在经历了近一年的漫长下跌之后,美元指数(92.3291, 0.0071, 0.01%)在今年1月触及短期对低点89后开启强势反弹,3月30日(周二)冲破93关口,3个月不到涨幅达到4%。
纽约尾盘,美元指数在震荡交投中创近五个月以来新高,涨0.38%报93.2863;非美货币多数下跌。
今年作为全球资产定价之锚的美国十年期国债收益率,迅速从低于1%上行至1.7%上方。由于投资者对美国疫苗接种进展持乐观态度,且预计总统拜登的基础设施倡议可能提振经济增长和国债发行,3月30日较长期美债收益率再度纷纷上涨,10年期美债收益率重返1.7%上方。
据《华盛顿邮报》消息称,拜登将于当地时间周三公布长期经济计划,预计规模可能会达到4万亿美元,其中至多3.5万亿美元的资金将来源于加税。该计划的规模高于媒体此前报道的3万亿美元。
消息人士称,美元的走强将有利于美国进口物资,同时还会驱使海外资本回流美国,为美国政府举债提供大量资金。根据美国商品期货交易委员会(CFTC)数据,最近一周投机客持有的美元净空仓规模骤降至107.8亿美元,为去年6月以来最低水平,不少机构转向看多美元,中金公司亦预计美指能回升至94-95水平。
从历史数据来看,和历史上的金融危机后美元反弹的力度相比,1980年的亚洲金融风暴美元反弹力度达到12%左右,1981年的拉丁美洲金融危机美元反弹力度达到24%,和2008年金融危机的18%相比,依然有一定的上升空间。从此轮美元反弹的理由来看,二季度前弱势的欧元(1.1870, -0.0002, -0.02%)随着疫情的好转或将修复,难以持续长久的弱势,美债利率方面短期有回落的可能,并不能持久的支撑美元的反弹。当前需要更多的关注地缘政治的冲突,如果这些黑天鹅事件能被较为合理温和的化解,美元指数有回落的可能性。
人民币(6.5408, 0.0013, 0.02%)兑美元即期至上周五已全部回吐年内涨幅,本周开始跌幅有所扩大,但横向比较人民币仍表现偏强,若后续美元指数继续偏强,客盘结汇需求也可能逐渐转为观望,供求关系发生变化,人民币偏强走势也将发生改变。
周二在岸人民币兑美元走低,最低摸到6.5799;离岸人民币最低到6.5834。
对于中国来说,疫苗在全球快速推广后,疫情带来的经济相对优势将被削弱,对美利差收窄也会缓和资金流入速度;另外,中国与欧美的政治摩擦如果影响到经济层面,这对人民币而言可能会带来更多的冲击。
随着美元走强和全球经济快速复苏的希望上升,打击了避险黄金的需求,国际金价跌破1700美元/盎司关口,为3月12日以来首次。
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