欧元/瑞郎 (EURCHF) 加自选

意大利10年期英国国债收益率跃升至3.65%，触及4月16日以来的最高水平，因对全球贸易谈判的乐观情绪提振了对风险资产的需求。周四，美国总统唐纳德·特朗普（Donald Trump）和英国首相凯尔·斯塔默（Keir Starmer）宣布了一项有限的贸易协议，该协议将维持美国对英国进口产品10%的关税，同时放宽对英国汽车出口的高额关税，这可能为与其他国家达成类似协议开创先例。与此同时，美中贸易谈判定于本周末恢复，这加剧了人们对目前对中国商品征收的145%关税可能会降低的预期。作为回应，货币市场已将欧洲央行存款利率从4月中旬的1.55%以下上调至1.67%，因为欧洲央行表示可能会进一步降低借贷成本，以减轻美国关税对增长和通胀的潜在拖累。

The yield on Italy’s 10-year BTP jumped to 3.65%, touching its highest level since April 16, as optimism over global trade negotiations lifted demand for risk assets. On Thursday, U.S. President Donald Trump and U.K. Prime Minister Keir Starmer announced a limited trade agreement that maintains a 10% U.S. tariff on British imports while easing steep duties on British car exports—potentially setting a precedent for similar accords with other nations. Meanwhile, U.S.-China trade talks are slated to resume this weekend, fueling expectations that the current 145% tariffs on Chinese goods may be scaled back. In response, money markets have priced in a higher European Central Bank deposit rate of 1.67%, up from below 1.55% in mid-April, as the ECB signaled it may cut borrowing costs further to mitigate the potential drag of U.S. tariffs on growth and inflation.

法国10年期OAT收益率飙升至3.3%，触及4月15日以来的最高水平，因为对全球贸易谈判日益增长的乐观情绪激发了投资者对风险资产的兴趣。周四，美国总统唐纳德·特朗普和英国首相凯尔·斯塔默公布了一项有限的双边贸易协议。尽管该协议保留了特朗普对英国进口商品征收的10%关税，但它大大减轻了美国对英国汽车出口的关税，这可能为与其他国家达成类似协议打开了大门。与此同时，美国和中国之间的贸易谈判计划于本周末恢复，人们越来越希望对中国商品征收的145%的高额关税能够降低。反映这些发展，货币市场现在预计欧洲央行（ECB）的存款利率将从4月中旬的1.55%以下升至1.67%。这一调整是在欧洲央行表示准备进一步降低借贷成本以缓冲美国贸易政策对增长和通胀的经济影响之际进行的。

France’s 10-year OAT yield surged toward 3.3%, touching its highest level since April 15, as growing optimism over global trade negotiations fueled investor appetite for riskier assets. On Thursday, U.S. President Donald Trump and U.K. Prime Minister Keir Starmer unveiled a limited bilateral trade deal. Although the agreement preserves Trump’s 10% tariffs on British imports, it eases significant U.S. duties on British car exports, potentially opening the door for similar deals with other countries. At the same time, trade discussions between the U.S. and China are scheduled to resume this weekend, with hopes rising that the hefty 145% tariffs on Chinese goods could be reduced. Reflecting these developments, money markets now anticipate a European Central Bank (ECB) deposit rate of 1.67%, up from below 1.55% in mid-April. This adjustment comes as the ECB signals readiness to lower borrowing costs further to cushion the economic impact of U.S. trade policy on growth and inflation.

德国10年期国债收益率攀升至2.6%，达到4月8日以来的最高水平，因为对贸易谈判的重新乐观情绪提振了对风险资产的需求。周四，美国总统唐纳德·特朗普和英国首相基尔·斯塔默宣布了一项有限的双边贸易协定。尽管该协议维持了特朗普对英国进口商品征收10%的关税，但它降低了美国对英国汽车出口的高额关税，这可能为与其他国家达成类似协议奠定基础。与此同时，华盛顿和北京之间的贸易谈判将于本周末恢复，这提高了人们对中国商品高达145%的关税可能会放松的预期。为应对不断变化的贸易动态，货币市场已将欧洲央行（ECB）的存款利率定为1.67%，高于4月中旬的1.55%以下，此前欧洲央行发出信号，可能会进一步削减借贷成本，以抵消美国关税对增长和通胀的潜在拖累。

Germany’s 10-year Bund yield climbed toward 2.6%, reaching its highest level since April 8, as renewed optimism over trade negotiations boosted demand for riskier assets. On Thursday, U.S. President Donald Trump and British Prime Minister Keir Starmer announced a limited bilateral trade agreement. While the deal maintains Trump’s 10% tariffs on British imports, it reduces steep U.S. duties on British car exports—potentially laying the groundwork for similar agreements with other nations. Meanwhile, trade talks between Washington and Beijing are set to resume this weekend, raising expectations that the steep 145% tariffs on Chinese goods may be eased. In response to evolving trade dynamics, money markets have priced in a European Central Bank (ECB) deposit rate of 1.67%, up from below 1.55% in mid-April, following signals from the ECB that it may further cut borrowing costs to counteract the potential drag of U.S. tariffs on growth and inflation.

德国10年期政府债券收益率升至2.58%的4周高点。在过去的4周里，德国10年期债券收益率上涨了0.15个基点，在过去的12个月里，它上涨了7.15个基点。

Germany 10 Year Government Bond Yield increased to a 4-week high of 2.58%. Over the past 4 weeks, Germany 10Y Bond Yield gained 0.15 basis points, and in the last 12 months, it increased 7.15 basis points.