Commodity Market Summary - Spot platinum (XPTUSD) is priced at 1253.460, down by 39.980, representing a decrease of 3.09% [2] - Spot palladium (XPDUSD) is priced at 1045.350, down by 10.750, reflecting a decline of 1.02% [2] - Gold (COMEX) (GC) is priced at 3436.000, up by 29.600, indicating an increase of 0.87% [2] - Silver (COMEX) (SI) is priced at 36.265, down by 0.145, showing a decrease of 0.40% [2] Foreign Exchange Summary - Euro to USD (EURUSD) is at 1.150, down by 0.67% [3] - GBP to USD (GBPUSD) is at 1.353, down by 0.57% [3] - USD to JPY (USDJPY) is at 144.357, up by 0.60% [3] - AUD to USD (AUDUSD) is at 0.647, down by 0.99% [3] - USD to CHF (USDCHF) is at 0.814, up by 0.47% [3] - NZD to USD (NZDUSD) is at 0.600, down by 1.16% [4] - GBP to JPY (GBPJPY) is at 195.371, up by 0.02% [4] Cryptocurrency Market Summary - Bitcoin (BTC) is priced at 104874.010, down by 811.190, reflecting a decrease of 0.77% [4] - Litecoin (LTC) is priced at 83.830, down by 2.310, indicating a decline of 2.68% [4] - Ethereum (ETH) is priced at 2532.590, down by 110.390, showing a decrease of 4.18% [4] - Ripple (XRP) is priced at 2.146, down by 0.044, reflecting a decline of 2.00% [4] Treasury Bonds Summary - The yield on the 2-year U.S. Treasury bond is at 3.933, up by 0.027, an increase of 0.69% [6] - The yield on the 5-year U.S. Treasury bond is at 3.986, up by 0.027, reflecting an increase of 0.68% [7] - The yield on the 10-year U.S. Treasury bond is at 4.374, up by 0.018, indicating an increase of 0.41% [7] - The yield on the 30-year U.S. Treasury bond is at 4.860, up by 0.017, reflecting an increase of 0.35% [7] - The yield on the 10-year UK Treasury bond is at 4.535, up by 0.058, an increase of 1.30% [7] - The yield on the 10-year German Treasury bond is at 2.496, up by 0.018, indicating an increase of 0.73% [7] - The yield on the 10-year French Treasury bond is at 3.219, up by 0.034, reflecting an increase of 1.07% [7] - The yield on the 10-year Italian Treasury bond is at 3.466, up by 0.045, indicating an increase of 1.32% [7] - The yield on the 10-year Japanese Treasury bond is at 1.419, down by 0.034, a decrease of 2.34% [7]

目前支撑美元的两大关键因素包括：首先，美元汇率与利率差异之间已经出现了显著偏离，如果短期内 美国短期国债利率没有进一步下降，美元很难继续走弱。 ING集团的外汇分析师Chris Turner评论称，最新的CPI数据显示通胀压力减轻，这使得市场对于美联储 年内降息的预期上升了9至10个基点。同时，美元指数接近4月份创下的低点97.90至98.00区间，尽管有 贸易谈判进展的消息传出，但美元并未因此反弹。 分析认为，协议细节的模糊性以及特朗普政府向多个国家发出的强硬贸易协议函，都让市场担心7月9日 关税可能大幅上调，这对美元构成了负面因素。 新华财经北京6月12日电在近期的外汇市场上，美元的表现持续疲软。过去十周内，市场对美元与美国 国债之间的传统相关性产生了质疑。然而，周三发布的低于预期的消费者物价指数（CPI）数据推动了 美债价格上扬，美元也因此回归其与美债的传统联动模式。 不过，当天公布的生产者物价指数（PPI）或初次申请失业救济金人数能否促使利率下降仍不确定。其 次，地缘政治紧张局势，特别是中东地区因以色列与伊朗间的潜在冲突而加剧的不稳定，导致油价上 涨。美国作为能源独立国家，在这种情况下美元可能会因为其 ...

金十数据整理：每日全球外汇市场要闻速递（6月12日） 美元： 7. 特朗普：美联储应降息整整一个百分点。 非美主要货币： 2. 韩国央行行长李昌镛：过度降息和刺激措施可能导致房地产市场价格上涨，并增加外汇市场的波动 性。 1. 美国副总统万斯：美联储拒绝降息是货币政策失当行为。 2. 美国5月CPI数据全线低于预期，核心CPI仅增长0.1%。 3. 亿万富翁对冲基金经理Paul Tudor Jones：特朗普将会选择一位"非常鸽派"的美联储主席。 4. 美国财政部长贝森特将物价上涨放缓归功于特朗普的政策。 5. 美国财长贝森特：如果债务上限问题得不到解决，可能遭遇自2008-09年以来最大的危机。 6. 美国财长贝森特：愿意继续留任财政部长一职至2029年。 4. 法国央行：将2025年的经济增长预期从三月份的0.7%下调至0.6%。 5. 英国4月经济萎缩0.3%。 6. 欧洲央行管委卡扎克斯：达到2%的通胀率"很有可能"需要"进一步的降息微调"。 1. 日本首相石破茂：工资增长是应对通胀最有效的方式。与美国的关税谈判正在取得稳步进展。 2. 日本央行行长植田和男：国内金融状况仍然宽松。 3. 欧洲央行管委 ...

Core Viewpoint - The article discusses the fluctuations in currency exchange rates, particularly focusing on the USD/JPY pair and the impact of the US CPI inflation data release on these rates [1]. Currency Exchange Rate Summary - As of Wednesday's close in New York, the USD/JPY decreased by 0.19%, settling at 144.59 JPY, with a peak earlier in the day at 145.46 JPY [1]. - Following the release of the US CPI data at 20:30, the USD/JPY experienced a sharp decline from 145.20 JPY to a low of 144.33 JPY by 20:36 [1]. - The EUR/JPY increased by 0.37%, while the GBP/JPY rose by 0.15% [1]. - The EUR/USD saw an increase of 0.56%, and the GBP/USD rose by 0.36%, whereas the USD/CHF fell by 0.29% [1].

金十数据整理：每日全球外汇市场要闻速递（6月11日） 美元： 1. 据路透调查：105位经济学家中，59位认为美联储将在下个季度（可能在9月）恢复降息，超过六成经 济学家预测美联储今年将至少降息两次。 2. 美国白宫：有关美国财政部长贝森特被视为下一任美联储主席候选人的报道不属实。 非美主要货币： 4. 日本央行呼吁加大力度推动日本进入无现金社会。 5. 路透调查显示，由于美国关税政策的不确定性，日本央行今年将放弃再次加息。 6. 欧洲央行行长拉加德：强制性的贸易政策无法持续，保护主义不能解决根源问题。要维护繁荣目标， 需寻求合作解决方案。 7. 欧洲央行管委斯图纳拉斯：稳定的欧盟政策正在吸引投资者投资欧元。 其他： 1. 惠誉：美元贬值为部分新兴市场央行加快降息提供了空间。 2. 肯尼亚央行将基准利率下调至9.75%，市场预期为9.50%。 1. 美国和瑞士就客户投资信息共享达成协议。 2. 路透调查显示，英国经济今年将温和增长1%，英国央行将在2025年再降息两次。 3. 欧洲央行管委武伊契奇：欧洲央行在利率方面处于非常有利的位置。欧洲央行可以等到九月份再讨论 是否采取行动。 3. 巴西通胀意外降温，交易 ...

Group 1: US Economic Indicators - US non-farm payrolls in May slightly exceeded expectations, but previous two months' data were significantly revised downwards; unemployment rate remains stable, and average hourly earnings were better than expected; bets on Fed rate cuts have decreased [2] - Fed's Harker calls for patience, stating that it is not the time for preemptive measures [2] - Fed Governor Bowman suggests proposing changes to the regulatory ratings for large banks; regulatory agencies will soon announce proposals to enhance the supplementary leverage ratio [2] Group 2: European Central Bank (ECB) Insights - ECB Governing Council member Holzmann expresses differing opinions on this week's interest rate decision, stating that the current nominal neutral rate is around 3% [3] - ECB Governing Council member Vujcic indicates that the current round of rate cuts is nearing its end [4] - ECB Governing Council member Centeno states that interest rates will stabilize around 2% for the foreseeable future [5] Group 3: Other Central Bank Developments - New Zealand's Chief Economist Conway mentions that lower interest rates will promote economic growth in the second half of the year [4] - The Bank of Japan is reportedly considering slowing the pace of its bond purchase reduction [5] - Japanese Prime Minister Kishida states that Japan is gradually entering a phase of rising interest rates [5] - Bank of England member Green notes a short-term rebound in prices, but deflationary trends will continue [5] - ECB Governing Council member Escrivá suggests that the path for the benchmark interest rate may require slight adjustments [5]

Group 1 - The US dollar against the Japanese yen increased by 0.94%, reaching 144.88 yen, with a weekly rise of 0.59% and a trading range of 142.38-145.09 yen [1] - The euro and the British pound both rose by 1.05% against the Japanese yen [2] - The euro against the US dollar decreased by 0.45% to 1.1393, with a weekly increase of 0.41% [3] Group 2 - The US dollar against the Swiss franc rose by 0.35% to 0.8224, remaining roughly stable for the week [4] - Among commodity currencies, the Australian dollar increased by 0.96% against the US dollar, while the Canadian dollar decreased by 0.29% [5]

Report Overview - The report aims to objectively reflect the research views of futures and securities companies on various commodity varieties, track hot varieties, analyze market investment sentiment, and summarize investment driving logic. It is for internal company use only and does not constitute personal investment advice [1]. Market Data Commodities - **Palm oil**: Closed at 8060.00 with a weekly increase of 0.67% [2]. - **Live pigs**: Closed at 13605.00 with a weekly increase of 0.67% [2]. - **Soybean meal**: Closed at 2968.00 with a weekly increase of 0.54% [2]. - **Corn**: Closed at 2336.00 with a weekly increase of 0.39% [2]. - **Copper**: Closed at 77600.00 with a weekly decrease of 0.24% [2]. - **PTA**: Closed at 4700.00 with a weekly decrease of 0.34% [2]. - **Aluminum**: Closed at 20070.00 with a weekly decrease of 0.42% [2]. - **Silver**: Closed at 8218.00 with a weekly decrease of 0.54% [2]. - **Methanol**: Closed at 2208.00 with a weekly decrease of 0.63% [2]. - **Gold**: Closed at 771.80 with a weekly decrease of 1.06% [2]. - **Crude oil**: Closed at 447.90 with a weekly decrease of 1.08% [2]. - **Ethylene glycol**: Closed at 4349.00 with a weekly decrease of 1.23% [2]. - **Glass**: Closed at 982.00 with a weekly decrease of 1.80% [2]. - **PVC**: Closed at 4764.00 with a weekly decrease of 1.85% [2]. - **Iron ore**: Closed at 702.00 with a weekly decrease of 2.23% [2]. - **Rebar**: Closed at 2961.00 with a weekly decrease of 2.79% [2]. - **Coke**: Closed at 1308.00 with a weekly decrease of 5.42% [2]. A-shares - **CSI 500**: Closed at 5671.07 with a weekly increase of 0.32% [2]. - **CSI 300**: Closed at 3840.23 with a weekly decrease of 1.08% [2]. - **SSE 50**: Closed at 2678.70 with a weekly decrease of 1.22% [2]. Overseas Stocks - **Nikkei 225**: Closed at 37965.10 with a weekly increase of 2.17% [2]. - **Nasdaq Composite**: Closed at 19113.77 with a weekly increase of 2.01% [2]. - **S&P 500**: Closed at 5911.69 with a weekly increase of 1.88% [2]. - **FTSE 100**: Closed at 8772.38 with a weekly increase of 0.62% [2]. - **CAC 40**: Closed at 7751.89 with a weekly increase of 0.23% [2]. - **Hang Seng Index**: Closed at 23289.77 with a weekly decrease of 1.32% [2]. Bonds - **5-year Chinese Treasury bond**: Closed at 1.58 with a weekly increase of 2.36% [2]. - **2-year Chinese Treasury bond**: Closed at 1.50 with a weekly increase of 1.35% [2]. - **10-year Chinese Treasury bond**: Closed at 1.70 with a weekly decrease of 1.33% [2]. Foreign Exchange - **US Dollar Index**: Closed at 99.44 with a weekly increase of 0.32% [2]. - **US Dollar central parity rate**: Closed at 7.18 with a weekly decrease of 0.10% [2]. - **EUR/USD**: Closed at 1.13 with a weekly decrease of 0.14% [2]. Commodity Views Macro-financial Sector Stock Index Futures - **Strategy view**: Among 9 institutions, 1 is bullish, 0 is bearish, and 8 expect a sideways trend [3]. - **Bullish logic**: May PMI data shows significant improvement in corporate export orders; ETF shares tracking the CSI 300 index increased by 600 million this week; The Premier emphasized increasing policy support to expand consumption; Market sentiment for real estate and fiscal policies is expected to further recover [3]. - **Bearish logic**: May construction and service sector PMI is not high; A-share average daily trading volume decreased by 79.4 billion yuan week-on-week; Weak domestic demand affects profit expectations; Trump's false social media posts on China trade increase tariff uncertainty [3]. Treasury Bond Futures - **Strategy view**: Among 7 institutions, 3 are bullish, 0 is bearish, and 4 expect a sideways trend [3]. - **Bullish logic**: Setbacks in China-US economic and trade negotiations support the bond market; Manufacturing PMI remains below the boom-bust line; Weak stock market momentum benefits the bond market; Supply-demand disturbances in the bond market weaken after partial issuance [3]. - **Bearish logic**: Industrial enterprise profit growth rebounds; High-speed profit growth in new kinetic energy industries; Banks and insurance companies have limited capacity to absorb bond supply; Market concerns about rising certificate of deposit rates persist [3]. Energy Sector Crude Oil - **Strategy view**: Among 9 institutions, 1 is bullish, 2 are bearish, and 6 expect a sideways trend [4]. - **Bullish logic**: Saudi Arabia's production increase falls short of expectations; Low oil prices hinder US shale oil supply growth; The Northern Hemisphere enters the peak season for refined oil; Chinese refineries plan to end maintenance in June [4]. - **Bearish logic**: OPEC+ is expected to continue increasing production in July; A large amount of US Treasury bonds will mature in June; Trump reignites China-US trade disputes; Global economic weakness and trade frictions drag down oil demand [4]. Agricultural Products Sector Cotton - **Strategy view**: Among 8 institutions, 0 is bullish, 2 are bearish, and 6 expect a sideways trend [4]. - **Bullish logic**: Xinjiang cotton commercial inventory is depleting faster; Import window is mostly closed; India's cotton production decreases year-on-year; US cotton sowing progress lags behind [4]. - **Bearish logic**: The domestic textile industry enters the off-season; Textile enterprises' operating rates decline; Finished product inventories increase; Post-Dragon Boat Festival temperature rise benefits new cotton growth; US cotton-growing areas have good weather [4]. Non-ferrous Metals Sector Copper - **Strategy view**: Among 7 institutions, 2 are bullish, 2 are bearish, and 3 expect a sideways trend [5]. - **Bullish logic**: Global copper mine supply is disrupted; LME copper inventory is falling; Domestic social inventory is low; Strong demand from power grid and new energy industries [5]. - **Bearish logic**: US steel tariff hikes raise stagflation expectations; Weak domestic commodity market sentiment; Widening scrap-copper price difference; Poor cable orders [5]. Chemical Sector Soda Ash - **Strategy view**: Among 7 institutions, 0 is bullish, 4 are bearish, and 3 expect a sideways trend [5]. - **Bullish logic**: Maintenance peaks in July and August may ease supply pressure; Strong export performance; Stable light soda ash demand [5]. - **Bearish logic**: Weak glass demand affects the soda ash market; End of the PV installation rush; Low downstream purchasing enthusiasm; High production and inventory levels limit price increases [5]. Precious Metals Sector Gold - **Strategy view**: Among 7 institutions, 4 are bullish, 0 is bearish, and 3 expect a sideways trend [6]. - **Bullish logic**: US steel and aluminum tariff hikes increase uncertainty; Central bank gold purchases and safe-haven demand support prices; SPDR Gold ETF holdings increase; Long-term logic of gold as a hedge against credit currency risk [6]. - **Bearish logic**: US economic data shows resilience; The Fed's May meeting was hawkish; US stocks showed no significant reaction to tariff hikes; Market sensitivity to Trump's policies may decline [6]. Black Metals Sector Iron Ore - **Strategy view**: Among 9 institutions, 0 is bullish, 3 are bearish, and 6 expect a sideways trend [6]. - **Bullish logic**: Steel mills maintain profits; Port iron ore inventory decreases; Steel mills' imported ore inventory is low; Global iron ore shipments decline [6]. - **Bearish logic**: Trump plans to double steel and aluminum import tariffs; Mainstream ore shipments recover; Daily pig iron production decreases; Daily port throughput decreases; Weak domestic real estate market [6].

日本央行行长植田和男：关税措施可能通过金融市场和外汇市场的变动对日本经济产生影响。 ...

Group 1: US Dollar - The Federal Reserve's Logan stated that the Fed can remain patient and is ready to respond when necessary [2] - US manufacturing activity shrank for the fourth consecutive month in May, with trade-related data highlighting the impact of tariffs [2] - OECD lowered the US GDP forecast for 2025 from 2.2% to 1.6% and for 2026 from 1.6% to 1.5%, expecting no changes in Fed interest rates this year [2] Group 2: Non-USD Major Currencies - The People's Bank of China conducted a 7-day reverse repurchase operation of 454.5 billion yuan at an interest rate of 1.40%, unchanged from previous levels [3] - The Reserve Bank of Australia's meeting minutes indicated that the committee does not see the need for a 50 basis point rate cut, noting that US tariffs have not yet impacted the Australian economy [3] - Bank of Japan Governor Ueda stated there are currently no preset plans for interest rate hikes, which will only be considered if the economy and prices rise again; a bond reduction plan will be reviewed in the next meeting [3] - Japan's Ministry of Finance issued approximately 2.6 trillion yen in 10-year government bonds, with a bid-to-cover ratio of about 3.66, the highest in nearly a year, leading to a rise in medium to long-term bond prices [3] Group 3: Other Economic Indicators - The OECD projected global economic growth rates of 2.9% for both 2025 and 2026, down by 0.2 and 0.1 percentage points respectively from the March forecast [4]