新南威尔士州政府将美元敞口从75%猛削至14%! 美元熊市周期正在上演

Group 1 - The core viewpoint is that the New South Wales Treasury Corporation's significant reduction of USD exposure has yielded substantial returns, preparing for a further decline in the USD exchange rate, reinforcing the logic of a long-term USD bear market [1][2] - The Treasury Corporation has reduced its USD weight in its foreign exchange investment portfolio from nearly 75% to approximately 14%, indicating a strategic shift towards defensive currencies like JPY, CHF, and EUR [1] - The Chief Investment Officer, Stuart Brentnall, anticipates a further 10% decline in the USD, highlighting the impact of U.S. policy uncertainty and potential Fed rate cuts on the currency's performance [1][3] Group 2 - The recent strategy shift has resulted in a 2% increase in investment returns over the past year, with unhedged positions outperforming hedged ones by about 7% [2] - Analysts expect the USD to continue its downward trajectory, with an anticipated 8% decline for the remainder of the year, reflecting ongoing economic slowdown and Fed rate cut preparations [3] - Concerns over the independence of the Federal Reserve, exacerbated by political tensions, are eroding the USD's safe-haven status, leading to increased demand for alternative assets like gold and silver [4][5]