Core Viewpoint - The article discusses the imminent rise of the Euro as a global currency, contrasting it with the declining dominance of the US dollar, largely attributed to the erratic policies of former President Trump [1][3][6]. Group 1: Euro's Rise - The Euro has reached a near eight-year high against the US dollar, surpassing the 1.14 mark, with a cumulative increase of over 9% [1]. - The Eurozone is experiencing a strategic opportunity as the dollar's credibility diminishes, allowing the Euro to potentially take on a more significant role in the global financial system [6][8]. - The European Free Trade Association has signed 31 agreements covering 75 countries, with an annual trade volume exceeding 2 trillion Euros, establishing the Euro as a stable currency for trade [6]. Group 2: Dollar's Decline - The US dollar index has dropped by 9% since January 20, marking the worst performance for a new president in the first hundred days since 1973 [3]. - The US national debt has surged from $27.7 trillion in 2020 to $36 trillion, with annual interest payments exceeding $1 trillion, consuming nearly one-fifth of federal revenue [4]. - Trump's political interference with the Federal Reserve has undermined the dollar's institutional credibility, leading to a loss of its status as a global safe-haven asset [3][4]. Group 3: Global Shift in Currency Preferences - International capital flows are increasingly favoring the Euro, with European equity funds seeing a net inflow of $34.7 billion in the first quarter of 2025, compared to $19.8 billion for the US [8]. - The share of the dollar in global reserves has decreased from over 70% to 58%, while the Euro, Chinese Yuan, and gold are emerging as key alternatives [8]. - Countries like Russia, Iran, China, and Saudi Arabia are accelerating efforts to establish non-dollar payment systems, indicating a historical peak in the desire to "de-dollarize" the global economy [8].

Group 1 - International gold prices fell below the key psychological level of $3300 per ounce, currently reported at $3304.68 per ounce, with a decline of 1.13% [1] - The highest price reached was $3349.78 per ounce, while the lowest was $3292.38 per ounce during the trading session [1] Group 2 - ECB President Christine Lagarde stated that if member governments strengthen the financial and security framework of the Eurozone, the euro could become a viable alternative to the dollar, benefiting the Eurozone significantly [2] - Lagarde emphasized the need for a deeper and more liquid capital market, stronger legal foundations, and military strength to support the euro's increased role [2] - Investors, particularly official ones, are seeking geopolitical guarantees and are inclined to invest in regions that are reliable security partners [2] Group 3 - Analyst Christian Borjon Valencia noted that the bullish trend for gold remains intact, with potential testing of last week's high of $3365 per ounce [3] - If gold prices break above $3365, the next targets would be $3400, followed by the May 7 high of $3438 and the historical high of $3500 per ounce [3] - On the bearish side, if gold prices fall below $3300, a decline to the May 20 low of $3204 and then to the 50-day simple moving average of $3199 is expected [3]

美元本周下跌2%，创下自4月关税抛售以来最大单周跌幅，投资者对美国财政状况的担忧情绪急剧升温。 投资者对美国财政负担不断加重的担忧正在慢慢积聚。 对美国资产市场质量的持续担忧以及去美元化威胁继续对美元构成压力。 当日稍早，美国财政部长贝森特试图淡化美元走弱的担忧，声称"很大程度上是其他国家或其他货币在走强，而不是美元在走弱"。贝森特表示，欧洲的"财政扩 张"提振了欧元，而日本央行的加息则支撑了日元。但市场显然不买账： 周五彭博美元指数的跌幅明显超过正常水平，价格跌破4月低点，创年内新低。 ICE美元指数周四反弹失败，周五重挫下跌，一度跌破99整数关口。 财政扩张与货币竞争：美元跌势的外部推手 报道表示，投资者的恐慌情绪并非毫无根据。 特朗普的减税法案引发的财政赤字担忧已经推动长期美债遭遇抛售 ，30年期国债收益率本周上涨0.13个百分点，突破5%关口。BBH分析师警告： 周五，美元对包括欧元和日元在内的一篮子货币下跌0.9%，本周累计跌幅达到2%。最令市场担忧的是美元对高利率环境的异常反应。通常情况下， 更高的收 益率会增加美元资产的吸引力，但当前美元、美国政府债券和股票同时下跌的现象，被视为投资者恐慌抛售美 ...

当地时间周二（6日）晚间，媒体报道称，英国和美国或将于本周签署贸易协议，英国部分出口产品有 望免于遭受美国总统特朗普对钢铁和汽车征收的额外关税的影响。受此提振，英镑对美元上涨近65点至 1.3379。 事实上，英镑是今年以来表现最强的主要货币之一。英镑对美元汇率最近一个月累计涨幅约4.80%，最 近三个月累计涨幅约7.10%。英镑对人民币近期亦创下近年来新高，四月下旬一度触及9.8070。有中国 留学生在社交媒体上戏言，"英镑可能比我先上985。" 英镑何以走强？ 在美国与多个主要经济体发生贸易争端的背景下，部分资金将英镑视为"中性货币"来进行配置。 几家欢喜几家愁 英镑走强对于从事中英双边业务的企业影响不小。比如，英镑升值直接推高了中国家庭留学英国的成 本。在英镑对人民币汇率最近三个月累计涨幅将近8%的背景下，"留英"预算面临"被动加价"。 特朗普关税威胁之下，美国经济增长前景承压，美元汇率亦随之下行。"我们见证了美元指数近年来最 剧烈的一次下跌，从110一路滑落至100以下，这使得所有主要货币都从中受益，英镑亦不例外。"GTC 集团首席分析师贾米尔·艾哈迈德（Jameel Ahmad）在接受第一财经采访时 ...

一、债券市场发行情况 3月份，债券市场共发行各类债券87356.6亿元。国债发行12786.3亿元，地方政府债券发行9788.0亿元，金融债 券发行10226.4亿元，公司信用类债券¹发行13335.2亿元，信贷资产支持证券发行186.0亿元，同业存单发行 40686.2亿元。 截至3月末，债券市场托管余额183.1万亿元。其中，银行间市场托管余额161.8万亿元，交易所市场托管余额 21.3万亿元。分券种来看，国债托管余额35.3万亿元，地方政府债券托管余额49.8万亿元，金融债券托管余额 41.5万亿元，公司信用类债券托管余额33.1万亿元，信贷资产支持证券托管余额1.1万亿元，同业存单托管余额 21.2万亿元。商业银行柜台债券托管余额1649.0亿元。 二、债券市场运行情况 3月份，银行间债券市场现券成交36.5万亿元，日均成交1.7万亿元，同比减少6.7%，环比增加22.1%。单笔成 交量在500 万 -5000万元的交易占总成交金额的49.8%，单笔成交量在9000万元以上的交易占总成交金额的 44.0%，单笔平均成交量4198.0万元。交易所债券市场现券成交3.6万亿元，日均成交1718.4亿元。 ...