SMM10, April 4: the three important economic data released by the United States this week fell short of market expectations. Fears of a slowdown in the US economy and the possibility that the Federal Reserve will continue to cut interest rates caused the dollar to fall for three days in a row, falling 0.37% this week as of 0:07 on October 4, and the Dow fell 2.78% this week in a row. Investors flocked to other assets in search of safe haven, and gold rose three times in a row to recover most of its losses last week, up 0.78% this week.

The economic data released by the United States this week are as follows:

The data showed that manufacturing activity shrank at the fastest pace in more than a decade in September, with the US becoming the latest country to suffer a manufacturing decline in the face of trade frictions between China and the US. The non-manufacturing index hit a three-year low in September, and initial claims for unemployment benefits increased during the week on September 28. Slower job growth could dampen consumer spending, which has been the main driver of US economic growth.

Market participants believe that the US ISM non-manufacturing PMI fell to a three-year low in September, indicating that growth in the most important sector of the US economy has slowed, adding to fears of a US recession, and manufacturing PMI also reflects the beginning of a contraction in the industry.

Chris Weston, head of research at Melbourne-based brokerage Pepperstone Group, said: "the trend in US data has been exceeding expectations, and the sudden reversal has led to a rapid reassessment of the market and there is not much good news to motivate the bulls."

The Office of the Chinese Trade Representative announced today that it will formally impose tariffs on goods with a total value of about 7.5 billion U.S. dollars from October 18. European Commission President Jean-Claude Juncker immediately said that if the United States imposes tariffs on EU goods, the EU will respond in the same way. Europe will always defend free and fair trade under the principle of mutual benefit, and if anyone wants to impose tariffs on our goods, we will respond in the same way. The move threatens to trigger a trade war between Europe and the US at a time when the global economy is faltering. Pay attention to the further impact of this incident on the global economy.

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