林幽沃:美元指数上涨原因
自4月17日开始,随着美联储加息预期高企以及美债收益率持续攀升的支持下,美元指数在外汇市场独占鳌头,令到各国货币低头寻底,各大央行为本国货币贬值速度放缓可谓操碎了心。目前,美元指数已经累计上涨达到6%,支撑美元上涨的动力有哪些?
欧洲经济数据走差
欧元占有美元指数计算比例最大权重的货币之一,走势基本与美元指数相反。在此前的PMI数据中,德国、法国、欧元区的PMI都意外低于初值,拖累欧元大跌至去年11月以来的低位。而美国5月制造业PMI初值升至44个月高点,服务业PMI也来到三个月高位,成为鲜明的对比。
意大利政治局势风险
近期意大利组阁进展再一次被打断,意大利总统马塔雷拉拒绝任命对欧元持怀疑态度的经济学家萨沃纳为财长,导致民粹主义政党暂停组建新政府。受此影响,意大利陷入了更深的政治动荡中。萨沃纳是民粹主义政党推荐的财长人选,而马塔雷拉的否决无疑激怒了这些政党。五星运动党表示,他们正在考虑提议弹劾总统马塔雷拉。
美国加息预期高涨
美国在进入加息周期后一直保持循序渐进的加息步伐,因通胀率一直低于美联储当初设定的数值。而至今,通胀率已经到达2%左右的位置,市场有部分观点认为美联储有可能会将加息的步伐提速,从而为货币政策提供更多可操作的空间。
大田环球贵金属林幽沃认为,在欧盟主要成员国的经济数据下滑与美国不断复苏的经济对比,令到美元更具有吸引力,大量资金在转入至美国令美元指数节节攀升。欧元区经济指标的下滑令欧元大幅下跌,这是美元指数上涨的主要原因。
美元指数在2017年全年单边下跌,在2018年第二季度经历大幅反弹后已经回到了中性水平。目前冲击95关口在即,美元指数的多头势在必得,投资者需要留意在突破95关口后能否站稳才是重中之重。
本文来源: 大田环球贵金属
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