Philip Anderson, co-head of fixed income and foreign exchange research at Danske Bank, said in a report that the reasons for the European Central Bank to take more cautious measures after the expected interest rate cut in June have recently strengthened, but should relax further thereafter. We still use the July and September interest rate cuts as benchmarks. A new round of speeches by ECB officials may provide more clues to the ECB's mood changes after the United States has softened its trade stance. (Jin Shi)