周五，美元指数跌至108以下，此前有报道称美国将推迟对墨西哥和加拿大征收关税，这促使市场重新考虑现任政府是否会实施保护主义壁垒。有报道称，华盛顿将把关税推迟到3月，收回将于2月1日实施的一系列措施的承诺，从而限制了通胀上升和美联储更加鹰派的风险。与此同时，美联储首选的通胀指标在12月没有出现意外上涨，巩固了人们对央行今年将两次降息的押注。尽管如此，美元还是得到了其他主要货币当局鸽派举措的支持。欧洲央行和瑞典央行于1月底降息，而中国央行则宣布降息并结束量化紧缩。

The dollar index eased to below 108 on Friday after reports that the US would delay tariffs on Mexico and Canada drove markets to reconsider whether the current administration would follow through with protectionist barriers. Said reports suggested Washington would delay tariffs until March, backtracking the series of pledges of measures to be imposed by February 1st, hence limiting risks of higher inflation and a more hawkish Fed. Meanwhile, the Fed’s preferred inflation gauge refrained from surprising to the upside in December, consolidating bets that the central bank will deliver two rate cuts this year. Still, the greenback received support from dovish moves by other major monetary authorities. The ECB and the Riksbank cut their interest rates in late January, while the BoC delivered a rate cut and announced the end of quantitative tightening.

周五，10年期美国国债收益率降至4.5%，为六周来的最低水平，因为最新价格数据没有出现上行意外，使市场能够持有反映美联储今年多次降息的头寸。以核心个人消费支出价格指数衡量的基本通胀在12月如预期般上升，反映出仍在联邦公开市场委员会最新预测范围内，并巩固了今年两次降息的押注。早些时候发布的数据显示，美国第四季度GDP年化增长率为2.3%，低于早些时候市场普遍认为的2.6%，但与2024年底创纪录的高进口将给GDP带来压力的预期一致。与此同时，市场等待进一步明确美国总统政府是否会在有报道称此类措施将推迟到3月后对加拿大和墨西哥征收关税。

The yield on the 10-year US Treasury note eased toward 4.5% on Friday, the lowest in six weeks, as the lack of upside surprises to the latest price data allowed the market to hold positions that reflect multiple rate cuts by the Fed this year. Underlying inflation measured by the core PCE price index rose as expected in December, reflecting a path that remains within the latest projections by the FOMC and consolidating bets of two rate cuts this year. An earlier release showed the US GDP expanded by an annualized 2.3% in Q4, below the earlier market consensus of 2.6%, but aligning with expectations that record-high imports in late 2024 would pressure the GDP. In the meantime, markets awaited further clarity on whether the US Presidential administration would follow through with imposing tariffs on Canada and Mexico following reports that such measures would be delayed to March.

美国股市延续早盘涨势，周五交易价格稳步走高，并从周一DeepSeek引发的抛售中复苏，这得益于美联储今年多次降息的押注、科技巨头的强劲盈利以及美国总统特朗普对关税的担忧减少。标准普尔500指数上涨0.8%，道琼斯指数上涨70多点，以测试各自的记录，而纳斯达克100指数上涨1.5%。苹果公司在报告收入增长4%并给出乐观预期后上涨了1%。此外，Palantir在盈利前上涨了4%，博通和特斯拉上涨了近5%。另一方面，埃克森美孚和雪佛龙在公布业绩后下跌。与此同时，在个人消费支出价格符合预期后，市场继续押注美联储今年将两次降息。股市也因有报道称美国计划在3月份仅对墨西哥和加拿大征收关税而上涨，这推翻了特朗普在2月1日前限制的承诺。

US stocks extended early gains to trade firmly higher on Friday and recover from Monday’s DeepSeek-induced selloff, supported by bets of multiple rate cuts by the Fed this year, strong earnings for tech giants, and lesser concerns of tariffs by US President Trump. The S&P 500 jumped 0.8% and the Dow gained more than 70 points to test their respective records, while the Nasdaq 100 jumped 1.5%. Apple gained 1% after reporting a 4% increase in revenue and delivering optimistic guidance. Also, Palantir jumped 4% ahead of its earnings, and Broadcom and Tesla gained nearly 5%. On the other hand, Exxon Mobil and Chevron fell after delivering their results. Meanwhile, markets continued to bet on two rate cuts by the Fed this year after PCE prices were in line with expectations. Equities also received a boost on reports that the US plans on only imposing tariffs on Mexico and Canada in March, backtracking Trump’s pledges of restrictions by February 1st.

美元在周末可能征收关税前企稳。衡量美元对一篮子货币价值的美元指数（DXY）周二继续上涨，巩固在心理108.00水平之上。在对关税和疲软的美国经济数据（包括低于预期的耐用品订单和消费者信心下降）重新引发担忧后，市场情绪恶化。

US Dollar consolidates ahead of possible weekend tariffs.The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, extended its gains on Tuesday, consolidating above the psychological 108.00 level. Market sentiment soured after renewed concerns over tariffs and weak US economic data, including lower-than-expected Durable Goods Orders and declining Consumer Confidence.