今日菜单上的美国零售额。在美国，一系列数据将于下午公布。4月份的零售销售将首次提供确凿的数据证据，说明消费者行为对更高关税的反应。

US Retail Sales on Today's Menu.In the US, a range of data is due for release in the afternoon. April retail sales will provide the first hard data evidence on how consumer behaviour has reacted to higher tariffs.

美元受到美国在贸易谈判中寻求应对美元走软的头条新闻的冲击。昨天很少有生态数据来指导全球贸易。（美国）股市稍作喘息。

Dollar Hit by Headlines that US Seeking Engagements on a Weaker Dollar at Trade Negotiations.There were very few eco data to guide global trading yesterday. (US) equities took a breather.

早间出价：随着兴奋情绪的消退，鲍威尔在甲板上。Rae Wee展望欧洲和全球市场的未来

Morning Bid: As euphoria ebbs, Powell on deck.A look at the day ahead in European and global markets from Rae Wee

周四，10年期美国国债收益率稳定在4.53%左右，保持了最近的涨幅，因为全球贸易紧张局势的缓解抑制了对避险资产的需求。投资者情绪受到美国和中国宣布的相互关税削减的支持，该削减将持续90天，缓解了人们对不断升级的贸易壁垒可能使美国经济陷入衰退的担忧。此外，北京决定解除针对美国实体的稀土出口禁令，这标志着贸易僵局进一步缓和。目前，市场预计美联储将在年底前降息两次，而不是上周的四次。尽管4月份CPI数据低于预期。投资者现在期待周四美国零售销售和生产者通胀数据，以获得对经济的新见解。

The yield on the 10-year US Treasury note held steady around 4.53% on Thursday, maintaining recent gains as easing global trade tensions dampened demand for safe-haven assets. Investor sentiment was supported by the mutual tariff reductions announced by the US and China, set to last for 90 days, easing fears that escalating trade barriers could tip the US economy into recession. Additionally, Beijing’s decision to lift its export ban on rare earths targeting US entities signaled further de-escalation in the trade standoff. Currently, markets are pricing in just two Federal Reserve interest rate cuts by end of year instead of four reductions priced in last week. This was despite a softer-than-expected CPI print for April. Investors now look ahead to US retail sales and producer inflation data on Thursday for fresh insight on the economy.