闫瑞祥：美联储政策转向在即，全球市场屏息以待

Macroeconomic Overview - The global economic and political landscape is complex, significantly impacting markets and international relations [1] - The US faces multiple pressures, with a decline in 2-year Treasury yields influenced by trade deficits and corporate pessimism, raising concerns about the impact of trade wars [1] - Traders expect the Federal Reserve to implement three rate cuts this year, with the first potentially in September, although investors remain worried about insufficient policy easing and uncertain market outlook [1] - Recent international trade developments include trade agreements between India and the UK, and the US and the UK, with some UK goods exempt from tariffs imposed by Trump [1] - In the energy market, OPEC+ unexpectedly increased production, leading to a drop in oil prices, with Saudi Arabia warning overproduction among member countries [1] - Political developments include Ukraine approving a mineral agreement with the US, and Oman reaching a freedom of navigation agreement with the US and Yemen [1] - Market participants are closely monitoring the Federal Reserve's policy decisions, with expectations of no change in rates this time but potential future volatility [1] - Geopolitical tensions, including conflicts between Israel and Houthi forces, and between India and Pakistan, are also areas of concern for investors [1] US Dollar Index - The US dollar index showed a downward trend, with a high of 100.077 and a low of 99.143, closing at 99.239 [2] - The dollar index faced resistance at 99.60, and traders are advised to be cautious until a breakout occurs [2] - The index is currently in a low-level consolidation phase, with key support at 98.90 [2] Gold Market - Gold prices experienced an overall increase, reaching a high of 3434.61 and a low of 3323.14, closing at 3430.31 [4] - The price is supported by the daily line, and further upward movement is anticipated unless a significant drop occurs [4] - The market is advised to monitor the 3340-3350 range, maintaining a bullish outlook unless this range is broken [7] Euro and US Dollar Exchange Rate - The Euro to US Dollar exchange rate showed an upward trend, with a low of 1.1279 and a high of 1.1380, closing at 1.1368 [7] - The market is supported at 1.0800 for long-term positions, while short-term fluctuations are being monitored around 1.1320-1.1380 [9]