美元走势喜忧参半，因人工智能泡沫担忧、美国政府关门和关税法庭案件相互冲突。这是全球市场又一个动荡的一周，更多的是未解决的宏观风险越来越大。由于美国政府仍处于停摆状态，大量关键经济报告缺失，投资者只能交易情绪而不是事实——周中情绪急剧转为负面。

Dollar Ends Mixed as AI Bubble Fears, US Shutdown, and Tariff Court Case Collide.It was another volatile week in global markets, defined less by fresh data and more by the growing weight of unresolved macro risks. With the U.S. government still in shutdown and a raft of key economic reports missing, investors were left to trade sentiment rather than facts — and sentiment turned sharply negative mid-week.

美联储展望和美国政府停摆导致美元本周收跌。美元兑欧元和瑞士法郎等主要货币下跌，因投资者权衡美联储的鹰派立场与经济不确定性。政府长期停摆推迟了关键就业数据的发布，而中国出口下降加剧了全球经济担忧。

Dollar ends week lower amid Fed outlook, US government shutdown.The U.S. dollar declined against major currencies like the euro and Swiss franc as investors weighed the Federal Reserve's hawkish stance against economic uncertainties. A prolonged government shutdown delayed the release of crucial jobs data, while falling Chinese exports added to global economic concerns.

日元展望：美元/日元持平，交易员寻找催化剂。美元/日元与美国利率之间的关系继续加强，特别是在曲线的前端，这受到货币政策预期变化的严重影响。由于美国政府持续停摆，日历上没有顶级经济数据，这更加强调了国债拍卖和美联储官员的演讲，以推动未来一周的方向。

Japanese Yen Outlook: USD/JPY Flatlining as traders hunt for a catalyst.The relationship between USD/JPY and U.S. interest rates continues to strengthen, especially at the front end of the curve which is heavily influenced by shifts in monetary policy expectations. With no top-tier economic data on the calendar due to the ongoing U.S. government shutdown, that puts greater emphasis on Treasury auctions and speeches from Federal Reserve officials to drive direction in the week ahead.

每周底线：随着政府停摆进入第38天，消费者情绪下降。本周市场有很多东西可以消化，有一份就业报告，当然还有联邦政府大肆宣传的预算（见我们对后者的分析）。

The Weekly Bottom Line: Consumer Sentiment Falls as Shutdown Enters 38th Day.There was plenty for markets to digest this week, with a jobs report and of, course, the federal government's massively hyped budget (see our analysis of the latter here).