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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Decision Analysis]: Federal Reserve officials intensively expose their news, may OPEC+ suspend production increase in October? Gold is in fluctuation." Hope it will be helpful to you! The original content is as follows:
On July 11, early trading in Asian market on Friday, Beijing time, the US dollar index hovered around 97.82. On Thursday, the US dollar index rose first and then fell, and it approached the 98 mark before the US session, but then gave up most of the gains and finally closed up 0.1% to 97.55. The benchmark 10-year U.S. Treasury yield closed at 4.351%, while the 2-year U.S. Treasury yield closed at 3.885%. Spot gold fluctuated back and forth near the $3320 mark, finally closing up 0.32%, closing at $3324.43/ounce; spot silver continued to rise during the day, finally closing up 1.7%, at $36.98/ounce. The two oils fell 2% during the session as investors weighed the potential impact of US President Trump's tariff measures on global economic growth. WTI crude oil continued to fall during the day, falling to an intraday low of $65.53 intraday, and finally closed down 2.1% at $65.78/barrel; Brent originally closed down 1.90% at $68.15/barrel.
Dollar Index: As of press time, the US dollar index hovers around 97.82. So far, Trump has announced new tariff rates on 21 countries. Fed Waller is expected to support rate cuts at a policy meeting later this month. Technically, the successful testing of the recent resistance level 98.00–98.20 will push the US dollar index to the next resistance level, that is, in the 99.20–99.40 range.
On Tuesday, gold hovered around 3325.96. Data disclosed by the U.S. Department of Labor shows that the number of people applying for unemployment benefits in the United States is lower than the estimated and previous values, indicating a sound economy. Therefore, optimism among market participants remains high, limiting the rise in gold, and the rise in gold is also under pressure from high U.S. Treasury yields.
On Tuesday, crude oil trading around 65.74. WTI prices plummeted due to concerns about OPEC+'s increase in production in August, unexpected increase in U.S. crude oil inventories and intensified U.S. tariff pressure. The Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed to increase their total crude oil output by 548,000 barrels per day (bpd) at a meeting on July 6, while continuing to cancel a series of voluntary production cuts. The group previously announced daily in May, June and JulyThe rate hike of 411,000 barrels is already three times faster than the original plan. The super-large production surge has sparked concerns about oversupply, which could weigh on WTI prices in the near term.
①14:00 UK’s three-month GDP monthly rate in May
②14:00 UK’s May manufacturing output monthly rate
③14:00 UK’s May seasonally adjusted wzhdjgj.commodity trade account
④14:00 UK’s May industrial output monthly rate
⑤14:45 France’s June CPI monthly rate final value
⑥15:00 Switzerland’s June consumer confidence point Number
⑦16:00IEA released monthly crude oil market report
⑧20:30 Canadian employment in June
⑨The next day 01:00 the total number of oil drilling rigs in the week from the United States to July 11
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