MHMarkets：The European Central Bank promises that inflation will return to the 2% target, and the initial value of the US Markit manufacturing PMI in July is less than expected

Fundamentals：

The initial value of the U.S. Markit Manufacturing PMI in July was 52.3, the lowest since August 2020; the initial value of the U.S. Markit Service PMI in July was 47, the lowest since June 2020. The U.S. economy is worryingly deteriorating, with industrial output falling at a rate not seen since the 2009 global financial crisis, excluding the months of the coronavirus lockdown. After the data was released, swap contracts also indicated a slight decrease in the probability of a 75 basis point rate hike this week.

European Central Bank President Christine Lagarde said that in order to bring inflation back to 2%, interest rates will be raised as much as needed The right pace for your next move. Investors expect the ECB to raise rates by around 113 basis points before the end of the year, according to market bets.

Technical：

Dow: US stocks closed, the three major stock indexes closed down, the Nasdaq closed down 1.87%, the Dow fell 0.43%, and the S&P 500 fell 0.93%. The Dow fluctuated, and the top was concerned about the position near the support pressure position of 33240.

US dollar: The US dollar index fell sharply before the US market, rebounded after approaching the 106 mark, and finally closed up 0.009% at 106.59; the 10-year US bond yield fluctuated downward and finally closed at 2.754%. The top of the dollar fell, and the bulls were cautious, focusing on the target position of 105 below.

Gold: Spot gold made a massive counterattack, once approaching the $1740 mark, then fell back above 1720, and finally closed up 0.46% at $1726.46 per ounce; gold fluctuated at a low level, the lower monthly line supported the 1680 position, stabilized and rebounded, and focused on the 1744 target position.

Crude oil: Crude oil fluctuated violently within two days. WTI crude oil fluctuated widely in the range of US$94 to US$98, and finally closed down 1.04% at US$97.49 per barrel; Brent crude oil closed down 0.55% at US$104.23 per barrel. Crude oil fluctuated, and the top was concerned about the target position near 100.

(The above analysis only represents the opinions of analysts, the foreign exchange market is risky, and investment should be cautious)