（原标题：欧元区1月通胀率降至1.7%，创16个月新低） 从主要经济体看，法国调和消费价格指数从0.7%降至0.4%，西班牙从3.0%降至 2.4%，意大利从1.2%降至1.0%，德国则从2.0%微升至2.1%。 欧盟成员国中，罗马尼亚年通胀率最高，达8.5%，斯洛伐克和爱沙尼亚分别为 4.3%和3.8%。法国以0.4%的通胀率为最低，丹麦0.6%，芬兰和意大利均为1.0%。（驻 波黑使馆经商处） 从主要分项看，服务业年通胀率从3.4%放缓至3.2%；加工食品、酒精和烟草价格 从2.1%降至2.0%；能源价格同比下跌4.0%，跌幅较去年12月的1.9%进一步扩大。相比 之下，未加工食品价格涨幅升至4.2%，非能源工业品价格微涨0.4%。 剔除能源和食品等波动因素的核心通胀率降至2.2%，为2021年10月以来最低水 平。 波黑《独立报》 2月25日报道。欧盟统计局当日发布数据显示，欧元区1月年化通胀率 从去年12月的2.0%降至1.7%，与此前初步估值一致，创下近16个月以来最低水平。通 胀回落伴随欧元强势上涨，欧元兑美元汇率月底突破1.2关口，创逾四年新高。 ...

Group 1 - The euro to US dollar exchange rate has slightly decreased, currently reported at 1.190825 USD, reflecting a decline of 0.08% [1]

Group 1 - The euro to US dollar exchange rate has slightly decreased, currently reported at 1.190825 USD, reflecting a decline of 0.08% [1]

Group 1 - The euro to US dollar exchange rate has reached a nearly two-week high, with a recent increase of 0.76% to 1.1904 dollars [1]

Core Viewpoint - The US dollar index is experiencing a significant decline, with a daily drop of 0.7%, impacting currency exchange rates [1] Group 1: Currency Movements - The euro has strengthened against the US dollar, with the EUR/USD pair breaking above 1.19, reaching its highest level since January 30, and showing a daily increase of 0.74% [1] - The USD/JPY pair has fallen below 156, reflecting a daily decrease of 0.78% [1]

Core Viewpoint - The current exchange rate of Euro to USD is influenced by a combination of a weakening dollar and short-term pressures on the Eurozone economy, leading to cautious market sentiment [1][2]. Group 1: Euro to USD Exchange Rate Trends - As of February 9, 2026, the Euro to USD exchange rate is 1.1818, showing a slight increase of 0.0010 or 0.0169% from the previous trading day [1]. - In 2025, the Euro appreciated approximately 14.4%, rising from a low of 1.0146 to a range of 1.16-1.17 by year-end [1]. - The Euro reached a high of over 1.20 in late January 2026, marking a return to this level for the first time in over four years, before stabilizing around 1.18 [1]. Group 2: Factors Supporting Euro Strength - The weakening of the dollar is a key driver for the long-term appreciation of the Euro, with the dollar's share in global foreign exchange reserves dropping to 56.92%, the lowest in 30 years [2]. - The divergence in monetary policy between the Federal Reserve and the European Central Bank (ECB) has further supported the Euro, with the Fed cutting rates three times in 2025 while the ECB maintained its deposit rate at 2.00% [2]. Group 3: Economic Pressures on the Eurozone - The Eurozone's economic recovery is under pressure, with exports declining by 3.4% year-on-year in November 2025, leading to a reduction in trade surplus from €154 billion to €99 billion [3]. - Germany, as a key driver of Eurozone growth, is facing challenges due to the Euro's appreciation, which has diminished the international price competitiveness of its products [3]. Group 4: Inflation and Monetary Policy Challenges - The Eurozone's inflation rate fell to 1.9% in December 2025, below the ECB's target of 2%, raising concerns about potential deflation risks [4]. - ECB officials have expressed concerns regarding the rapid appreciation of the Euro, indicating that it complicates monetary policy decisions aimed at supporting economic recovery [4]. Group 5: Future Outlook for Euro to USD Exchange Rate - Future movements of the Euro to USD exchange rate will depend on the strength of the dollar, the pace of Eurozone economic recovery, and the divergence in monetary policies between the US and Europe [5]. - Predictions for the Euro to USD exchange rate vary, with Morgan Stanley forecasting a rise to 1.23 by Q2 2026, while other institutions like Citibank anticipate a potential decline to 1.10 [5].

Core Viewpoint - The report by Kit Juckes from Société Générale suggests that the euro to dollar exchange rate may decline in the second half of 2026 due to its recent appreciation outpacing interest rate differentials [1] Summary by Relevant Sections - **Exchange Rate Forecast** - The euro is expected to drop from the current level of 1.1820 USD to 1.14 USD by the end of 2026 [1] - **Interest Rate Dynamics** - The recent rise in the euro has been faster than what the two-year interest rate differentials would indicate, a trend that is expected to continue into early 2026 [1] - **Market Sentiment** - There is a market reluctance to counteract President Trump's desire for a weaker dollar, which may encourage foreign investors to hedge against the risks of dollar depreciation [1]

Core Viewpoint - JPMorgan's European Economic Research team anticipates that the European Central Bank (ECB) will likely maintain the current policy interest rate at 2% and will not adopt a strong stance against the recent appreciation of the euro against the dollar [1][2] Group 1: Economic Indicators - Despite geopolitical tensions at the beginning of the year and the euro/dollar exchange rate surpassing the 1.20 "warning line" mentioned by ECB Vice President De Guindos, current economic data does not challenge the 2% policy rate [1] - The ECB's staff forecast from December indicated that overall inflation and core inflation are very close to target levels, based on the assumption that the policy rate remains unchanged [1] - Although inflation may be slightly below expectations in Q1 2026, factors such as unexpected GDP growth in Q4 2025, declining unemployment rates, and rising consumer inflation expectations support the ECB's decision to remain passive [1] Group 2: Exchange Rate Analysis - JPMorgan believes that the current fluctuations in the euro exchange rate do not warrant strong concern from the ECB, as the euro's appreciation should be viewed in the context of the 1.16 exchange rate benchmark from the December forecast [2] - The trade-weighted exchange rate has increased at a much lower rate than the euro/dollar exchange rate, and rising energy prices will also support inflation [2] - The ECB evaluates exchange rates by considering levels, speed of change, and sustainability of trends, and currently, the exchange rate fluctuations do not pose a significant threat given the resilience of the economy [2] Group 3: Policy Outlook - The ECB is expected to issue a policy statement without major adjustments, continuing to emphasize data dependency, gradual meeting assessments, and a non-committal policy approach [2] - Comments regarding the exchange rate and potential policy discussions are likely to be revealed during the press conference [2] - JPMorgan predicts that the ECB will not intervene aggressively in the exchange rate and remains satisfied with the current interest rate level, while signaling a willingness to respond to various shocks [2]

Group 1 - The euro to US dollar exchange rate decreased by 0.32%, now standing at 1.1812 USD [1]

Group 1 - The euro against the US dollar fell to an intraday low of 1.19722, representing a decline of 0.54% [1]