美元涨势未完待续,金价仍受压制
5月17日,美国经济继续表现良好,美元走势基本持平,仍接近5个月高位,连续第四个交易日上涨。市场预计美联储2018年将继续加息两次,6月份加息的可能性接近100%。黄金下行动能有所衰减,几乎持平开盘。
美国劳工部周四公布,截至5月12日的一周,首次申领失业救济金人数经季节调整后上升了1万人,达到22.2万人,高于估计的21.6万人,达到4周以来的最高值。但分析师表示,初请失业金人数仍维持在历史低位,这将继续令失业率下降。
旧金山联储主席威廉姆斯周二表示,美联储几乎到了停止控制市场的时候。他在接受采访时表示,现在是逐步退出前瞻指引的时候了,这是近十年来承诺继续实行宽松货币政策的做法。
与此同时,债券收益率上升也支撑了美元,因为10年期国债收益率在回落前升至3.122%的高位。此外疲软欧元区经济数据也提振汇价,美债收益率上涨的溢出效应料持续,后市美元或迎来更大上行空间。
在美联储处于加息周期中时,一旦联邦基金利率触及或升破10年期美国国债收益率的最低水平,就意味着暗示衰退的门槛被突破了。当出现这样的情况,短期内出现经济衰退的风险就比较高。
通胀水平将是美联储货币政策预测的一个重要因素,预计2018年将继续加息两次。6月份加息的可能性接近100%。随着美联储6月份政策会议的接近,美元可能会继续大幅上涨。
目前市场普遍认为美联储今年加息三次几无悬念,因此能否加息四次是市场争论的核心。尽管现在判断12月是否加息还为时过早,但是市场认为2018年加四次息的概率接近50%。
黄金在周四的交易中处于盘整状态,基本持平于开盘,黄金下行动能有所衰减。截止当前,金价现报1291.68,日内涨幅0.07%。
黄金对债券收益率和美元走高都很敏感——美元走强会使持有外币的人的黄金价格上升,同时美国利率上升,提振黄金持有的机会成本,因为它不支付利息。
本文来源: 大田环球贵金属
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