Economic and fundamental developments 07-02-20224

Economic and fundamental developments 07-02-2022

7 Feb 2022 02:12 PM

Several Asian stock indices declined following US stock indices at the beginning of the week. The drop came after mixed economic data from the US jobs last Friday that showed an increase in employment, but unemployment rose also.
The US dollar managed to rise today against a basket of currencies, accompanied by a rise in US bond yields to their highest levels since early 2020, standing at 1.9%.
Oil prices have traded close to their highest levels in seven after rising for seven consecutive weeks. Oil prices are rising amid geopolitical tensions in East Asia, which overshadowed the OPEC+ decision to raise production by 400,000 barrels starting next March.
Gold prices rose despite a stronger dollar and higher bond yields; the precious metal benefits from higher inflation expectations. The precious metal was trading near $ 1815 an ounce.

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Economic and fundamental developments 07-02-2022