本周美元指数(92.2760, -0.0460, -0.05%)重返跌势。尽管高盛等投行此前曾一度撤出空头策略,但美元指数却在4月重返弱势行情。
4月2日,高盛首席外汇策略师Zach Pandl在一份题为“战术撤退”的报告中表示,“在经历几个月的震荡后,我们正结束对美元兑G10国家一篮子商品货币(澳元(0.7668, 0.0006, 0.08%)、加元、挪威克朗和纽元)的推荐做空交易。”
具体来看,美债收益率的上升,以及美国经济好于预期的复苏前景,共同推动美元指数在2021年以来走高,并使得高盛退出做空美元的策略建议。10年期美国国债收益率在3月一度升至1.75%上方,而上周五公布的非农就业报告显示,劳动力市场的反弹正强于人们预期。
事实上,高盛并非唯一一家受美元上涨趋势改变做空策略的投行。根据高盛此前的报告,在截至3月16日的一周中,非商业交易者净买入了103亿美元,达到自2018年6月以来的最大净买入量。杠杆基金推动了净购买,也使得此前做空美元的资产管理者们延迟了空头期限。
// 美元指数为何重拾跌势? //
事实上,尽管高盛策略师暂时退出做空美元的策略,但该投行同时指出,未来几周之后可能会有更多做空美元的机会,因为交易员们预计随着欧洲大陆疫情好转,“欧洲经济活动可能出现复苏”。
疫苗接种将在4月和5月显著加快,而过去的经验表明,欧洲等地的封锁政策将推动该地区确诊人数快速下降。欧洲经济加速增长,应有助于在一定程度上消除与美国的差异,并在总体上支撑大宗商品价格和风险资产。高盛策略师指出:“有明确证据表明欧洲的疫情正在得到控制,这可能会导致新的美元空头建议。”
此外,即便上周五公布的非农就业数据,及本周一公布的服务业活动指数均显示出经济强劲增长,但美元指数在本周仍旧下跌,可能表明目前市场已消化了大部分乐观前景。
道明证券(TD Securities)外汇策略全球主管马克•麦考密克(Mark McCormick)在一份客户报告中写道:“虽然美国看起来确实与众不同,但随着时间的推移,疫情正常化意味着世界其他国家将趋同。”他表示,美元汇率水平现在已经超过了美国以外的市场,而全面增长预期意味着美元在近期的上行趋势中“有暂停的空间”。
与此同时,10年期美国国债收益率周二继续回落,在亚洲盘早盘跌至1.7%以下,上周曾触及1.776%的高点,为去年1月以来的最高水平。此前美国中长期国债收益率的快速上涨,也推动资金回流至美国市场,并促成美元指数走高。
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