新加坡，10月9日——周五，欧元价格连续第五周下跌，不过有迹象表明这种下跌势头正在减弱：法国的债务市场趋于稳定，同时美国国债收益率的下降也抑制了美元的上涨势头。
SINGAPORE, Oct 9 - The euro was headed for a fifth straight weekly drop on Friday, though there were signs the selling streak was losing momentum as France's tumbling debt market stabilised and a decline in US yields took some steam out of the dollar's rally.
由于市场对法国创纪录的高债务负担以及实现预算削减所面临的艰难政治障碍感到担忧，欧元价格在周一跌至17个月来的最低点（1.1161美元/欧元）。相比之下，美元和美国经济表现强劲。
The common currency had hit a 17-month low of $1.1161 on Monday on market worries about France's record high debt load and the difficult political path to budget cuts, in contrast with a robust-looking US dollar and US economy.
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It has since recovered to trade at $1.1211, for a fall this week of 0.3% and a five-week drop of more than 3% on the dollar.
此后欧元价格回升至1.1211美元/欧元，本周累计下跌0.3%，过去五周累计跌幅超过3%。
The euro/sterling cross is also down 0.3% on the week to trade near a 16-month low at 84.74 pence.
欧元对英镑的汇率也下跌了0.3%，目前处于16个月来的最低水平（84.74便士/欧元）；欧元对瑞士法郎的汇率则基本稳定在0.9324瑞士法郎/欧元附近（上周欧元对瑞士法郎的跌幅达到了17个月来的最大值）。
The euro/Swiss cross has steadied around 0.9324 francs per euro after notching last week its biggest weekly fall in 17 months. "My take is all the moves are pretty stretched," said Matt Simpson, senior analyst at StoneX in Brisbane.
“在我看来，这些价格波动已经有些过度了，”布里斯班StoneX公司的资深分析师马特·辛普森（Matt Simpson）表示：“一年中欧元价格通常只会出现两三次大幅波动，而这次就是其中之一……不过看跌势头正在减弱，因此在当前的低点应格外谨慎。”
"You probably only get two or three big moves a year on the euro and this has been one of them... but bearish momentum is waning (and) I'd tread really carefully at these lows."
法国的极右翼总统候选人玛丽娜·勒庞（Marine Le Pen）本周提出了削减预算赤字的计划，市场对此表示乐观；相比之下，她的极左翼竞争对手让-吕克·梅朗雄（Jean-Luc Mélenchon）则要求央行取消政府债务。
France's far-right presidential candidate Marine Le Pen presented plans this week to cut the budget deficit, which markets took as reassuring given hard-left rival Jean-Luc Melenchon has asked the central bank to cancel government debts.
周四，法国学生封锁了多所高中并在城市中举行抗议活动，这反映了领导人在满足社会支出需求与谨慎的市场情绪之间面临的艰难抉择。
French students blockaded high schools and marched through cities on Thursday in the latest wave of protests about education conditions, highlighting the tricky balance for leaders between demand for social spending and leery markets.
麦格理银行（Macquarie Bank）的策略分析师蒂埃里·维兹曼（Thierry Wizman）和加雷斯·贝里（Gareth Berry）在给客户的报告中指出：“法国的债券抛售潮与社会动荡正在形成一个恶性循环。”
关键要点：
"France's bond sell-off and the social unrest are now operating in a feedback loop," said Macquarie strategists Thierry Wizman and Gareth Berry in a note to clients.
- 街头骚乱的加剧可能会导致债券收益率利差进一步扩大。
"An intensification of the street riots could lead to higher bond yield spreads."
- 美元的走势较为平稳，但其涨幅有所放缓；美国国债收益率正朝着约三个月来的最大跌幅方向发展，而市场在夜间出现了强劲反弹。
Elsewhere, the dollar's moves were small and gains slowed as US yields headed for their biggest weekly drop in about three months, with the market rallying strongly overnight.
- 日元连续第四周下跌，不过过去三周的跌幅非常微小，目前日元兑美元的汇率稳定在158日元左右。
The yen headed for a fourth straight weekly drop, though moves in the last three of those weeks have been very small as it has steadied around 158 yen to the dollar.
- 新加坡瑞穗证券（Mizuho Securities）亚太区宏观策略主管Vishnu Varathan表示，美元目前处于“岌岌可危的境地”——其走势受到疲软的欧元和日元的影响。
Vishnu Varathan, head of Asia-Pacific macro strategy at Mizuho Securities in Singapore, said the dollar sat in a "precarious pole position, flattered by a dismal euro and yen."
- 澳元汇率维持在0.6960美元左右，英镑汇率维持在1.3233美元左右。
The Australian dollar hovered at $0.6960 and sterling at $1.3233.
- 新西兰元正经历四年多来的最长连跌趋势，由于新西兰利率仅为2.75%，而美联储的基准利率在3.75%至4%之间，新西兰元已连续第七周下跌；目前新西兰元汇率为0.5601美元，距离2025年的最低点（0.5485美元）仅差一点点。
The New Zealand dollar is on its longest losing streak in more than four years, as it heads for a seventh straight weekly decline thanks to how low New Zealand interest rates are — at 2.75% — compared with a Fed funds rate between 3.75% and 4%. The kiwi sat at $0.5601 and is not far from breaking its 2025 low of $0.5485.