🔥This Week's Market Review: Although it has become history, is it also a new beginning?🔥🔥🔥
The US dollar index experienced overall fluctuations this week, continuing to be affected by Trump's tariff policies and the progress of negotiations. On Wednesday, as weak US economic data raised expectations for interest rate cuts, the dollar index fell below the 99 mark, returning to a six-week low. On Thursday, the first call between China and the US boosted market sentiment, leading to a rebound in the dollar index. After the non-farm payroll data on Friday, the dollar index returned above that mark, closing the week at 99.22, down 0.23%.
Spot gold overall rose this week, primarily boosted by the weakening dollar and increased trade and geopolitical risks. The most exciting market action occurred on Thursday when gold prices experienced a roller coaster, briefly hitting the 3400 USD/ounce mark before sharply declining and giving back all intraday gains. On Friday, the downward trend continued, closing the week at 3311.68 USD/ounce, up 0.67%.
In addition, the precious metals market recently experienced a collective rise, with silver, platinum, and palladium prices all performing strongly. Silver rose to a 13-year high on Thursday, breaking the 36 USD per ounce mark for the first time since February 2012, and platinum also reached its highest level since 2022.
In terms of non-US currencies, as the dollar weakened, the euro, pound, Australian dollar, and Canadian dollar all recorded declines against the US dollar this week. The dollar against the yen closed up for the second consecutive week, but this week marked its least volatile week in nearly ten weeks. The recent rise in Japan's long-term government bond yields highlights the need for the Bank of Japan to cautiously tighten its policies.
On Wednesday, reports indicated that Saudi Arabia intends to push OPEC+ to continue significantly increasing production, leading to a sharp drop in oil prices during the session. On Friday in the US market, both oil prices suddenly surged, with WTI crude oil rising over 2.00% intraday.
The US stock market closed at its highest level since February this week, with the Dow Jones rising 1.17%, the S&P 500 index rising 1.5%, and for the first time since February 21, it stood above the 6000-point mark, while the Nasdaq rose 2.18%.
In terms of individual stocks, Tesla (TSLA.O) fell 14.26% on Thursday, losing a trillion dollars in market value overnight. Since hitting a high of 367.71 USD on May 29, its stock price has fallen over 20%, with a slight rebound on Friday, closing below 300 USD. "The first stock of stablecoins" Circle went public on the NYSE, with "Cathie Wood" buying nearly 4.5 million shares. On its first day of trading, the stock price increased by more than 2 times at one point, rising for two consecutive days, with a market value of 23.968 billion USD.