欧元兑美元汇率上涨约1.5%，至1.15美元，为2021年11月以来的最高水平，这是由于对美联储独立性的担忧日益加剧，美元普遍疲软造成的。这一转变是在特朗普总统和美国国家经济委员会主任发表讲话后做出的，暗示特朗普仍在“研究”是否解雇美联储主席鲍威尔。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。市场目前预计，到今年年底，将再有三次降息25个基点。

The euro rallied about 1.5% to $1.15, its strongest level since November 2021, fueled by broad dollar weakness amid growing concerns over the Fed’s independence. The shift followed remarks from President Trump and US National Economic Council Director, suggesting Trump is still “studying” whether to dismiss Fed Chair Powell. 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 pricing in three more 25bps rate cuts by the end of the year.