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The US dollar index is still weak, and gold stops rising three times!
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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Analysis]: The US dollar index is still weak, and gold stops rising three times!". Hope it will be helpful to you! The original content is as follows:
On July 24, in the early trading of Asia on Wednesday, Beijing time, the US dollar index hovered around 97.21. Risk aversion cooled down on Wednesday as the United States reached an agreement with more trading partners. The dollar index remained weak and finally closed down 0.16% at 97.162. The yield on the US Treasury rebounded across the board, with the benchmark 10-year US Treasury closing at 4.388%, and the 2-year US Treasury closing at 3.886%. Spot gold rose for three consecutive days and then fell sharply after it was reported that Europe and the United States were close to reaching an agreement. It was once close to the $3380 mark and finally closed down 1.29%, closing at $3387.23/ounce; spot silver remained stable above the $39 mark and finally closed down 0.07%, at $39.27/ounce. International oil prices are close to flat as progress in trade negotiations eases concerns about oil market demand. WTI crude oil fluctuated sideways near the $65 mark and finally closed down 0.18% to $65.22 per barrel; Brent crude oil closed flat at $68.06 per barrel.
Analysis of major currencies
Dollar Index: As of press time, the US dollar index hovered at US$97.21. The market's concerns about the independence of the Federal Reserve are still fermenting, and the US president's criticism of Federal Reserve Chairman Powell has once again heated up, making it difficult for the US dollar to get rid of suppression in the short term and the trend is still weak. Technically, if the US dollar index closes below the 97.30 level, it will move towards the support level of 96.70-96.90.
Analysis of gold and crude oil market trends
1) Analysis of gold market trends
On Thursday, gold hovered around 3391.74. The gold market experienced a "roller coaster" on Wednesday. Gold prices rose to a five-week high of $3,438 per ounce in the early trading of the Asian market, but then fell rapidly, with a single-day decline of more than 1%, and finally closed at $3,386.99 per ounce, down more than $50 from the intraday high. Behind this violent fluctuation is the resonance of multiple factors such as the progress of the US-EU tariff agreement, the recovery of risky assets, and the uncertainty of the Federal Reserve's policy. This trading day will usher in PMI data in July, changes in the number of initial unemployment claims in the United States, annualized total number of new home sales in the United States in June, and the European Central Bank interest rate resolution, investors need to pay attention.
2) Analysis of crude oil market trends
On Thursday, crude oil trading around 65.29. U.S. President Donald Trump announced a trade deal with Japan and the Philippines that has driven the rise in black gold. On Wednesday, EU officials said they were reaching a trade deal with the United States that would result in a broad 15% tariff on EU goods imported into the United States, avoiding a higher 30% tariff from August 1.
Forex market trading reminder on July 24, 2025
11:05RBA Chairman Brock delivered a speech
14:00Germany August Gfk Consumer Confidence Index
15:15French July Manufacturing PMI Initial Value
15:30Germany July Manufacturing PMI Initial Value
16:00Eurozone July Manufacturing PMI Initial Value
15:15Eurozone July Manufacturing PMI Initial Value
16:00Eurozone July Manufacturing PMI Initial Value
15:15Eurozone July Manufacturing PMI Initial Value
15:30Eurozone July Manufacturing PMI Initial Value
16:00Eurozone July Manufacturing PMI Initial Value
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16:30 The initial value of manufacturing PMI in the UK in July
16:30 The initial value of service PMI in the UK in July
18:00 The difference between CBI industrial orders in the UK in July
20:15 The ECB announced interest rate resolution
20:30 The monthly retail sales rate in Canada in May
20:30 The number of people who requested unemployment benefits in the United States to July 19
20:45 The Governor of the ECB Lagarde held a press conference
21:45 The initial value of S&P Global Manufacturing PMI in July
21:45 The initial value of S&P Global Services PMI in July
22:00 The total number of new home sales in the United States in June
22:30 The week from the United States to July 18
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