美元指数五连跌 10年期美债收益率下跌11.8个基点 智通财经4月15日电，美元指数连续第五天下跌，创六个月新低，投资者重新评估美元的避险货币地 位。美国国债在上周重挫后反弹。美国10年期国债收益率下跌11.8个基点，报4.372%；5年和30年期国 债收益率差上升约8.9个基点，报79.583个基点。 ...

Core Viewpoint - The copper market is experiencing a rebound driven by a weaker US dollar and domestic inventory reduction, but the London copper market faces resistance from the 100-day moving average, raising questions about the sustainability of the rebound [1] Group 1 - The Shanghai copper market is rising due to a decline in domestic inventories and a weaker US dollar [1] - The London copper market is encountering resistance at the 100-day moving average, which may hinder further price increases [1] - The future of the copper market's rebound remains uncertain, contingent on overcoming technical resistance levels [1]

新华财经上海4月14日电（葛佳明） 中国外汇交易中心公布数据显示，4月11日当周三大人民币汇率指数全线下跌，CFETS人民币汇率指数报97.35，按周跌 1.42，创2023年9月以来低位；BIS货币篮子人民币汇率指数报103.32，按周跌1.54，创2024年1月以来低位；SDR货币篮子人民币汇率指数报91.06，按周跌 1.49，创2020年8月以来低位。 | 指数名称 | 当日指数 | | --- | --- | | CFETS人民币汇率指数 | 97.35 | | BIS货币篮子人民币汇率指数 | 103.32 | | SDR货币篮子人民币汇率指数 | 91.06 | 上周（4月7日至11日），市场对美国资产的信心因关税政策反复持续受挫，美国金融市场出现了股、债、汇三杀的局面，美元指数跌穿100整数关口，全周 累计跌幅达到3.06%，收报99.769，为2022年以来低位。 主要货币对美元多数上涨，瑞郎和日元上周受益于其避险属性涨幅居前，瑞郎上周涨至2015年以来高点周内大幅收涨5.3%；日元上周涨2.37%；欧元上周涨 幅约为3.59%，澳元和新元则同样受益于市场风险偏好的回暖均涨超4%。 高盛北亚 ...

美元指数日内下跌0.50%，现报99.34。 ...

4月11日消息，美元全线走弱，美元指数跌破100大关，为2023年7月以来首次。日元兑美元涨幅扩大至 1%。欧元兑美元上涨1.2%。 ...

美元指数8日下跌 智通财经4月9日电，衡量美元对六种主要货币的美元指数当天下跌0.30%，在汇市尾市收于102.955。截 至纽约汇市尾市，1欧元兑换1.0951美元，高于前一交易日的1.0928美元；1英镑兑换1.2790美元，高于 前一交易日的1.2755美元。1美元兑换146.39日元，低于前一交易日的148.03日元；1美元兑换0.8480瑞士 法郎，低于前一交易日的0.8572瑞士法郎；1美元兑换1.4238加元，高于前一交易日的1.4200加元；1美 元兑换10.0007瑞典克朗，低于前一交易日的10.0758瑞典克朗。 ...

彭博美元指数跌0.23%，报1268.60点，日内交投区间为1272.12-1264.91点，全天绝大部分时间处于下跌 状态，整体呈现出W形走势。 周二（4月8日）纽约尾盘，ICE美元指数下跌0.29%，报102.966点，日内交投区间为103.441-102.779 点，盘中多次"大起大落"。 ...

Core Viewpoint - China's foreign exchange reserves have remained stable above $3.2 trillion for 16 consecutive months, with a slight increase in March 2025, attributed to various macroeconomic factors and the central bank's ongoing gold purchases [1][3][4]. Group 1: Foreign Exchange Reserves - As of March 2025, China's foreign exchange reserves stood at $32,407 billion, an increase of $134 billion from February, representing a 0.42% rise [3][4]. - The increase in reserves is influenced by the depreciation of the US dollar index and fluctuations in global financial asset prices, with the dollar index falling by 3.2% to 104.2 in March [4]. - In the first quarter of 2025, China's foreign exchange reserves increased by a total of $38.3 billion, indicating a steady recovery [4]. Group 2: Gold Reserves - The central bank has increased its gold reserves for five consecutive months, with the total gold reserves reaching 7.37 million ounces by the end of March 2025, an increase of 90,000 ounces from February [6][7]. - The international gold price showed an overall upward trend in March, reaching a historical high, although it faced downward pressure in early April due to market liquidity issues and stronger dollar index [7][10]. - Market analysts suggest that while short-term gold prices may face challenges, long-term factors such as geopolitical risks and central bank purchases could support gold prices [10].

文 ｜ 明明 余经纬 秦楚媛 周昀锋 特朗普宣布"对等关税"政策后，或是出于对未来美国基本面的担忧，美元指数不涨反跌。考虑到对 个别国家和地区单独加征关税落地前仍是谈判窗口期，预计美元指数或波动加剧。中期维度下，美 元指数的交易逻辑或仍在于美国与欧日等非美经济体在货币政策以及基本面表现的差异，单纯的贸 易逆差收窄甚至转为顺差并不能支撑美元走强，同时美元指数或也难单边大幅下行。美元的长期逻 辑则相对复杂，且存在多个矛盾点。一是加征关税或率先引发贸易国货币走贬，与弱美元政策矛 盾。二是弱美元政策需要与同盟配合，采取人为操纵，这与美元维持国际货币地位矛盾。三是加征 关税背景下，美国通胀或反复并导致货币政策难以宽松，美元指数难以大幅走弱。 ▍ 美元指数的短期逻辑仍在于货政差和经济差。 特朗普宣布"对等关税"政策后，美元指数不涨反跌，日元和瑞郎作为传统避险货币表现亮眼。在 对个别国家和地区单独加征关税落地前，各经济体与美国的谈判存在不确定性，预计美元指数短 期维持高波动。中期维度下，美元指数的交易逻辑或仍在于美国与欧日等非美经济体在货币政策 以及基本面表现的差异，单纯的贸易逆差收窄甚至转为顺差并不能支撑美元走强，同时美 ...

Core Viewpoint - The recent weakening of the US dollar index since March is attributed to unexpected strength in the euro due to fiscal stimulus plans and market speculation around "Trump Recession," rather than the narrative of the "Mar-a-Lago Accord" being the main cause [1][4]. Group 1: "Mar-a-Lago Accord" Concept - Stephen Miran's concept of the "Mar-a-Lago Accord" suggests that the dollar's trajectory will follow two phases: an initial phase of strong dollar due to tariffs, followed by a weaker dollar phase due to currency agreements [2][12]. - The first phase, characterized by tariffs, is currently in effect, aligning with the strong dollar narrative promoted by the Trump administration [12]. Group 2: Impact of "Mar-a-Lago Accord" Narrative - The narrative surrounding the "Mar-a-Lago Accord" has circulated widely in the market, but it has not significantly influenced pricing, despite its weak dollar target seemingly correlating with the dollar index's decline [4][12]. - Concerns about a US recession are not as pronounced as they were in Q4 2023, indicating that the market's apprehension regarding a downturn is less than half of previous levels [4]. Group 3: Future Outlook for the US Dollar Index - The expectation is that the "Mar-a-Lago Accord" narrative will not significantly impact the market in the short term, especially with the current economic data showing no clear signs of weakness [17]. - If Trump's tariff policies exceed expectations and the euro returns to a stronger fundamental position, the dollar index may experience a rebound [17].