge bearish pattern surrounding the multi-day top, the DXY's most recent decline also reveals a multi-day top-adjacent rising wedge formation. The slow RSI also highlights the significance of the chart pattern.

 

However, a decisive breach below 102.90 is required to validate the potential decline to 101.30.

 

During the fall, the 100-SMA and monthly low between 102.65 and 102.35 will serve as intermediate stops.

 

Until the quote continues below the indicated wedge's resistance line, approximately 104.30 as of press time, a recovery appears elusive.

 

After that, a slow climb to the September 2002 high of 109.80 cannot be ruled out.

Four-hour DXY chart

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