欧元/英镑 (EURGBP) 加自选

周五，意大利10年期英国国债收益率稳定在3.58%，投资者权衡了强于预期的欧元区通胀数据，并等待美国最新的就业报告。4月份，欧元区整体通胀率保持在2.2%，略高于2.1%的预测，而核心通胀率从2.4%加速至2.7%，超过了2.5%的预期。这些数据强化了市场对欧洲央行将在年底前降息60个基点的预期。在美国，预计4月份就业增长将放缓，这是特朗普总统宣布关税以来的第一个完整月，这加剧了人们对疲软的GDP数据的担忧，并可能影响美联储的政策前景。与此同时，在北京表示正在“评估”美国最近提出的重启谈判的建议后，全球风险情绪有所改善，有迹象表明美中贸易紧张局势有所缓和。

The yield on Italy’s 10-year BTP held steady at 3.58% on Friday, as investors weighed stronger-than-expected Eurozone inflation data and awaited the latest U.S. jobs report. Headline inflation in the bloc remained at 2.2% in April, slightly above the forecast of 2.1%, while core inflation accelerated to 2.7% from 2.4%, exceeding expectations of 2.5%. The figures reinforced market expectations that the European Central Bank will deliver 60 basis points of rate cuts by year-end. In the U.S., job growth is expected to have slowed in April—the first full month since President Trump’s tariff announcements—adding to concerns following weak GDP data and potentially influencing the Federal Reserve’s policy outlook. Meanwhile, global risk sentiment improved amid signs of easing U.S.–China trade tensions, after Beijing said it is "evaluating" recent U.S. proposals for renewed negotiations.

法国10年期OAT周五反弹至3.19%，此前欧元区通胀数据强于预期。4月份，欧盟消费者价格指数每年上涨2.2%，略高于2.1%的预测，而核心通胀率从2.4%加速至2.7%，也超过了2.5%的市场预期。这些数据增强了投资者对欧洲央行年底前降息60个基点的预期。在其他地方，全球市场关注即将发布的美国就业报告——这是自特朗普总统4月初宣布关税以来的第一份——这可能会影响美联储的政策方向。与此同时，在中国表示正在“评估”华盛顿最近提出的重启谈判的建议后，投资者情绪有所改善，有迹象表明美中贸易紧张局势有所缓解。

France’s 10-year OAT bounced back to 3.19% on Friday following stronger-than-expected Eurozone inflation data. Consumer prices in the bloc rose 2.2% annually in April, just above the 2.1% forecast, while core inflation accelerated to 2.7% from 2.4%, also exceeding market expectations of 2.5%. The data reinforced investor expectations for 60 basis points of rate cuts by the European Central Bank by year-end. Elsewhere, global markets were focused on the upcoming U.S. jobs report—the first since President Trump’s early April tariff announcement—which could influence the Federal Reserve’s policy direction. Meanwhile, investor sentiment improved amid signs of easing U.S.–China trade tensions, after China said it is “evaluating” recent proposals from Washington for renewed talks.

周五，欧元区通胀数据高于预期后，德国10年期国债收益率微升至2.46%。4月份，年通货膨胀率稳定在2.2%，略高于2.1%的预测，因为服务和未加工食品价格的大幅上涨抵消了能源成本的大幅下降。核心通胀率从2.4%升至2.7%，也超过了2.5%的预期，促使投资者保持对欧洲央行年底前降息60个基点的预期。在全球范围内，人们的注意力转向了即将发布的美国就业报告——这是自特朗普政府4月初宣布关税以来的第一份——以进一步了解美联储的下一步行动。与此同时，在北京表示正在“评估”美国最近提出的重启谈判的建议后，有迹象表明美中贸易紧张局势可能缓和，市场情绪有所改善。

The yield on Germany’s 10-year Bund edged up to 2.46% on Friday after Eurozone inflation data came in above expectations. Annual inflation held steady at 2.2% in April, slightly above the forecast of 2.1%, as sharp increases in services and unprocessed food prices offset a steeper drop in energy costs. Core inflation rose to 2.7% from 2.4%, also beating estimates of 2.5%, prompting investors to maintain expectations of 60 basis points in European Central Bank rate cuts by the end of the year. Globally, attention turned to the upcoming U.S. employment report—the first since the Trump administration's early April tariff announcement—for further insight into the Federal Reserve’s next move. Meanwhile, sentiment improved on signs of a potential easing in U.S.–China trade tensions, after Beijing said it is “evaluating” recent American proposals for renewed talks.

周五欧元升至1.13美元以上，此前欧元区通胀数据强于预期，美国非农就业报告公布，投资者正在寻找美联储政策前景的线索。最新的CPI数据显示，4月份欧元区通胀率稳定在2.2%，略高于预期的2.1%。值得注意的是，服务业通胀加速至3.9%，核心通胀率（不包括食品和能源）升至2.7%，也超过了预期。在美国，即将发布的就业报告预计将显示招聘放缓，4月份非农就业人数可能仅增加13万人，远低于3月份的22.8万人，原因是唐纳德·特朗普总统激进的关税立场带来的不确定性增加。与此同时，在北京表示正在“评估”美国最近提出的重启谈判的建议后，美中贸易紧张局势可能解冻的迹象提振了市场情绪。

The euro rose above $1.13 on Friday after stronger-than-expected Eurozone inflation data and ahead of the U.S. non-farm payrolls report, as investors looked for clues on the Federal Reserve’s policy outlook. The latest CPI figures showed Euro Area inflation held steady at 2.2% in April, slightly above the expected 2.1%. Notably, services inflation accelerated to 3.9%, and core inflation—which excludes food and energy—rose to 2.7%, also surpassing forecasts. In the U.S., the upcoming jobs report is expected to show a slowdown in hiring, with non-farm payrolls likely increasing by just 130,000 in April, down sharply from 228,000 in March, amid rising uncertainty linked to President Donald Trump’s aggressive tariff stance. Meanwhile, market sentiment was lifted by signs of a potential thaw in U.S.–China trade tensions, after Beijing said it is “evaluating” recent U.S. proposals for renewed negotiations.