在外汇银行间市场，欧元汇率升至1.12美元以上。

The Euro exchange rate rose above 1.12 US Dollars in the foreign exchange interbank market.

欧元兑美元升至1.12的20个月高点。过去4周，欧元兑美元上涨2.68%，过去12个月上涨4.52%。

EURUSD increased to a 20-month high of 1.12. Over the past 4 weeks, Euro US Dollar gained 2.68%, and in the last 12 months, it increased 4.52%.

欧元回升至1.1美元以上，接近2024年10月以来的最高水平，因为不断升级的贸易紧张局势和欧洲政治稳定的迹象提振了单一货币。周三，中国宣布将把所有美国商品的关税从之前宣布的34%提高到84%，以回应华盛顿全面提高关税，将中国进口商品的关税提高到104%。这一升级促使市场情绪发生转变，投资者纷纷撤出美国国债和美元等传统避险资产。在欧洲，德国基民盟/基社盟集团和社民党达成了一项联盟协议，为弗里德里希·默茨下个月接任总理铺平了道路。在货币方面，人们普遍预计欧洲央行本月将降息25个基点。市场也预计到年底将再降息两次，如果经济状况继续疲软，人们对可能的第三次降息的猜测也在增加。

The euro climbed back above $1.1, approaching its strongest level since October 2024, as escalating trade tensions and signs of political stability in Europe buoyed the single currency. On Wednesday, China announced it would raise tariffs on all U.S. goods to 84%, up from a previously announced 34%, in response to Washington's sweeping tariff hike that lifted duties on Chinese imports to 104%. The escalation prompted a shift in market sentiment, with investors rotating out of traditional safe havens such as U.S. Treasuries and the dollar. In Europe, Germany’s CDU/CSU bloc and the SPD reached a coalition agreement, paving the way for Friedrich Merz to assume the chancellorship next month. On the monetary front, the European Central Bank is widely expected to deliver a 25 basis point rate cut this month. Markets are also pricing in two more cuts by year-end, with speculation growing around a potential third move should economic conditions continue to weaken.

周三，在中国宣布将从周四开始将美国商品的关税从34%提高到84%后，欧洲股市的抛售加剧。斯托克50指数下跌4%以上，至4585点，为2024年8月以来的最低水平，而斯托克600指数下跌3.8%，至468点，为2023年11月以来的最低点。此举加剧了人们对世界两大经济体之间贸易战升级的担忧，此前美国在当天早些时候实施了全面的关税上调，将中国进口商品的关税提高到104%。特朗普总统表示“很快”将宣布“对药品征收重大关税”，这表明贸易争端可能会扩大到新的行业，这进一步扰乱了投资者的情绪。与此同时，欧盟委员会正在考虑对价值约221亿欧元的美国出口产品征收高达25%的报复性关税。

The European stock market sell-off intensified on Wednesday after China announced it would raise tariffs on U.S. goods to 84%, up from 34%, starting Thursday. The STOXX 50 index tumbled more than 4% to 4,585 points, its lowest level since August 2024, while the broader STOXX 600 dropped 3.8% to 468 points, the weakest reading since November 2023. The move heightened fears of an escalating trade war between the world’s two largest economies and came on the heels of the U.S. implementing a sweeping tariff hike that raised duties on Chinese imports to 104% earlier in the day. Investor sentiment was further rattled by President Trump’s remarks that a “major tariff on pharmaceuticals” would be announced “very shortly,” signaling a possible expansion of the trade dispute into new sectors. Meanwhile, the European Commission is considering retaliatory tariffs of up to 25% on a broad range of U.S. exports worth approximately €22.1 billion.