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[US Dollar Rebounds Fragilely, Bull-Bear Game Intensifies] ⑴ The US dollar index staged a fragile rebound in early European trading on Friday, but overall performance remained volatile, with market forces stalemate. Among major currency pairs, EUR/USD fell 0.01% to around 1.2000; USD/JPY rose 0.37%, reflecting the yen's relative weakness; GBP/USD fell 0.14%, pressured by weak UK economic growth data; and AUD/USD fell 0.22%. Despite having previously reached a 10-month high, it faces a short-term correction. ⑵ Despite a technical rebound, the US dollar index's fragility suggests that market confidence has not fully recovered. Traders are closely monitoring US economic data for guidance on the Federal Reserve's future monetary policy direction. Any signals that could signal a slowdown or delay in interest rate cuts could further pressure the US dollar. ⑶ Regarding stock indices, market sentiment remained cautious. The S&P 500 fell 0.1% in electronic trading, and the German DAX fell 0.27%, indicating that European stock markets are facing some correction pressure. However, Japan's Nikkei 225 rose 0.89%, and the UK's FTSE also gained 0.29%, indicating divergent global stock market performance, with some markets remaining resilient. (4) From a psychological perspective, the market currently stands at a critical crossroads. While digesting the latest economic data and geopolitical factors, investors are also assessing the relative value of different asset classes. The short-term direction of the US dollar will largely depend on upcoming US inflation data and market expectations of the Federal Reserve's future policy path. (5) It is worth noting that recent market concerns regarding Trump's tariff rhetoric, while not directly reflected in current data, have become a source of uncertainty affecting global trade and investment sentiment. Such concerns could lead to increased risk aversion, with indirect impacts on the US dollar and other major currencies.