欧洲美元期货合约正消化美联储较预期更早加息的可能性,反映明年底前上调0.25%,到2023年底前累计加息4次,与此前美联储点阵图预测维持近零水平至2023年底大相径庭。
值得注意的是,美联储3月份的会议是在1.9万亿美元的经济刺激计划通过之后、但在2.25万亿美元的基础设施计划之前举行的。
尽管代表利率预测的“点图”显示直到2024年才出现加息的信号,但18位官员中有7位预计会更早加息。
如果拜登的基础设施提议在未来几个月取得部分成果,未来可能会看到更多的政策制定者加入鹰派阵营中。
上周五美元上涨,此前公布的数据显示,3月美国经济创造的工作岗位为七个月来最多,这标志着强劲经济表现拉开帷幕,今年的经济增长可能创下近四十年最快纪录。
鉴于美国经济增长与其它发达国家之间的差异,预计今年第二季度美元将继续上行。根据CFTC最新的仓位数据,美元的空头仓位继续下降,这是另一个看涨信号。
今年迄今表现最差的10国集团货币,如欧元、日元和瑞郎,可能首当其冲。
过去几个月,美元随着股市攀升普遍上涨。投资者目前正在观察这种关系是否会持续下去,因为这可能显示出美元对风险偏好改善的反应会发生变化。
“对市场而言,目前最棘手的事是弄清楚美元对美国经济利好消息的敏感性,”富国银行驻纽约宏观策略师Erik Nelson表示。
“这是一个巨大的问题,因为如果我们正进入一个美元不再是避险货币,更多的是冒险货币的阶段,那是重大的机制性的改变,” Nelson称。
在疫情期间受到投资者青睐的资产——黄金在过去3个月大幅下跌。
今年第一季度,黄金价格下跌了10%以上,自2020年8月达到峰值以来,已经下跌了近20%。
在美国国债收益率强劲飙升、全球经济强劲复苏的希望出现后,金价下跌不会令人感到意外。然而,在一个分散化良好的投资组合中,黄金仍是一项关键资产。
毕竟,市场从未见过像过去12个月那样规模的刺激措施,而且通胀压力很有可能使实际利率长期处于负利率区间。
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