欧元/瑞郎 (EURCHF) 加自选

法国10年期OAT的收益率约为3.3%，与欧洲同行一致，因为交易员评估了强于预期的PMI数据，并继续评估特朗普总统的政策。投资者还展望了下周欧洲央行的货币政策决定，以寻求进一步的方向。随着私营部门活动显示出复苏迹象，制造业收缩有所缓解，欧元区的快速PMI提供了一些乐观情绪。与此同时，人们普遍预计欧洲央行下周将再次下调关键存款利率25个基点。在法国，预算辩论仍在继续，因为新提名的政府再次面临在分裂的议会中通过预算法案的挑战。法国和德国收益率之间的利差约为77个基点，反映了持有法国债务的风险溢价。相比之下，去年5月，在马克龙总统宣布提前选举之前，这一数字为50个基点。

The yield on France's 10-Year OAT stood at around 3.3%, in line with its European peers, as traders assessed stronger-than-expected PMI data and continued to evaluate President Trump's policies. Investors also looked ahead to next week's ECB monetary policy decision for further direction. Flash PMIs for the Eurozone provided some optimism, as private sector activity showed signs of recovery and the manufacturing contraction eased. Meanwhile, the ECB is widely expected to implement another 25bps cut to the key deposit rate next week. In France, the budget debate continues, as the newly nominated government faces once again the challenge of passing the budget bill through a divided parliament. The spread between French and German yields, which reflects the risk premium for holding French debt, stood at around 77bps. This compares to 50bps in May of last year, before President Macron called a snap election.

10年期意大利BTP收益率约为3.65%，与欧洲同行一致，因为交易员评估了强于预期的PMI数据，并继续评估特朗普的政策。投资者还展望了下周欧洲央行的货币政策决定。欧元区和德国的快速PMI提供了一些乐观情绪，因为私营部门活动显示出复苏的迹象，制造业收缩有所缓解。与此同时，特朗普总统似乎软化了他对普遍关税的立场，并主张立即降低利率。人们普遍预计，继2024年四次降息之后，欧洲央行下周将再次下调关键存款利率25个基点。意大利和德国收益率之间的利差约为112个基点，这是衡量持有意大利债务风险溢价的指标。相比之下，12月初的低点为104.5个基点，为2021年10月以来的最低水平。

The yield on the 10-year Italian BTP was around 3.65%, in line with its European peers, as traders assessed stronger-than-expected PMI data and continued to evaluate Trump's policies. Investors also looked ahead to next week's ECB monetary policy decision. Flash PMIs for the Eurozone and Germany provided some optimism, as private sector activity showed signs of recovery and the manufacturing contraction eased. Meanwhile, President Trump appeared to soften his stance on universal tariffs and advocated for an immediate drop in interest rates. The ECB is widely expected to implement another 25bps cut to the key deposit rate next week, following four reductions in 2024. The spread between Italian and German yields, a measure of the risk premium for holding Italian debt, stood at approximately 112 basis points. This compares to a low of 104.5 bps reached in early December, marking the narrowest level since October 2021.

德国10年期国债收益率攀升至2.5%以上，从本周早些时候的2.47%低点反弹，交易员评估了强于预期的PMI数据，并继续评估特朗普总统的政策。投资者还展望了下周欧洲央行的货币政策决定，以寻求进一步的方向。欧元区和德国的快速PMI提供了一些乐观情绪，因为私营部门活动显示出复苏的迹象，制造业收缩有所缓解。与此同时，特朗普总统似乎软化了他对普遍关税的立场，并主张立即降低利率。人们普遍预计，继2024年四次降息之后，欧洲央行下周将再次下调关键存款利率25个基点。投资者还将密切关注有关央行今年计划的任何信号，市场预计未来几个月将进一步降息。

Germany's 10-year Bund yield climbed above 2.5%, rebounding from a low of 2.47% earlier in the week, as traders assessed stronger-than-expected PMI data and continued to evaluate President Trump's policies. Investors also looked ahead to next week's ECB monetary policy decision for further direction. Flash PMIs for the Eurozone and Germany provided some optimism, as private sector activity showed signs of recovery and the manufacturing contraction eased. Meanwhile, President Trump appeared to soften his stance on universal tariffs and advocated for an immediate drop in interest rates. The ECB is widely expected to implement another 25bps cut to the key deposit rate next week, following four reductions in 2024. Investors will also closely monitor any signals regarding the central bank's plans for the year, with markets anticipating further rate cuts in the coming months.

欧元攀升至1.05美元，为一个多月来的最高水平，在特朗普总统似乎软化了他对普遍关税的立场并主张立即降息后，美元走弱支撑了欧元。此外，欧元区和德国的快速PMI提供了一些乐观情绪，因为私营部门活动显示出复苏的迹象，制造业收缩有所缓解。与此同时，普遍预计欧洲央行将在2024年四次降息后，于下周再次下调关键存款利率25个基点。投资者还将密切关注有关央行今年计划的任何信号，市场预计未来几个月将进一步降息。

The Euro climbed toward $1.05, its highest level in over a month, supported by a weaker dollar after President Trump appeared to soften his stance on universal tariffs and advocated for an immediate drop in interest rates. Additionally, flash PMIs for the Eurozone and Germany provided some optimism, as private sector activity showed signs of recovery and the manufacturing contraction eased. Meanwhile, the ECB is widely expected to implement another 25bps cut to the key deposit rate next week, following four reductions in 2024. Investors will also closely monitor any signals regarding the central bank's plans for the year, with markets anticipating further rate cuts in the coming months.