210708 There is no fighting on the Western Front

Overnight, it is reported that the European Central Bank has agreed to raise the inflation target to 2% and leave room for necessary overshoot; the minutes of the June meeting of the Federal Reserve show that many officials expect to reach the reduction threshold earlier than expected, and the vast majority of participants believe that their inflation forecasts face upward risks; the US vacancies reached a record 9.2 million in May, making it difficult for companies to recruit; and the Chinese National Standing Committee said that it would maintain monetary policy stability, enhance news, and use monetary policy tools such as RRR cuts in a timely manner. Further strengthen support for the real economy.

Before the domestic market opened, the People's Bank of China today carried out a 7-day reverse repurchase of 10 billion yuan, and today it expired 10 billion yuan. The median price of 9.15 US dollars is 6.4705, and the market expects 6.4703.

Overnight the dollar rose again, the onshore market opened at 6.4769 at 9:30, and the script after the opening was more similar to yesterday, with an impatient settlement gushing out and hitting 6.4720. But it is obvious that today's foreign exchange buying force is stronger than yesterday, and soon it bought 6.48 from the bottom, and the highest transaction was 6.4819. At the end of the purchase of foreign exchange, the market once again habitually slid to 6.478 to noon. In the afternoon, the opening was still a round of settlement to 6.4755 and then gradually rose and broke through the morning high, with the highest transaction reaching 6.4839. The 16 o'clock eur began to strengthen, making the market go extremely entangled, basically trading back and forth near 10 points above 6.48. At 16:30, the transaction price was 6.4811, and the market turnover was 34.5 billion US dollars.

Yesterday, Director Sheng just mentioned that monetary policy should be relaxed, and in the evening, the National Standing Committee said that it was necessary to cut the RRR in a timely manner, the interest rate market was excitedly not ok, and the ten-year treasury bond active bond transaction reached around 3.02, of course, the US treasury bond was more instigated, directly traded to near 1.27, and the Sino-US spread widened to 170 basis points again. The exchange rate market is very calm, only 100 points up, most of which is due to the rise of the dollar index, which reminds me of a movie "No War on the Western Front". Because the short term was overbought, I still lost my head.