瑞郎/南非兰特 (CHFZAR) 加自选

南非兰特兑美元汇率在5月29日触及五个月低点17.75后跌至18.1，受美元走强和金属价格（尤其是黄金）下跌的压力。与此同时，交易员们继续消化南非储备银行的决定。央行在3月份暂停后，恢复了宽松周期，普遍预期将降息25个基点，旨在在通胀疲软的情况下支持经济。州长Lesetja Kganyago指出，潜在的通货膨胀仍然得到很好的控制，自3月会议以来，国内和全球状况都有所改善。他还表示，央行更倾向于将通胀目标定为3%，而不是目前4.5%的中点，这可能会限制未来降息的步伐。

The South African rand weakened toward 18.1 per USD, after touching a five-month low of 17.75 on May 29, pressured by a firmer dollar and as prices of metal prices, particularly gold, declined. Meanwhile, traders continued to digest the South African Reserve Bank’s decision. The central bank resumed its easing cycle with a widely expected 25 basis point rate cut after pausing in March, aiming to support the economy amid subdued inflation. Governor Lesetja Kganyago noted that underlying inflation remained well contained and that both domestic and global conditions had improved since the March meeting. He also indicated the Bank’s preference for a 3% inflation target over the current 4.5% midpoint, which could limit the pace of future rate cuts.

2025年4月，南非的贸易顺差从上个月向下修正的227亿南非兰特降至141亿南非兰特，为三个月来的最低数字。受蔬菜产品（-18%）、贵金属和宝石（-7%）以及机械和电子产品（-9%）出货量下降的拖累，出口在一个月内下跌2.5%，至1662亿南非兰特。欧洲（-6.8%）、非洲（-3.6%）和亚洲（-3.3%）的出口下降，但大洋洲（58.4%）和美洲（20.6%）的出口却大幅上升。相反，进口增长2.9%，达到1521亿南非兰特，因为贵金属和宝石的购买量增加（+47%），其中钻石、机械和电子产品（+11%）、车辆和运输设备（+6%），主要是飞机，以及原始设备部件（+12%）抵消了矿产品14%的下降。

South Africa's trade surplus shrank to ZAR 14.1 billion in April 2025, the smallest figure in three months, from a downwardly revised ZAR 22.7 billion in the prior month. Exports slumped by 2.5% over a month to ZAR 166.2 billion, dragged down by lower shipments of vegetable products (-18%), precious metals & stones (-7%) and machinery & electronics (-9%). Exports declined for Europe (-6.8%), Africa (-3.6%) and Asia (-3.3%), but jumped to Oceania (58.4%) and America (20.6%). Conversely, imports rose 2.9% to ZAR 152.1 billion, as higher purchases of precious metals & stones (+47%), of which diamonds, machinery & electronics (+11%), vehicles & transport equipment (+6%), mostly aeroplanes, and original equipment components (+12%) more than offset a 14% decline in mineral products.

瑞士KOF经济晴雨表从上个月的一年半低点97.1升至2025年5月的98.5，超过了市场预期的98.4。这一改善在很大程度上是由生产方面的强劲势头推动的，特别是在制造业内部。在生产行业（制造业和建筑业）中，总体商业状况、出口、生产活动和竞争形势的指标都有所改善。特别是在制造业，化学和制药行业出现了积极的发展；木材、玻璃、石头和泥土部分；食品和饮料生产；以及纸张和印刷产品。然而，在需求方面，外国需求和私人消费指标仍面临压力。

The KOF Economic Barometer in Switzerland rose to 98.5 in May 2025 from a one-and-a-half-year low of 97.1 in the previous month, topping market expectations of 98.4. This improvement was largely driven by strong momentum on the production side, particularly within the manufacturing sector. Within the producing industry (manufacturing and construction), indicators for the general business condition, exports, production activity, and the competitive situation all improved. In manufacturing specifically, positive developments were noted in the chemical and pharmaceutical industry; the wood, glass, stone, and earth segment; food and beverage production; and paper and printing products. On the demand side, however, indicators for foreign demand and private consumption remained under pressure.

瑞士KOF升至98.5，但增长前景依然低迷。瑞士KOF经济晴雨表从5月份的97.1微升至98.5，标志着经济情绪略有改善。虽然这一上升是一个积极的信号，但晴雨表仍低于其长期平均水平，表明瑞士经济的整体前景“仍然疲软”。

Swiss KOF rises to 98.5, but growth outlook remains subdued.Switzerland's KOF Economic Barometer edged up to 98.5 in May from 97.1, marking a modest improvement in economic sentiment. While the uptick is a positive signal, the barometer remains below its long-term average, suggesting that the broader outlook for the Swiss economy “remains subdued”.