Australian Exchange Investment September 7 financial breakfast: ISM services index rose to a six-month high, the dollar strengthened across the board, and the Bank of Canada suspended interest rate hikes again

SEPTEMBER 7 (Reuters) - U.S. stocks fell while Treasury yields climbed on Wednesday after stronger-than-expected data from the services sector reinforced speculation that the Federal Reserve will keep interest rates higher for longer.

On Wednesday (September 6), stronger-than-expected U.S. services data strengthened speculation that the Federal Reserve will maintain higher interest rates for longer, sending U.S. stocks lower and Treasury yields higher.Key currencies and commodities close on September 6

Forex: EUR/USD closed at 1.0748; GBP/USD closed at 1.2507; AUD/USD closed at 0.63756; USD/JPY closed at 147.015; USD/CAD closed at 1.36325; USD/CHF closed at 0.89084.

Commodities: Spot gold at $1919.09 per ounce; Comex gold at $1944.2 per ounce; Spot silver at $23.165 per ounce; Comex silver at $23.503 per ounce; Brent crude oil at $90.40 per barrel; NYMEX crude oil at $87.08 per barrel.

Key News Review:

Thursday (September 7) Asian morning, the dollar index remains strong, currently located near 104.90; spot gold continues to be under pressure, gold prices are currently trading around $1917/ounce. Well-known financial website FXStreet analyst Anil Panchal wrote a new article on Thursday to analyze the technical trend of gold prices.

2. In early Asian trading on Thursday (September 7), the dollar/yen rose to 147.79. Bank of Japan officials began to become more hawkish, and foreign exchange traders began to face up to the "black swan" event of ultra-loose to loose. Credit Agricole warned that it must be prepared for excessive fluctuations in the dollar/yen. Once the 148 bottom line is reached, the possibility of "intervention" by the Japanese Ministry of Finance cannot be ruled out.

3. Retail gold prices in Japan jumped to an all-time high as the yen continued to fall against the dollar and cash-rich Japanese households rushed to find a hedge against inflation. Buying yen-denominated gold at Japan's biggest trader pushed prices above the 10,000 yen per gram level for the first time in recent days.

4. According to the Federal Reserve's latest Survey of Economic Conditions (Beige Book), the U.S. economy grew at a moderate pace in July and August, helped by "pent-up demand" for leisure activities. The survey showed a slowdown in non-essential retail sales, with the exception of leisure travel. For example, auto sales rose because inventories were better, not because of consumer demand; employment growth was lackluster nationwide; wage growth remained high, but almost everyone expected that growth to stabilize in the coming months; and prices fell faster in the consumer goods segment than in many others. However, businesses still face high input costs, which put pressure on margins; property insurance premiums have risen sharply in recent months.

Market hotspot tracking:

On Thursday (September 7), in early Asian trading, the US dollar index fell slightly from the annual high of 105.02 hit overnight to remain strong at 104.87, and the two hawkish camps took off. The unexpected growth of the US ISM service industry PMI supported a "soft landing", and the hawkish officials of the Federal Reserve defended the "long-term high interest rate" bias. Gold fell to $1,916 and encountered a deeper pullback. Safe-haven funds returned to the US dollar, and the outlook for gold was uncertain.

currency market

EUR: EUR/USD closed higher at 1.0748, up 0.05%. Technically, the preliminary resistance to the upside of the exchange rate is at 1.0746, further resistance is at 1.0770, and the key resistance is at 1.0791; the preliminary support to the downside of the exchange rate is at 1.0702, further support is at 1.0680, and more critical support is at 1.0657.

GBP: GBP/USD fell, closing at 1.2507, down 0.45%. Technically, the preliminary resistance to the upside is at 1.2563, further resistance is at 1.2628, and key resistance is at 1.2668; the preliminary support to the downside is at 1.2459, further support is at 1.2418, and more critical support is at 1.2354.

Yen: USD/JPY ended higher at 147.015, down 0.05%. Technically, the preliminary resistance to the upside of the exchange rate is at 147.944, further resistance is at 148.283, and the key resistance is at 148.747; the preliminary support to the downside of the exchange rate is at 147.141, further support is at 146.677, and more critical support is at 146.338.

stock market

The three major Wall Street indexes closed lower on Wednesday (Sept. 6), with the Nasdaq down 1 percent after stronger-than-expected service sector data raised concerns that inflation remains sticky, meaning interest rates will remain elevated for longer. The Dow Jones Industries Average Index fell 198.78 points, or 0.57 percent, to close at 34,443.19. The S & P 500 Index fell 0.7 percent to close at 4,465.48; the Nasdaq Composite fell 1.06 percent to close at 13,872.47.

On Wednesday (September 6), European stocks closed lower as Saudi Arabia and Russia extended a series of voluntary oil supply cuts beyond the end of the year, as investors focused on the oil market outlook and inflation concerns. The pan-European Stoxx 600 closed down 2.60 points, or 0.57%, at 454.30; Germany's DAX30 closed down 30.16 points, or 0.19%, at 15,741.55; Britain's FTSE 100 closed down 11.61 points, or 0.16%, at 7,426.32; France's CAC 40 closed down 60.63 points, or 0.84%, at 7,194.09; Europe's Stoxx 50 closed down 29.81 points, or 0.70%, at 4,239.35; Spain's IBEX35 closed down 72.55 points, or 0.77%, at 9,319.45; Italy's FTSE MIB closed down 420.18 points, or 1.47%, at 28,232.00. Most sectors of the pan-European Stoxx 600 index fell. Household goods led the decline, down 2.2%, followed by banks, down 1.5%.

commodity market

Spot gold closed at $1919.09/ounce, down $5.87/ounce or 0.31%, hitting a high of $1929.18/ounce during the day, a low of $1915.23/ounce, and a loss of $1920.00/ounce.

Oil prices closed at a near nine-month high as investors digested news of OPEC + leaders Saudi Arabia and Russia's decision to extend supply curbs until the end of the year. International oil prices continued to rise nearly 1% on Wednesday (September 6), with the US oil station at the $85/barrel mark and cloth oil reaching more than $90/barrel. West Texas Intermediate (WTI) crude oil traded up $0.81, or 0.94%, and is now trading at $87.08/barrel. Brent (OIL0) crude oil traded up $0.60, or 0.67%, and is now trading at $90.40/barrel.

Thursday (September 7) Highlights:

11:00 China's August trade balance;

11:00 China's August trade account is calculated in US dollars.

13:45 Switzerland's seasonally adjusted unemployment rate in August.

14:00 Germany's July quarter-adjusted monthly rate of industrial output;

14:00 UK Halifax seasonally adjusted house price index monthly rate in August;

14:45 France's July trade balance;

17:00 Eurozone second-quarter GDP annualized final value;

17:00 Quarterly adjusted employment in the second quarter of the euro area;

20:30 The number of initial jobless claims in the United States for the week ending September 2.

22:00 US August New York Fed Global Supply Chain Stress Index;

23:00 U.S. EIA crude oil inventories for the week to September 1;

The next day at 02:10, Bank of Canada Governor John McCallum delivered a speech.

The next day at 03:30, Federal Reserve Williams delivered a speech.

The next day at 03:45, Federal Reserve Bostic delivered a speech.

The next day at 04:55, Federal Reserve Governor Bowman delivered a speech