欧元/挪威克朗 (EURNOK) 加自选

欧元兑美元汇率略低于1.14美元，从4月21日达到的三年高点1.1573美元回落，投资者正在为繁忙的一周经济数据做准备，并继续关注贸易方面的发展。上周美中贸易紧张局势缓和的迹象为美元提供了一些支持，尽管北京方面继续拒绝特朗普总统关于两国正在进行关税谈判的说法。本周，市场焦点将转向欧元区和美国的通胀数据，以及周五备受期待的美国非农就业报告。在货币政策方面，欧洲央行上周将存款利率下调25个基点至2.25%，使借贷成本降至2023年初以来的最低水平。欧洲央行还删除了其政策立场“限制性”的提法，同时警告称，在贸易紧张局势加剧的情况下，经济前景已经恶化。

The euro traded slightly below the $1.14 mark, pulling back from the three-year high of $1.1573 reached on April 21, as investors braced for a busy week of economic data and continued to monitor developments on the trade front. Signs of easing US-China trade tensions last week lent some support to the dollar, although Beijing continued to reject President Trump’s claims that tariff negotiations between the two countries were underway. This week, market focus will shift to inflation data from both the Eurozone and the US, along with Friday’s highly anticipated US nonfarm payrolls report. On the monetary policy front, the European Central Bank cut its deposit rate by 25 basis points to 2.25% last week, bringing borrowing costs to their lowest level since early 2023. The ECB also removed references to its policy stance being “restrictive,” while cautioning that the economic outlook has deteriorated amid rising trade tensions.

意大利10年期英国国债收益率回升至3.6%以上，交易员们在美国新关税发展停滞的情况下，准备迎接一周的经济数据。在欧洲，焦点将转向关键的通胀报告，包括意大利周三发布的CPI，其中强于预期的印刷品可能会促使市场重新考虑对欧洲央行进一步降息的预期。在美国，周三公布的个人消费支出通胀和国内生产总值数据将与周五的非农就业报告一起受到密切关注。与此同时，美国和中国之间紧张局势缓和的迹象提振了市场情绪，特朗普政府表示对降低关税持开放态度，中国宣布对部分进口商品免征125%的关税。

The yield on Italy’s 10-year BTP climbed back above 3.6% as traders braced for a week packed with economic data amid a lull in new US tariff developments. In Europe, focus will turn to key inflation reports, including Italy’s CPI release on Wednesday, where a stronger-than-expected print could prompt markets to reconsider expectations for further interest rate cuts by the European Central Bank. In the US, PCE inflation and GDP figures, both due Wednesday, will be closely watched, alongside Friday’s nonfarm payrolls report. Meanwhile, market sentiment was buoyed by signs of easing tensions between the US and China, with the Trump administration signaling openness to reducing tariffs and China announcing exemptions for select imports from its 125% levy.

法国10年期OAT收益率回升至3.2%以上，因投资者在美国关税相关动态异常暂停的情况下重新关注即将公布的经济数据。在欧洲，人们的注意力将集中在关键的通胀数据上，包括周三法国的CPI报告。高于预期的读数可能会导致市场重新考虑对欧洲央行继续降息的预期。在美国，投资者将密切关注周三的个人消费支出通胀和国内生产总值数据，随后是周五的非农就业报告。与此同时，随着美国和中国之间出现更加和解的迹象，市场情绪有所改善，特朗普政府表示愿意降低关税，中国对以前征收125%关税的特定进口产品给予豁免。

France’s 10-year OAT yield rose back above the 3.2% mark, as investors refocused on upcoming economic data amid an unusual pause in US tariff-related developments. In Europe, attention will center on key inflation releases, including France’s CPI report on Wednesday. A stronger-than-expected reading could lead markets to reconsider expectations for continued rate cuts by the European Central Bank. In the US, investors will be closely watching PCE inflation and GDP figures on Wednesday, followed by the nonfarm payrolls report on Friday. Meanwhile, sentiment improved as signs emerged of a more conciliatory tone between the US and China, with the Trump administration signaling a willingness to ease tariffs and China granting exemptions on select imports previously subject to 125% duties.

德国10年期国债收益率回升至2.5%，为一周来的最高水平，因为投资者在美国关税相关头条新闻异常平静的情况下，将注意力转移到即将公布的经济数据上。在欧洲，本周将公布关键通胀数据，包括周三公布的德国CPI报告。高于预期的读数可能会促使投资者重新评估欧洲央行将继续降息以支持经济的预期。在美国，注意力将集中在周三公布的个人消费支出通胀和国内生产总值数据上，随后是周五公布的非农就业数据。与此同时，投资者对美中关系中更为缓和的基调表示欢迎，特朗普政府表示愿意降低关税，中国宣布对其125%的征税清单中的一些进口商品实行豁免。

The yield on the German 10-year Bund rose back to 2.5%, its highest level in a week, as investors shifted their focus to upcoming economic data amid an unusual lull in US tariff-related headlines. In Europe, key inflation figures will be released this week, including Germany's CPI report on Wednesday. A stronger-than-expected reading could prompt investors to reassess expectations that the European Central Bank will continue cutting interest rates to support the economy. In the US, attention will center on PCE inflation and GDP data, both due Wednesday, followed by nonfarm payrolls on Friday. Meanwhile, investors welcomed a more conciliatory tone in US-China relations, with the Trump administration signaling a willingness to reduce tariffs and China announcing exemptions for some imports from its 125% levy list.