Last week, the news was rather calm. Expectations of the escalation of the European debt crisis have greatly shaken market confidence. The Greek referendum, which has gone wrong, has not breathed the market, and the future of Italy is unstable. The euro market is still empty, and the US dollar is expected to strengthen. After Greece, the biggest risk point of the European debt crisis has shifted to Italy, the third largest economy in the euro zone. The market expects its debt to be huge.

In the first half of next year, it will enter the peak of debt repayment, and it is possible to drain the current stabilization fund pool.

At present, the euro area economy is facing high uncertainty and downside risks. The European Central Bank's latest monthly report shows that the growth rate of GDP in 2011 will be reduced to 1.6%, and the growth rate of GDP in 2012 will be reduced to 0.8%.

Another negative sign is that there is news in the market that Germany and France have discussed a plan, which is a fundamental comprehensive reform of the EU. The specific measures include the establishment of a more integrated and possibly smaller euro zone.

Graphically, despite the rebound in the euro, the euro remained unchanged against the US dollar. Bank of China traders said they need to focus on the resistance of 1.37. If it breaks through, it will move to a higher 1.3850. If it can not break through, it will fall to 1.35.