欧元兑美元汇率在1.14美元左右，略低于本月早些时候达到的1.15美元峰值，这是自2021年以来的最高水平，因为对美联储独立性的担忧略有缓解。在特朗普总统表示无意解雇美联储主席杰罗姆·鲍威尔后，美元有所回升。尽管如此，4月份迄今为止，欧元兑美元汇率已攀升超过5%，因为投资者越来越质疑美元在全球金融体系中的主导地位，并转向共同货币作为替代品。额外的支持来自对国防开支增加的预期，特别是在德国。在政策方面，欧洲央行按预期将存款利率下调25个基点至2.25%，为2023年初以来的最低水平。央行还删除了将其政策立场称为“限制性”的措辞，同时警告称，由于贸易紧张局势升级，经济前景已经恶化。市场现在押注年底前再降息两到三次25个基点。

The euro traded around $1.14, just below the $1.15 peak reached earlier this month, its highest level since 2021, as concerns over the Federal Reserve’s independence eased slightly. The dollar recovered some ground after President Trump stated he has no intention of dismissing Fed Chair Jerome Powell. Still, the euro has climbed over 5% against the dollar so far in April, as investors increasingly question the dollar’s dominance in the global financial system and turn to the common currency as an alternative. Additional support came from expectations of increased defense spending, particularly in Germany. On the policy front, the ECB cut its deposit rate by 25bps to 2.25% as anticipated, the lowest since early 2023. The central bank also removed language referring to its policy stance as “restrictive,” while warning that the economic outlook has worsened due to escalating trade tensions. Markets are now betting on two or three more 25bps rate cuts by the end of the year.

2025年2月，欧元区建筑业产出较上年小幅增长0.2%，延续了上月向上修正的0.1%的增长，标志着建筑业连续四个月扩张。产出的增长完全得益于专业建筑活动的加速（1月份为0.7%对0.1%），抵消了建筑（-3.4%对0.7%）和土木工程（-2.7%对0.8%）的下降。与上月相比，建筑业产出收缩0.5%，这是自去年9月以来的首次下降。

Construction output in the Euro Area edged higher by 0.2% from the previous year in February 2025, extending the upwardly revised 0.1% increase from the previous month to mark four consecutive months of expansion in construction. The increase in output was solely supported by an acceleration in specialized construction activities (0.7% vs 0.1% in January), offsetting declines in the construction of buildings (-3.4% vs 0.7%) and civil engineering (-2.7% vs 0.8%). From the previous month, construction output contracted by 0.5%, the first decline since September of last year.

2025年2月，欧元区公布了240亿欧元的贸易顺差，为2020年12月以来的最大值，高于去年同期217亿欧元的修订后顺差。出口同比增长6.2%，达到2490亿欧元，进口同比增长5.7%，达到2250亿欧元。与此同时，欧盟也录得230亿欧元的贸易顺差，高于2024年2月的218亿欧元，出口增长7%，达到2254亿欧元，这得益于化学品及相关产品出货量增长36%。相反，机械和车辆（-1.9%）和能源（-7.7%）的出口有所下降。虽然对瑞士（34.8%）和美国（22.4%）的出口激增，但对中国（-0.2%）的出口略有下降。与此同时，由于食品和饮料的购买量增加（18.3%），进口额增长7.2%，达到2024亿欧元；化学品及相关产品（16.1%）；其他制成品（7.5%）和机械车辆（4.6%）。进口增长主要来自韩国（21%）、中国（13.3%）和瑞士（12.5%）。

The Eurozone posted a trade surplus of €24 billion in February 2025, the largest since December 2020, up from the revised surplus of €21.7 billion in the same month of the previous year. Exports surged by 6.2% yoy to €249 billion and imports increased by a softer 5.7% to €225 billion. In the meantime, the European Union also recorded a trade surplus of €23 billion, up from €21.8 billion in February 2024, as exports grew 7% to €225.4 billion, boosted by a 36% jump in shipments of chemicals & related products. Conversely, declines were seen in exports of machinery & vehicles (-1.9%) and energy (-7.7%). While exports surged to Switzerland (34.8%) and the U.S. (22.4%), they fell slightly to China (-0.2%). Meanwhile, imports rose 7.2% to €202.4 billion, on higher purchases of food & drinks (18.3%); chemicals & related products (16.1%); other manufactured goods (7.5%) and machinery & vehicles (4.6%). Imports increased mostly from South Korea (21%), China (13.3%) and Switzerland (12.5%).

HCOB Flash欧元区服务业采购经理人指数从3月份的51降至2025年4月的49.7，低于50.5的预测。该数据显示，服务业五个月来首次出现收缩，商业活动略有下降，新订单和出口订单均出现收缩。此外，劳动力数量增长放缓，投入价格大幅上涨，而服务费增长速度为去年9月以来的最低水平。此外，商业信心跌至近五年来的最低点。在欧盟最大的经济体中，法国（46.8）和德国（48.8）的服务业都出现了萎缩。

The HCOB Flash Eurozone Services PMI edged down to 49.7 in April 2025 from 51 in March and below forecasts of 50.5. The reading pointed to the first contraction in the services sector in five months, with business activity decreasing marginally and both new orders and export orders contracting. Also, there was a slower increase in workforce numbers and input prices were up sharply while services charges increased at the weakest pace since last September. In addition, business confidence fell to the weakest in almost five years. Among the bloc's largest economies, the services sector shrank in both France (46.8) and Germany (48.8).