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Hello everyone, today XM Forex will bring you "[XM Forex official website]: Trump imposed a 25% tariff on imported medium and heavy trucks, and the US dollar is below the 900 mark." Hope this helps you! The original content is as follows:
On October 20, in early Asian trading on Friday, Beijing time, the U.S. dollar index was hovering around 98.49. Last Friday, Trump softened his previous tough stance on trade, and the U.S. dollar index was boosted. It finally closed up 0.2% at 98.54, ending three consecutive losses. The benchmark 10-year U.S. Treasury yield closed at 4.0140%, and the 2-year U.S. Treasury yield, which is sensitive to the Federal Reserve's policy rate, closed at 3.470%. Spot gold hit a record high of $4,379 and then plunged nearly $130, eventually closing down 1.75% at $4,250.93 per ounce, but still recorded nine consecutive positive weeks; spot silver reached a new high in Asia, once approaching $54.50 per ounce, and then turned lower, once falling below the $51 mark, and finally closed down 4.24% at $51.86 per ounce. Trump and Putin planned to hold a meeting in Budapest, raising hopes of ending the conflict between Russia and Ukraine. WTI crude oil finally closed up 0.65% at US$57.24/barrel; Brent crude oil finally closed up 0.69% at US$61.26/barrel.
U.S. dollar index: As of press time, the U.S. dollar is hovering around 98.49. The dollar has struggled all week as investors sought refuge in the Swiss franc and Japanese yen after President Trump renewed his threat to impose 100% tariffs on Chinese goods. Technically, if the U.S. Dollar Index manages to move back above the 98.50 level, it will head towards the nearest resistance, which is located in the 98.85–99.00 range.
On Friday in Asian trading, gold hovered around 4243.89. Gold edged lower as a recent record-breaking rally appeared overstretched and physical demand eased after the holiday rush. Traders are bracing for China's third-quarter gross domestic product (GDP) data later on Monday, as well as September industrial production and retail sales reports.
On Friday’s Asian session, crude oil was trading around 56.96. But oil prices posted a weekly drop of nearly 3% after the International Energy Agency (IEA) forecast a growing supply glut and after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine. Looking ahead to this week, investors will pay close attention to Trump's potential meeting with Chinese leaders and OPEC+'s production increase. If there is a breakthrough in trade talks, oil prices may rebound; conversely, if tensions escalate, Bank of America warned that Brent oil prices may fall below the $50 mark. Amid uncertainty, the crude oil market will remain highly volatile, and investors are advised to remain cautious.
10:00 China’s third quarter GDP annual rate
10:00 China’s total retail sales of consumer goods in September year-on-year
10:00 China’s industrial added value above designated size in September year-on-year
14:00 Germany’s September PPI monthly rate
16:00 Eurozone August seasonally adjusted current account
22:00 U.S. September Conference Board Leading Indicator monthly rate
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