Chen Jingquan: Multinational Debt Soaring, Market Sentiment In Chaos

Although the economic recovery is good, the tightening monetary policy will slow down, and the pound has been slowing down under the news. The anticipation of the British interest rate increase has been increasing in the past. Yesterday, Carney's pigeon speech also disintegrated the short term strong accumulation of the pound. Wiedemann, the president of the German central bank, said yesterday that the European Central Bank's relaxed attitude towards the European Central Bank has also cleared the obstacles for the adjustment of monetary policy after the European Central Bank's actions. But Wiedemann also stressed that more economic data were needed. I believe this is not only Wiedemann's attitude, but also the attitude of the majority of the European Central Bank.

at present Euro Regional inflation is at a bottoming up stage. If we do not adjust monetary policy, it will be the best way to recover. If there is any further deterioration, we need to do it in a timely manner. In view of Wiedemann's statement, the bond yields of European countries were lower again yesterday, and the bet mood of the market is still very obvious, of which the yield of German ten year bonds is down to a new low in the year.

The US PPI data released last April showed that the growth rate of 0.6% was the largest since September 2012. In the wake of the recent uncertainty in some data, the rise in inflation is undoubtedly a signal that the US economy is still recovering, which has led to a decline in the yield of treasury bonds and a sell-off in the stock market. At present, the mood of the market is still in a rather chaotic stage. At the end of the US QE policy, the market is more sensitive to the performance of the data, which has led to the trend of US bond yields. equity market It is difficult to maintain the high inflation in such unstable mood.

　　 Technical aspect upper

eurusd

Yesterday, the euro continued to show a downward trend against the US dollar. Wiedemann's remarks were undoubtedly the trigger to speed up the sell-off of the market. But in turn, Wiedemann was positive about the action of the European Central Bank, but it did not mean that the European Central Bank would act or take the action of market expectations. The euro was temporarily placed above this position after testing 1.3700 of the overall downward drag yesterday.

There is a great possibility of dropping 1.3640 again within the day. The resistance of the callback is in the 1.3745 line. If there is a rundown in this position within the day, we will continue to choose to hold the empty sheet waiting for the 1.3700 test again, and then expand the target to 1.3640 below.

gold

The trend of gold is still unique in the near future. The impact of US data has gradually weakened, and more is the short term hedge fund inflow caused by the Ukraine issue. It can also illustrate this problem from the performance of the Treasury bond market. I mentioned that the confusion of market sentiment comes from the adjustment of monetary policy in different countries. The market's adaptation to the new economic stage will remain at least in the short term.

1308 of the uplink resistance test is still the first resistance of gold price upward, which will further point to 1320 above the resistance level. The support below 1300 appears to be more important in the early stage of consolidation. Once the situation breaks down, the gold price will shake again 1294. Overall, gold is still in the 1275-1320 wide range of shocks. In the way of operation, it is still advisable to avoid overtaking and overlooking the air.