美国银行：美元对冲成本降低 美元兑多数货币走势今年或面临压力

Core Viewpoint - Analysts from a major U.S. bank indicate that the U.S. dollar may face depreciation pressure against most currencies this year due to declining interest rates, which will lower the cost of hedging against dollar weakness [1] Group 1: Interest Rates and Currency Impact - The report highlights that as the Federal Reserve lowers interest rates, the interest rate differential between the U.S. and other economies will narrow, reducing the cost of hedging U.S. dollar exposure [1] - Analysts believe that high hedging costs are a significant barrier preventing the expansion of dollar exposure hedging activities until 2025 [1] Group 2: Policy Implications - The Trump administration's push to lower housing-related costs may encourage further interest rate cuts by the Federal Reserve [1] - Potential risks related to the independence of the Federal Reserve could also pose a downside risk to the U.S. dollar [1]