Market review this week: The US dollar index showed an overall range-bound trend, and traders generally expected the Federal Reserve to keep interest rates unchanged next week and start cutting interest rates in September.
After hitting a new high last week, spot gold fell for the second consecutive week this week, closing at $2,387 per ounce.
In terms of non-US currencies, the yen appreciated sharply this week due to expectations that the Bank of Japan would raise interest rates again and reduce its bond purchases, causing the US dollar to fall below the 152 integer mark against the yen. The cumulative decline this week was 2.38%, the largest single-week decline since April this year.
The pound, euro and Australian dollar all recorded declines overall. Among them, the Australian dollar fell by more than 2% this week due to lower commodity prices, setting a record for the longest consecutive decline in 11 months.
In the US stock market, the sharp drop in technology stocks dragged the S&P 500 index to its largest single-day drop in a year and a half on Wednesday, and the market value of the Nasdaq 100 index fell sharply, showing the worst single-day performance since October 2022.
Both the S&P 500 and Nasdaq Composite recorded their first consecutive weekly declines since April.
Funds continued to flow from large technology stocks to small-cap stocks, which rose for the third consecutive week. The US PCE data released on Friday boosted market expectations for rate cuts, and the Dow Jones Industrial Average surged and recorded its first consecutive fourth week of gains since May.
Bitcoin prices fluctuated greatly this week, but were basically the same as last week's closing price, with a change of -0.31% and an intraday high of $68,500.
Ethereum's intraday high this week reached $3,560, with a weekly change of -7.91%.
