在新关税和美国官员对欧洲的评论中，美元小幅下跌。追踪美元对六种主要货币表现的美元指数（DXY）在早些时候的尝试中未能突破104.50。在周二撰写本文时，该指数略高于104.00，而市场评估了两个主要故事。

US Dollar falls slightly amidst new tariffs and US officials' comments on Europe.The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, has failed to break above 104.50 on earlier attempts. The index trades slightly above 104.00 at the time of writing os Tuesday, while markets assess two main stories.

美国PMI公布后，交易员缩减了对美联储降息的押注。正如我们所看到的，美联储宽松政策的市场定价从美国PMI发布前的69个基点降至59个基点。这不是一个实质性的变化，但足以在短期内提振美元，因为美国国债收益率继续从增长恐慌高峰期的低点回落。

Traders shrink bets on Fed rate cuts following the US PMIs.As we can see the market pricing for Fed easing got pared back to 59 bps from 69 bps before the US PMIs release. That's not a material change but it was enough to give the US Dollar a short term boost as Treasury yields continue to pull back from the lows reached at the peak of the growth scare.

美元：消费者故事将进一步恶化——ING。周一美国PMI意外上涨，而欧元区PMI涨幅低于预期，帮助以欧元为主的DXY指数在104.0-104.50区间找到支撑。然而，调查突显出美国制造业萎缩与服务业反弹之间的差距越来越大。

USD: Consumer story to deteriorate further – ING.Monday's PMIs surprised on the upside in the US while jumping less than expected in the euro area, helping the euro-heavy DXY index find support into the 104.0-104.50 area. However, the surveys highlighted a growing gap between the contracting manufacturing sector and the rebounding services sector in the US.

美元导航（DXY）：关税、数据和技术。美元指数（DXY）在美国早盘上涨至三周高点。由于美国商业活动和关税谈判的增加，美元连续第四天上涨。

Navigating the US Dollar (DXY): Tariffs, Data, and Technicals.The US Dollar Index (DXY) rose to a three-week high earlier in the US session. The Dollar stretched its gains into a fourth consecutive day thanks to an uptick in US Business activity and tariff chatter.