财经快讯

摩根士丹利:FOMC决议难救美元 关注点阵图变化

日期:2017-09-19
本周市场将迎来重磅美联储决议,针对此次会议,摩根士丹利(Morgan Stanley)撰文就行前瞻分析,并提出美元相关交易策略,具体内容如下:

美元看空情绪处于极值,与此同时,美元的市场仓位已经进一步看空,这意味着美元短期内风险不对称。

美国的税收计划可能会在本月晚些时候出现,但美国的核心通胀仍很低。

针对此次美联储决议下的美元交易策略,我们认为市场在很大程度上消化了美联储将开始缩减资产负债表,因此会议对长期利率和美元的影响应该是有限的。

摩根士丹利:FOMC决议难救美元 关注点阵图变化(图1)
相反,市场焦点将集中在2018年的点阵图上。我们预计点阵图不会改变,但随着一些参与者的反通胀担忧变得更加严重,点阵图上的数量可能会下降,这将温和利空美元。

市场仓位、情绪以及近期表现均为美元创造出熊市反弹的环境,但我们认为仍要保持谨慎,特别是兑其他G10货币中的融资货币,如日元和瑞郎。

在此前系列疲弱的通胀数据下,市场需要花费更多时间来确认美元趋势改变。

本周美联储宣布缩表的声明不太可能会推高美元。

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