美联储政策
Search documents
TMGM:德银报告析鲍威尔卸任主席后留任理事的可能性?
Sou Hu Cai Jing· 2025-12-03 08:04
Core Viewpoint - The announcement by President Trump regarding the nomination of a successor to Federal Reserve Chairman Jerome Powell has intensified market focus on the future direction of the Federal Reserve [1] Group 1: Powell's Potential Continuation - Analyst Jim Reid from Deutsche Bank suggests that even if Powell's term as chairman ends, he may still choose to remain as a Federal Reserve governor, a scenario that has historical precedents [1][2] - Powell's term as a governor extends until January 2028, which is beyond his chairmanship term ending in May 2026, allowing him the legal right to continue serving [1][2] - Historical examples include Charles Hamlin, who served as a governor for 20 years after stepping down as chairman, and Marriner Eccles, who remained a governor after being replaced as chairman, both highlighting a commitment to the Federal Reserve's mission [2][3] Group 2: Market Sentiment and Federal Reserve Independence - Wall Street is currently highly focused on the independence of the Federal Reserve, especially following recent market volatility and the upcoming nomination of Powell's successor [4] - The S&P 500 index has maintained a double-digit increase for the year, reflecting investor reliance on Federal Reserve policies and the institution's significant role in the global financial system [4] - As the nomination approaches, the market will closely monitor the implications of the new chairman on monetary policy and market stability [4]
关键数据前遭获利了结 白银多头暂作休整
Jin Tou Wang· 2025-12-03 06:04
由于市场参与者在几项关键的美国宏观经济数据发布之前削减了敞口,在周一稳步上涨之后,白银价格 有所回落。 周三(12月3日)亚洲时段,现货白银震荡走高后突然回调,白银价格日内跌幅超1.00%,报57.76美元/盎 司;由于交易员在即将到来的美国关键数据发布前获利了结,白银多头失去动能,本交易日关注美国 ADP就业变动和ISM服务业PMI数据。 【要闻速递】 地缘政治仍是推动避险需求的背景因素。即使白银的看涨势头暂时停止,但围绕俄罗斯和乌克兰局势的 不确定性将有助于维持一定程度的风险厌恶情绪。 【最新白银行情解析】 周二白银收锤子阳线,逼近前高,徘徊于日线布林上轨附近,4小时回踩56.60一线企稳,短线预计现货 银将继续上探59。白银走势下方关注58.10美元或57.70美元支撑;上方关注59.00美元或59.70美元阻力。 美元的温和复苏和美国国债收益率的走强给贵金属市场带来了压力,这种模式在之前的避险情绪中曾出 现过。 尽管如此,由于白银继续受益于广泛支撑的宏观环境,下行空间仍然受到控制。投资者预计美联储最早 将在下周的会议上放松政策,目前市场预计降息25个基点的可能性很大。这种鸽派倾向支撑了对无息资 产的需 ...
2025年12月03日:期货市场交易指引-20251203
Chang Jiang Qi Huo· 2025-12-03 02:34
Report Industry Investment Ratings - Macro finance: Bullish on stock indices in the medium to long term, with a strategy of buying on dips; Treasury bonds are expected to trade sideways [1][5] - Black building materials: Coking coal and rebar are recommended for range trading; glass is advised to be on the sidelines and not chased higher [1][7][9] - Non - ferrous metals: Copper is for range short - term trading; aluminum suggests reducing long positions at high levels; nickel advises waiting and watching or shorting on rallies; tin is for range trading; gold is for range trading; silver recommends holding long positions and being cautious about new positions; lithium carbonate is expected to trade strongly sideways [1][10][13][15] - Energy and chemicals: PVC, caustic soda, soda ash, styrene, rubber, urea, and methanol are for range trading; polyolefins are expected to trade weakly sideways [1][17][25] - Cotton and textile industry chain: Cotton and cotton yarn are expected to trade strongly sideways; PTA is expected to rise in a sideways trend; apples are expected to trade strongly sideways; red dates are expected to trade weakly sideways [1][26][29] - Agricultural and livestock: For live pigs, near - term contracts are expected to adjust weakly at low levels, and be cautious about chasing rallies in far - term contracts; egg prices are limited in their upward movement; corn suggests hedging on rallies; soybean meal is mainly for range operations; oils are expected to rebound from lows, with a strategy of buying on dips [1][30][35][41] Core Views The report provides trading strategies and market outlooks for various futures products across different industries. It analyzes the fundamentals, supply - demand relationships, and macro - economic factors affecting each product, and offers corresponding investment suggestions based on these analyses [1][5][7] Summary by Category Macro Finance - Stock indices: The external environment has improved, but the market rotation is fast. They are expected to trade sideways in the short term and be bullish in the medium to long term, with a strategy of buying on dips [5] - Treasury bonds: After entering December, institutional behavior may be the core variable affecting the bond market. They are expected to trade sideways [5] Black Building Materials - Coking coal: The coal market is in a downward trend with weak demand. It is recommended for range trading [7] - Rebar: It is in a policy vacuum period. The short - term supply - demand contradiction is not significant, and it is expected to trade sideways at low levels, mainly for short - term trading [7] - Glass: Although there are rumors of production line shutdowns causing a rebound in the futures market, the social inventory pressure is huge, and the year - end demand is weak. It is not advisable to chase higher in the near - term contracts [9] Non - Ferrous Metals - Copper: The safety situation in Congo (Kinshasa) is complex. The long - term demand is optimistic, but the short - term high prices may suppress consumption. It is recommended for range short - term trading [10] - Aluminum: The macro - sentiment has improved, and it may continue to rebound in the short term. It is recommended to reduce long positions at high levels [11] - Nickel: The supply is expected to be loose in the long term. It is recommended to wait and watch or short on rallies [13] - Tin: The supply of tin ore is tight, and the downstream demand is weak. It is recommended to pay attention to the supply recovery and downstream demand improvement, and for range trading [13] - Gold and silver: Supported by the expectation of interest rate cuts and safe - haven demand, gold is for range trading, and silver recommends holding long positions and being cautious about new positions [15] - Lithium carbonate: The supply - demand is in a tight balance, and it is expected to trade strongly sideways. Pay attention to the progress of Yichun mines and the resumption of production of Ningde Jiaxiawo lithium mine [17] Energy and Chemicals - PVC: The supply pressure is large, and the demand is weak. It is recommended for range trading, and pay attention to policies and cost - side disturbances [17] - Caustic soda: The valuation is suppressed by the expectation of alumina production cuts. It is recommended to wait and watch [19] - Styrene: The overseas blending logic cannot change the weak fundamentals in the short term. It is expected to trade sideways, and pay attention to the price of pure benzene in January and the change of the crude oil pricing center [19] - Rubber: The market is bearish, and the demand improvement is limited. It is recommended for range trading [21] - Urea: The supply is increasing, and the demand is mixed. It is expected to trade sideways [22] - Methanol: The supply in the inland has recovered, and the port inventory has decreased. It is recommended for range trading [24] - Polyolefins: The inventory is decreasing, but the demand is insufficient after the peak season. PE is expected to trade sideways in the range, and PP is expected to trade weakly sideways [25] - Soda ash: The supply is in surplus, and the cost support is strong. It is recommended to wait and watch [25] Cotton and Textile Industry Chain - Cotton and cotton yarn: Although the global supply - demand data is loose, the recent domestic cotton sales are fast, and the yarn price is firm, so they are expected to trade strongly sideways [26] - PTA: Affected by geopolitical factors and supply - demand relationships, it is expected to rise in a sideways trend, with a focus on the range of 4600 - 4900 [27] - Apples: The inventory is mainly sold as needed, and the price is expected to trade strongly sideways [28] - Red dates: The acquisition progress in Xinjiang is about 80%, and the price is expected to trade weakly sideways [29] Agricultural and Livestock - Live pigs: In the short term, the supply pressure is high, and the demand increase is not obvious. In the long term, the capacity reduction is accelerating but still above the normal level. The near - term contracts are for short - selling on rallies, and be cautious about chasing rallies in the far - term contracts [30][31] - Eggs: In the short term, the supply - demand is marginally improved, and the price has support. In the long term, the capacity reduction takes time. The 01 contract has a large premium over the spot, and the price increase is limited [31][32] - Corn: In the short term, there is still selling pressure, and it is recommended to hedge on rallies. In the long term, the cost support is strong, but the supply - demand is relatively loose, and the upward space is limited [33][34] - Soybean meal: It is mainly for range operations, and spot enterprises can fix the basis for December - January [35][36] - Oils: In the short term, the trends of different oils are differentiated. In the long term, they are expected to trade in a wide range. Be cautious about chasing rallies in soybean and palm oils, and pay attention to Malaysian palm oil high - frequency data and the December MPOB report [37][41]
富格林:明鉴黑幕谨慎陷入冻结
Sou Hu Cai Jing· 2025-12-03 01:58
美联储政策动向直接影响黄金走势。近期降息预期升温曾推动金价突破4100美元,但鲍威尔"鹰派"表态 又引发回调,凸显政策不确定性下的波动特性。若12月降息落地,低利率环境将降低黄金持有成本,叠 加美元走弱预期,金价或延续涨势。因此,交易现货黄金需重点关注美联储政策的变动。 规避风险需从交易习惯入手。着重平台资质核查,优先选择受权威监管如香港黄金交易所且存续十年以 上的机构,避免"黑平台"通过虚假宣传诱导入金。其次强化资金管理,单笔交易不超过本金2%,设置 止损线并严格执行,避免因追涨杀跌陷入重仓困局。再者警惕异常交易环境,若发现频繁断线、价格与 实盘脱节,应立即暂停操作并联系平台核查。 富格林指出,近期美联储领导层变动传闻与降息预期交织,现货黄金价格波动加剧,吸引大量投资者入 场博弈。然而,火爆背后暗藏冻结黑幕风险——部分黑幕平台擅自冻结账户,让投资者血本无归。作为 香港黄金交易所A1类会员富格林提醒,唯有坚守规范交易原则,方能规避黑幕侵蚀,守护资金安全。 以下便为大家分享一些交易策略。 黄金浪潮中冷静比胆识更重要。始终以资金安全为基石,让每一份盈利稳落袋中。谨记规范是铠甲,纪 律作罗盘,方能在风暴眼中行稳致远 ...
金价随美债收益率走强而回落 市场聚焦美国经济数据
Sou Hu Cai Jing· 2025-12-02 09:57
格隆汇12月2日|金价周二从六个多月高位回落,现货黄金日内失守4200美元/盎司,部分原因在于美债 收益率上升和获利了结拖累价格,同时投资者等待美国经济数据以研判美联储政策路径。基准10年期美 债收益率维持在近两周高点附近,削弱了无息资产黄金的吸引力。KCM Trade首席市场分析师蒂姆·沃 特指出:"黄金今日表现疲软,但基本面未变——包括预期的美联储降息,从收益率角度看这应会支撑 金价。"市场态度谨慎,预计周五公布的美联储青睐的通胀指标核心PCE物价指数将保持温和。此外, 本周美国关键数据还包括周三的11月ADP就业报告。 来源:格隆汇APP ...
12.1黄金飞涨50美金 冲高降落下探4200
Sou Hu Cai Jing· 2025-12-01 10:22
Core Viewpoint - The gold market has experienced a significant bullish surge, breaking through the 4200 mark and entering an accelerated upward trend, with fluctuations expected around this level [1][3][10]. Price Movements - Gold prices reached around 4260 before experiencing a pullback, with potential support at the 4200 level and further down at 4155 [4][5][9]. - The market is currently facing resistance at 4260 and 4300, with traders advised to watch for shorting opportunities at these levels [6][9]. Market Influences - Geopolitical risks, particularly related to the ongoing Russia-Ukraine conflict and statements from former President Trump regarding military actions, have contributed to the bullish sentiment in gold [10][11]. - Economic indicators, including unemployment claims and upcoming PCE, PMI, and ISM manufacturing data, are expected to create volatility in the market [12]. Investment Strategy - Investors are encouraged to focus on entry and exit points to maximize profits, with a noted emphasis on risk management and following experienced traders for better accuracy [12]. - The gold trading team claims a high accuracy rate of 85% or more, with significant profit potential per trade [12].
金融期货早评-20251201
Nan Hua Qi Huo· 2025-12-01 02:49
Report Industry Investment Ratings No information provided in the given content. Core Views of the Report - Domestic industrial enterprise profit growth is currently dragged down by the "weak volume and price" situation, with significant marginal decline. In the short - term, it will face pressure and maintain a weak oscillation. In the long - term, it is expected to enter a repair channel in 2025 [2]. - The upward space of the US dollar index is limited, and it will maintain a high - level oscillation in the short - term. The release of November non - farm payroll data and the determination of the Fed chair candidate will test its resilience [2]. - The RMB exchange rate will likely show a complex pattern of depreciation trend (appreciation of the RMB against the US dollar) and volatility risks coexisting within the year. In the short - term, it will be robust and strong, but the appreciation speed may slow down, and the two - way fluctuation will be more obvious [4][5]. - The stock index trading atmosphere is sluggish and is expected to continue to oscillate in the short - term. In the long - term, the logic of valuation repair driven by liquidity easing remains unchanged [6][7]. - The mid - term outlook for treasury bonds is not pessimistic. Although the market is weak due to rumors, the economic fundamentals suggest that interest rates will remain low for some time, waiting for monetary policy signals [8]. - The container shipping European line futures are expected to maintain a weak oscillation in the short - term, with geopolitical trends as the key variable [11][12]. - Precious metals prices are expected to continue rising in the long - term, driven by central bank gold purchases and investment demand. In the short - term, low inventory and potential demand release will increase the upward elasticity of prices [14][16]. - Copper prices are expected to continue to break through at the end of the year. The impact of PMI data and US ADP employment changes on market sentiment should be noted [17][20]. - Aluminum is expected to oscillate strongly in the short - term, mainly affected by macro - sentiment and the rise of copper and silver. Alumina will run weakly, and cast aluminum alloy will oscillate strongly [20][21]. - Zinc prices are expected to continue to build a bottom, with short - term strong oscillation due to supply contraction and demand decline [23]. - Nickel and stainless steel will maintain a wide - range oscillation, with a downward trend due to weak fundamentals. Tin prices will maintain a high - level oscillation, and it is recommended to enter the market on dips [23][25]. - Carbonate lithium prices will be in a game range, waiting for a driving force. It is recommended to avoid chasing high prices near 100,000 yuan/ton and seize opportunities to build positions on dips [26][27]. - Industrial silicon will be in a weak supply - demand situation, with short - term oscillation and long - term value for position building on dips. Polysilicon trading is shifting to the game between warehouse receipts and positions, and position risks should be noted [28][31]. - Lead prices are expected to oscillate between 16,900 - 17,300 yuan, with strong support at 16,700 yuan [32]. - Steel prices are expected to oscillate strongly, with the operating range of rebar at 3,000 - 3,300 yuan and hot - rolled coil at 3,200 - 3,500 yuan. Attention should be paid to the destocking speed and downstream consumption [33][35]. - Iron ore prices are expected to maintain a high - level oscillation, with short - term valuation repair. It is recommended to take profits on long positions at high prices [36][37]. - Coking coal and coke prices are under pressure. For coking coal, short - term short positions can be held, and long positions can be considered for the far - month contract after a stable signal. For coke, it is not recommended to blindly participate in the downward market [38][39]. - Ferrosilicon and ferromanganese are expected to oscillate weakly due to high inventory and weak demand [40][41]. - Crude oil prices will continue to oscillate, with a long - term downward trend due to supply - surplus pressure. Attention should be paid to OPEC+ policy implementation and the progress of Russia - Ukraine peace talks [43][45]. - LPG prices are supported by supply - demand conditions and the external market, although the domestic LPG valuation is relatively high [47][48]. - PX - PTA prices may fall back after the departure of speculation funds. It is recommended to consider building long positions on dips, with attention to maintenance plans and blending oil dynamics [49][53]. - MEG prices have a weakened downward drive, and it is recommended to sell call options. The long - term supply - surplus situation remains unchanged [55][57]. - Urea prices are expected to continue to oscillate, with the downside space supported and the upside pressured [58][59]. - PP prices are supported by the cost side. Attention should be paid to the PDH device operation status and basis changes [60][63]. - PE prices are expected to continue to oscillate after a rebound. Attention should be paid to the spot situation and basis changes [64][65]. - Pure benzene and styrene prices are affected by device maintenance. Pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern [66][68]. - High - sulfur fuel oil cracking is expected to decline, and low - sulfur fuel oil cracking may rebound after the stabilization of Dar Blend discount [69][70]. - Asphalt prices will maintain a weak oscillation in the short - term, with attention to winter storage policies [71][72]. - Rubber and 20 - number rubber prices are expected to oscillate strongly [73]. Summary by Relevant Catalogs Financial Futures - **Macro**: China's November official manufacturing PMI rebounded to 49.2, and the high - tech manufacturing PMI remained above 50 for 10 consecutive months. The US "Black Friday" sales increased by 4.1% year - on - year, and the AI traffic soared by 600%. The US - Ukraine negotiation was considered "productive" [1]. - **RMB Exchange Rate**: The on - shore RMB against the US dollar closed at 7.0794 on the previous trading day, up 12 points. The RMB against the US dollar central parity rate was 7.0789, down 10 points. The RMB exchange rate is expected to show a complex pattern of appreciation and volatility risks [3][4]. - **Stock Index**: The trading atmosphere is sluggish, and it is expected to oscillate in the short - term. In the long - term, the logic of valuation repair driven by liquidity easing remains unchanged [6][7]. - **Treasury Bonds**: The mid - term outlook is not pessimistic. Although the market is weak due to rumors, the economic fundamentals suggest that interest rates will remain low for some time, waiting for monetary policy signals [7][8]. - **Container Shipping European Line**: The futures are expected to maintain a weak oscillation in the short - term, with geopolitical trends as the key variable [11][12]. Commodities Non - ferrous Metals - **Gold & Silver**: Precious metals prices are expected to continue rising in the long - term, driven by central bank gold purchases and investment demand. In the short - term, low inventory and potential demand release will increase the upward elasticity of prices [14][16]. - **Copper**: Copper prices are expected to continue to break through at the end of the year. The impact of PMI data and US ADP employment changes on market sentiment should be noted [17][20]. - **Aluminum Industry Chain**: Aluminum is expected to oscillate strongly in the short - term, mainly affected by macro - sentiment and the rise of copper and silver. Alumina will run weakly, and cast aluminum alloy will oscillate strongly [20][21]. - **Zinc**: Zinc prices are expected to continue to build a bottom, with short - term strong oscillation due to supply contraction and demand decline [23]. - **Nickel, Stainless Steel**: Nickel and stainless steel will maintain a wide - range oscillation, with a downward trend due to weak fundamentals [23][24]. - **Tin**: Tin prices will maintain a high - level oscillation, and it is recommended to enter the market on dips [25]. - **Carbonate Lithium**: Carbonate lithium prices will be in a game range, waiting for a driving force. It is recommended to avoid chasing high prices near 100,000 yuan/ton and seize opportunities to build positions on dips [26][27]. - **Industrial Silicon & Polysilicon**: Industrial silicon will be in a weak supply - demand situation, with short - term oscillation and long - term value for position building on dips. Polysilicon trading is shifting to the game between warehouse receipts and positions, and position risks should be noted [28][31]. - **Lead**: Lead prices are expected to oscillate between 16,900 - 17,300 yuan, with strong support at 16,700 yuan [32]. Black Metals - **Rebar & Hot - Rolled Coil**: Steel prices are expected to oscillate strongly, with the operating range of rebar at 3,000 - 3,300 yuan and hot - rolled coil at 3,200 - 3,500 yuan. Attention should be paid to the destocking speed and downstream consumption [33][35]. - **Iron Ore**: Iron ore prices are expected to maintain a high - level oscillation, with short - term valuation repair. It is recommended to take profits on long positions at high prices [36][37]. - **Coking Coal & Coke**: Coking coal and coke prices are under pressure. For coking coal, short - term short positions can be held, and long positions can be considered for the far - month contract after a stable signal. For coke, it is not recommended to blindly participate in the downward market [38][39]. - **Ferrosilicon & Ferromanganese**: Ferrosilicon and ferromanganese are expected to oscillate weakly due to high inventory and weak demand [40][41]. Energy and Chemicals - **Crude Oil**: Crude oil prices will continue to oscillate, with a long - term downward trend due to supply - surplus pressure. Attention should be paid to OPEC+ policy implementation and the progress of Russia - Ukraine peace talks [43][45]. - **LPG**: LPG prices are supported by supply - demand conditions and the external market, although the domestic LPG valuation is relatively high [47][48]. - **PTA - PX**: PX - PTA prices may fall back after the departure of speculation funds. It is recommended to consider building long positions on dips, with attention to maintenance plans and blending oil dynamics [49][53]. - **MEG - Bottle Chip**: MEG prices have a weakened downward drive, and it is recommended to sell call options. The long - term supply - surplus situation remains unchanged [55][57]. - **Urea**: Urea prices are expected to continue to oscillate, with the downside space supported and the upside pressured [58][59]. - **PP**: PP prices are supported by the cost side. Attention should be paid to the PDH device operation status and basis changes [60][63]. - **PE**: PE prices are expected to continue to oscillate after a rebound. Attention should be paid to the spot situation and basis changes [64][65]. - **Pure Benzene & Styrene**: Pure benzene and styrene prices are affected by device maintenance. Pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern [66][68]. - **Fuel Oil**: High - sulfur fuel oil cracking is expected to decline, and low - sulfur fuel oil cracking may rebound after the stabilization of Dar Blend discount [69][70]. - **Asphalt**: Asphalt prices will maintain a weak oscillation in the short - term, with attention to winter storage policies [71][72]. - **Rubber & 20 - number Rubber**: Rubber and 20 - number rubber prices are expected to oscillate strongly [73].
vatee万腾:美联储政策信号不明,金价整理阶段持续?
Sou Hu Cai Jing· 2025-11-27 05:48
Core Viewpoint - International gold prices remained stable, with the market assessing the Federal Reserve's policy signals and adjusting expectations for potential interest rate cuts by year-end [1][3]. Group 1: Gold Market Analysis - As of 0200 GMT, spot gold decreased by 0.2% to $4,154.09 per ounce, while December gold futures fell by 0.3% to $4,151.20 per ounce [3]. - Brian Lan, Managing Director of GoldSilverCentral, indicated that the unclear direction of the Federal Reserve's policy has led to a consolidation phase for gold prices, with the market awaiting clearer signals [3]. - There is a divergence in market expectations regarding the timing and extent of interest rate cuts, prompting some funds to shift towards interest rate-related derivatives to manage volatility from policy uncertainty [3]. Group 2: Federal Reserve Insights - Some Federal Reserve officials have expressed dovish sentiments, with New York Fed President John Williams and Governor Christopher Waller noting that a slowing labor market could pressure Treasury yields, suggesting a potential policy adjustment in December [3]. - Conversely, several regional Fed presidents advocate for delaying any easing of policies until inflation data stabilizes closer to the 2% target [3]. - The FedWatch tool from the Chicago Mercantile Exchange indicates a high probability for interest rate cuts in December, as lower interest rates typically enhance gold's attractiveness [3]. Group 3: Employment and Consumer Confidence - Recent employment data showed a slight decline in initial jobless claims, but the job market still does not fully meet job-seeker demand [4]. - Consumer confidence in the U.S. fell in November due to uncertainties regarding employment and household financial conditions [4]. Group 4: Other Precious Metals - In the precious metals market, spot silver decreased by 0.9% to $52.89 per ounce, while platinum rose by 1.4% to $1,611.04 per ounce; palladium fell by 0.9% to $1,409.87 per ounce [4].
感恩节美盘休市伦敦金回落
Jin Tou Wang· 2025-11-27 05:01
现在黄金价格是阶段性的上涨,虽然不是绝对强势的状态,但上涨也比较明显,从4040,到4100,再到 4140,每一个起涨点都形成了一个强势的基础平台,虽然高点冲的不是很明显,但也有上移表现,那 么,维持这种阶段性的上涨走势,看周四,周五伦敦金是否能上冲一波到4200本周的目标。由于今天是 感恩节,美盘休市,今天黄金市场活力集中在亚欧盘,所以,全盘应该没有太大的波动,下方以4140为 支撑看涨,上方以4200为目标结束。 【要闻速递】 从技术面来看,日线周期的强硬还是保持,k线依旧维持在布林中轨之上,上轨的试探还没有完成,立 刻转阴的可能性不大,同时H4上轨的高点也在没有收口,所以,在相对走势下,还有一波慢涨空间, 上面也说过,黄金阶段性平台的支撑在4140,上方就看4200,所以,今天金价亚欧盘逐步看到4200,美 盘休市,预计波动不大,尽量保持观望。 本周公布的美国经济数据呈现分化,但整体未改变市场对美联储政策路径的判断。美国商务部数据显 示,耐用品订单在9月录得0.5%增长,虽然较前值3.0%大幅放缓,但仍高于市场预估的0.3%。扣除运输 后订单增长0.6%,显示制造环节内部仍具韧性。 摘要周四(11月2 ...
美元指数震荡承压 美联储政策预期博弈
Jin Tou Wang· 2025-11-26 02:34
11月26日(周三)截至当前交易时段,美元指数报99.740,较前一交易日下跌0.07%,日内呈现窄幅震 荡态势,今开99.811,最高触及99.874,最低下探99.712。这一波动背后,是美国经济数据韧性与美联 储政策预期的博弈,技术面则呈现多空信号交织的特征,需从双重维度梳理趋势逻辑。 美元指数核心驱动力为美联储政策,美国经济数据与非美货币表现构成支撑。当前美国经济"软着陆"迹 象明显:三季度GDP增2.8%,个人消费支出增2.9%,服务业PMI连续12个月扩张,短期限制美元跌幅。 非美货币疲弱为美元提供支撑:日元受日银宽松拖累,英镑因英债与失业问题承压。但欧元区存变数, 10月HICP升2.1%,经济增速预期上修至1.4%,欧元回调空间收窄,将削弱美元动能。 支撑阻力明确:下方99.20为短均线共振支撑,破位或下探98.70;上方100.00-100.30为关键阻力 (100.30为9月来高点),突破可上看101.00。当前指数在99.70-99.90窄幅波动。 美元指数技术分析 技术面呈"短多中空"特征:5日、10日、50日均线多头排列支撑短期行情;年线下行,200天均线 (99.812)成多空关键 ...