First of all, last week, the global stock market experienced a Black Monday blow, and the global stock market crash triggered a warming of market risk aversion, prompting investors to buy yen and dollar to seek safety, which led to the overall strength of the two currencies. At the same time, investors' doubts about the US economic recovery prompted them to sell risky assets, and high-interest currencies such as the euro and the pound fell across the board on Monday. It is reported that crude oil futures rose to a new high of 74.8 1 USD/barrel from electronic disk 10 last year. The rise of financial stocks triggered the rise of LIBOR interest rate futures of Euro/USD, which greatly increased the probability of the Federal Reserve raising interest rates in the first half of 20 10. Market risk sentiment dominates the trend of foreign exchange market.

In August, the monthly rate of Rightmove house price index in the UK decreased by 2.2%, and the previous value increased by 0.6%. The data shows that although the real estate market is likely to have bottomed out, it will take some time for the market confidence to recover, and the mortgage financing form of real estate buyers can be greatly improved, which will limit the room for rising house prices. Affected by the poor performance of house price data, the pound fell under pressure against the US dollar. The global stock market is full of sorrow, which leads to a surge in risk aversion. The toughness of the minutes of the Bank of England meeting failed to match the previously higher-than-expected inflation data. The Bank of England believes that inflation will remain below the target level, including expanding monetary quantitative policy. Subsequently, it was announced that the British public sector had a net loan for the first time since 1996, which caused the market to worry about the financial situation of the UK.

The published monthly rate of producer price index of Germany in July is-1.5%, the previous value is -0. 1%, and the expected value is -0.2%. The annual producer price index was -7.8%, the previous value was -4.6%, the expected value was -6.5%, other related data were worse than expected, and European stocks were weak, which led to the rapid decline of European currencies, led to the recovery of lost ground in European and American stock markets and turned higher, which led to the decline of the US dollar and the rebound of market risk appetite, making Europe and the United States a blockbuster. According to the German ZEW economic prosperity index released in early August, it rose from 39.5 last month to 56. 1, much higher than the expected 45 and better than expected. However, risk sentiment is still the focus of market attention, and the exchange rate trend is driven by the rise of potential risk aversion.