Daily

On January 24th

Today's range

The US leading index showed for the fifth month in a row that the economy is going backwards. Although the January figure showed an improvement over December, it was still at the second worst level in this period. The market expects that the Fed's aggressive interest rate hike will aggravate the US economy's decline and lead to an irreversible economic landing situation, and the chances of a 0.25% interest rate hike next month are high. Gold has been well supported at $1900 and is now consolidating at $1930, trying to break out and aiming for the 2000 level. Today's recommended range is $1,925-1,942.

Hong Kong stocks were closed for the Lunar New Year holiday.

The European Union reported an improvement in consumer confidence in the euro zone in January, which boosted investor sentiment. Coupled with slowing expectations of a U.S. interest rate hike, all three major European stock markets rose, with Germany's DAX index up 0.46 percent. France's CAC index in Paris was up 0.52 percent and Britain's FTSE 100 was up 0.18 percent.

Last week, a slew of U.S. economic data showed that the chances of a U.S. economic setback are increasing, and the market's view that the Federal Reserve will raise interest rates next week is slowing, with the latest poll pricing in a 99.9 percent chance of a 25-point increase. U.S. stocks rose on news of the waning pressure to raise interest rates, with all three major Wall Street indexes rising, with the Dow gaining 0.76 percent, the S&P 500 rising 1.24 percent and the Nasdaq Composite rising 2.18 percent.

The US leading index has shown for five consecutive months that the economy is going backwards. Although the January data showed an improvement from December last year, it is still at the second worst level in this period. The market expects that once the Federal Reserve aggressively raises interest rates, the US economy may deepen the decline and become an irreversible economic landing situation. The dollar fell against the euro, the dollar index was still teetering on the edge of 102, and gold rose in choppy trading, falling as low as $1911.4 and as high as $1935.6 before closing at $1931.3, up $5.7.

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