美元反弹将动摇的4个原因（第4位将很难恢复）。麦格理以欧元为例得出结论，美元将不再是必须持有的货币，而更多地成为少数可比选择的替代品。

4 reasons the USD rally will falter (#4 is going to be very difficult to recover from).Macquarie conclude that the USD will become less a must hold currency and more an alternative to a few omparable choices, citing the euro as an example.

美国股市周四开始走强，道琼斯指数上涨70点，标准普尔500指数上涨0.6%，纳斯达克综合指数上涨1%，因为大型科技公司的盈利推动了涨幅。微软股价飙升7.4%，不仅超过了顶线和底线预期，而且提高了Azure指导，让投资者对人工智能主导的增长感到放心，而Meta在公布强于预期的第一季度收入后上涨了4.3%。芯片领头羊Nvidia也上涨2.4%，因对其数据中心路线图重新燃起热情。相反，礼来公司在季度业绩公布后下跌11.7%，麦当劳在第一季度销售额下降后下跌1.9%。在贸易方面，特朗普总统表示可能与印度、日本和韩国达成贸易协议，并对与中国达成协议表示乐观。在数据方面，首次申请失业救济人数升至9周高点，持续申请失业救济的人数创下2021年以来的最高水平。受关税中断的影响，美国制造业在4月份再次萎缩。

US stocks kickstart May strong on Thursday, with the Dow Jones adding 70 points, the S&P 500 climbing 0.6% and the Nasdaq Composite jumping 1%, as Big Tech earnings drove gains. Microsoft soared 7.4% after not only beating top- and bottom-line estimates but raised its Azure guidance reassuring investors on AI-led growth, while Meta added 4.3% after posting stronger-than-expected Q1 revenue. Chip bellwether Nvidia also rose 2.4% on renewed enthusiasm for its data-center roadmap. Conversely, Eli Lilly lost 11.7% after its quarterly results and McDonald’s slipped 1.9% following a decline in Q1 sales. On the trade front, President Trump signaled possible trade deals with India, Japan, and South Korea, and voiced optimism about a China agreement. On the data front, jobless claims rose to a nine-week high and continuing claims hit their highest since 2021. U.S. manufacturing also shrank again in April, weighed down by tariff disruptions.

在截至4月25日的一周内，美国公用事业公司增加了1070亿立方英尺的天然气储存，达到2.041万亿立方英尺，与市场预期的1100亿立方英尺大致一致，这是两年来最大的建设。库存的增加与其他报道一致，这些报道称，该国创纪录的天然气产量恰逢北方冬季过渡期的温暖锋。尽管有所增长，但股市仍保持了去年17.6%的可比水平，比五年移动平均水平高出0.2%。东部地区（+36亿立方英尺）和中南部地区（+34亿立方英尺”）的股市涨幅最大。

US utilities added 107 billion cubic feet of gas to storage during the week ending April 25th to 2.041 trillion cubic feet, broadly aligning with market expectations of 110 bcf to mark the sharpest build in two years. The increase in stocks was in line with other reports that record-high gas production in the country coincided with a warmer front in the transition out of the northern winter. Despite the build, stocks still remain 17.6% comparable levels from the previous year and 0.2% above the moving five-year average. Stocks rose the most in the East region (+36 bcf) and South Central (+34 bcf).

5月1日，房地美支持的30年期固定抵押贷款的平均利率降至6.76%，略低于前一周的6.81%。房地美首席经济学家Sam Khater表示：“本周抵押贷款利率再次下降。最近几周，30年期固定利率抵押贷款利率的下降幅度甚至低于第一季度6.83%的平均水平。”。

The average rate on a 30-year fixed mortgage backed by Freddie Mac eased to 6.76% on May 1st, down slightly from 6.81% the previous week. “Mortgage rates again declined this week. In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the first quarter average of 6.83%.,” said Sam Khater, Chief Economist at Freddie Mac.