由于政策前景和关税加剧了谨慎，美元面临波动的贸易。美元指数（DXY）周二表现喜忧参半，交易在104.00区间的中间。当天早些时候，美元因服务业活动增强而获得支持，并有迹象表明拟议的关税可能比人们担心的更有针对性。

US Dollar faces choppy trade as policy outlook and tariffs fuel caution.The US Dollar Index (DXY) is experiencing mixed performance on Tuesday, trading around the middle of the 104.00 zone. Earlier in the day, the Greenback found support on stronger services activity and signs that proposed tariffs may be more targeted than feared.

美国股市在下午的交易中挣扎着寻找方向，因为投资者权衡了即将到来的关税和经济不确定性的潜在影响。标准普尔500指数徘徊在平线附近，道琼斯指数下跌54点，纳斯达克指数微涨0.1%。周一的反弹，在缩小关税措施的希望推动下，失去了动力，因为特朗普总统表示，一些国家可能会获得将于4月2日生效的互惠关税豁免，同时也暗示对药品和汽车征收新的关税。特斯拉在周一飙升12%后出现波动，英伟达下跌0.7%。KB Home在下调销售预期后下跌5%，UniFirst在Cintas结束收购谈判后下跌12%。投资者还消化了消费者信心的急剧下降，降至四年低点，未来预期降至12年来的最低水平。与此同时，交易员加大了对美联储2025年降息的押注，但市场策略师对股市前景仍存在分歧。

US stocks struggled for direction in the afternoon session as investors weighed the potential impact of upcoming tariffs and economic uncertainties. The S&P 500 hovered near the flatline, while the Dow Jones lost 54 points, and the Nasdaq edged up 0.1%. Monday’s rally, driven by hopes of narrower tariff measures, lost steam as President Trump suggested some countries could receive exemptions from reciprocal duties set to take effect on April 2, while also hinting at fresh tariffs on pharmaceuticals and autos. Tesla wavered after surging 12% on Monday, Nvidia fell 0.7%. KB Home sank 5% after cutting its sales forecast and UniFirst tumbled 12% after Cintas ended acquisition talks. Investors also digested a sharp decline in consumer confidence, which fell to a four-year low, with future expectations dropping to the weakest level in 12 years. Meanwhile, traders increased bets on Federal Reserve rate cuts in 2025, but market strategists remained split on the outlook for equities.

美国2年期国债拍卖从之前的4.169%降至3.984%。美国2年期国债拍卖从之前的4.169%降至3.984%

United States 2-Year Note Auction down to 3.984% from previous 4.169%.United States 2-Year Note Auction down to 3.984% from previous 4.169%

周二，美国10年期国债收益率徘徊在4.3%左右，投资者评估了新的经济数据、美联储的评论和潜在的关税影响。最新的CB消费者信心调查显示，3月份消费者信心连续第四个月持续下降，未来预期跌至12年低点，财务前景为2022年7月以来的最低水平。与此同时，美国商业活动在3月份获得了动力，因为服务业的强劲反弹有助于抵消制造业的再次疲软。与此同时，特朗普总统最近的言论使人们对在4月2日最后期限之前采取更具选择性的关税措施抱有希望，但他对汽车、制药和其他行业征税的承诺增加了不确定性。这使美联储的前景变得复杂，交易员目前预计今年6月和9月将降息两个25个基点，12月第三次降息的可能性越来越大。

The yield on the US 10-year Treasury note hovered around the 4.3% mark on Tuesday as investors assessed fresh economic data, Federal Reserve commentary, and potential tariff implications. The latest CB consumer confidence survey showed a continued decline in sentiment for the fourth consecutive month in March, with future expectations plunging to a 12-year low and financial outlooks at their weakest since July 2022. At the same time, U.S. business activity gained momentum in March, as a strong rebound in services helped offset renewed weakness in manufacturing. Meanwhile, recent remarks from President Trump raised hopes for a more selective tariff approach ahead of the April 2 deadline, but his pledge to tax autos, pharmaceuticals, and other sectors added uncertainty. This complicates the Fed’s outlook, with traders currently pricing in two quarter-point rate cuts this year, in June and September, and growing odds of a third cut in December.