On Friday, SHFC main contract 2408 fell 1.72% to close at 554.48.
From the perspective of market conditions, the main disturbing factors may be as follows: the Federal Reserve is in the hawkish direction, and the US economic data is stronger.
First look at the Federal Reserve. The minutes of the Federal Reserve's monetary policy meeting in May revealed that most officials agreed that it was necessary to maintain high interest rates for a longer period of time, and even most officials thought that the interest rate increase arrangement was not out of reach, pointing out that they were willing to tighten policy when needed, and the hawk was inclined to greatly dampen market sentiment.
Then look at the economic data.
The overnight, PMI data of all dimensions released by the United States showed different increases. Specifically, the initial value of the global manufacturing PMI of S&P in the United States rose to a new high in two months in May; The initial PMI of the service industry also exceeded expectations and rose to a new high in 12 months; The initial comprehensive PMI rose to a 25 month high.
In addition, the employment market has changed from the weak state at the beginning of the month to the present. The number of initial jobless benefits applications fell after two consecutive weeks of higher than expected rise, showing a positive trend. Data shows that the number of Americans applying for unemployment benefits at the beginning of the week to May 18 was lower than the expected value (220000 people) and the previous value (223000 people after correction), recording 215000 people.
On the whole, the monetary policy of the Federal Reserve is more hawkish, and many officials speak more "hawkish words". Superimposed by stronger economic data, the expectation of interest rate reduction may be blocked again, and market sentiment will cool, Gold price In the short term or under pressure, focus on the landing of core PCE data that the Federal Reserve is most concerned about next week.
Source: Wind, Everbright Futures Research Institute
Writer: Shi Yueming
Qualification: F03097365
Investment consulting qualification: Z0017563
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