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Federal Reserve officials are intensively venting news, may OPEC+ suspend production increase in October? Gold falls into turmoil
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Hello everyone, today XM Foreign Exchange will bring you "[XM Group]: Federal Reserve officials intensively expose their news, OPEC+ may suspend production increase in October? Gold is in turmoil." 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.
Analysis of major currencies
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.
Analysis of gold and crude oil market trends
1) Analysis of gold market trends
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.
2) Analysis of crude oil market trends
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 its total crude oil production by 548,000 barrels per day (bpd) at its July 6 meeting, while continuing to cancel a series of voluntary production cuts. The group had previously announced a 411,000 barrels rate hike per day in May, June and July, which is three times faster than originally planned. The super-large production surge has sparked concerns about oversupply, which could weigh on WTI prices in the near term.
Forex market trading reminder on July 11, 2025
①14:00 UK's three-month GDP monthly rate in May
②14:00 UK's manufacturing output monthly rate in May
③14:00 UK's May seasonally adjusted eouu.cnmodity 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 index
⑦16:00 IEA released its monthly crude oil market report
⑧20:30 Canada's June employment
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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