Fed rate cut expectations grew, USD fluctuated, and gold rose to a two-week high.

On Tuesday, the US dollar index remained in a range of fluctuations, experiencing a short-term decline after the release of the US service PMI data, wiping out most of the day's gains and ultimately closing slightly up 0.02% at 98.727. US Treasury yields have generally risen, with the benchmark 10-year yield closing at 4.218% and the 2-year yield closing at 3.739%. Gold prices continued their upward trend on Tuesday, reaching a nearly two-week high of $3390.32 per ounce and closing at $3380.65, marking four consecutive trading days of gains and demonstrating strong upward momentum. This upward trend is not only driven by rising expectations of interest rate cuts in the United States, but also influenced by the Trump administration's tariff policies and personnel changes at the Federal Reserve. From the significant narrowing of the trade deficit to the stagnation of service industry activity, and to the unresolved key appointments of the Federal Reserve, the attractiveness of gold as a safe haven asset is significantly increasing. International crude oil continues to be under pressure due to traders' concerns about the prospect of imbalanced supply and demand in the oil market. WTI crude oil fell below the $65 mark and ultimately closed down 1.64% at $64.59 per barrel, hitting a five week low; Brent crude oil ultimately closed down 1.52% at $67.49 per barrel.