标题：DXY索引（USD）反映了唐纳德·特朗普的第一个学期的轨迹

在今年年初，Coindesk Research表明，美元指数（DXY）衡量了美元对一篮子主要贸易伙伴的实力，这反映了其轨迹与唐纳德·特朗普（Donald Trump）担任总统的第一任期。

The Dollar Index (DXY), a gauge of the U.S. currency against six counterparts, is mirroring its trajectory from Donald Trump’s first term, CoinDesk Research has observed.

Coindesk Research指出，美元指数（DXY）是对六个同行的美国货币对六个同行的衡量标准。

Between September 2024 and January 2025, coinciding with Trump’s re-election, the DXY index climbed from 100 to 110.

在2024年9月至2025年1月之间，与特朗普的连任相吻合，DXY指数从100升至110。

This current cycle, the index peaked at 110 in mid-January but has since dropped below 105 for the first time since mid-November. If the DXY were to fall to around 103, it would erase all its gains since Trump's victory in November.

当前周期，指数在1月中旬达到110，但自11月中旬以来首次下跌了105。如果DXY跌至103左右，则自从特朗普在11月取得胜利以来，它将消除其所有收益。

Typically, a DXY index above 100 is considered strong, which tends to put pressure on risk assets. However, as the index dipped below 105, bitcoin (BTC) rose above $88,000.

通常，DXY指数高于100的强度，这倾向于对风险资产施加压力。但是，随着该指数下降到105以下，比特币（BTC）上涨了88,000美元以上。

A similar pattern was observed in 2017 when the DXY fell from 103 to below 90, coinciding with bitcoin’s bull run that year, that saw it top out at $20,000 in December.

在2017年，DXY从103下降到90岁以下，与当年比特币的公牛运行相吻合，这是一种类似的模式。

Despite this, macroeconomic uncertainty persists, with concerns surrounding tariffs, inflation, and U.S. GDP growth. The economy appears to be slowing, and Friday’s jobs report is expected to show a continuation of 4.0% unemployment rate.

尽管如此，宏观经济的不确定性仍然存在，围绕关税，通货膨胀和美国GDP增长的担忧。经济似乎正在放缓，预计周五的就业报告将显示失业率为4.0％。

If the report comes in weaker than anticipated, treasury yields could continue declining, increasing the likelihood that the Federal Reserve could consider a rate cut in its March meeting.

如果该报告比预期的弱，财政收益率可能会继续下降，这增加了美联储可以考虑在3月会议上降低税率的可能性。