专题：ATFX外汇专栏投稿 2月3日，美联储在降息，欧央行也在降息，只有澳洲联储在加息。 今日11：30，澳洲联储公布利率决议结果，加息25基点，基准利率从3.6%升高至3.85%。这是澳洲联储 2023年11月份以来的第一次加息，也是开年首个加息的中央银行。 政策声明中提到：私人需求的增长速度超过了预期，产能压力也比之前评估的要大，劳动力市场状况也 略显紧张。 据此判断，无论是通胀还是就业，都已经偏离澳洲联储的预期，加息势在必行。美国面临的经济状况是 通胀稳定但就业疲软，所以谨慎降息提振就业是主要手段。澳大利亚的通胀并不稳定，并且上升潜力较 强，一次加息无法起到遏制效果，2026年或有多次加息动作。 澳洲联储宣布加息后的30分钟，AUDUSD从0.6964直线拉升至0.7025，涨幅61基点，远超预期。澳洲联 储和美联储货币政策的背离，是驱动澳元升值的核心因素。 日本央行也在加息，但日元在加息过程中持续贬值，因为日本的利率绝对值在加息后仍偏低 （0.75%），即便加息也无法有效吸引国际资金流入。澳洲联储的基准利率已经相对偏高，3.85%的利 率已经高于美联储3.75%的利率上限，对国际资金的吸引力较强。 澳 ...

31 January 2026 | 5:28AM GMT Economics Research GLOBAL FX TRADER Dollar's Cold Open Our thoughts on USD, CNY, JPY, Scandi FX, AUD & NZD, BRL,Trading Terms of Trade, and FX Manipulation n USD: Feels like old times. We expect the Dollar to fall modestly this year, as strong but less exceptional US performance should weigh on the currency. But the Dollar's recent decline has been anything but modest. We attribute the majority of that performance over the course of January to volatility in trade and currency po ...

Group 1: Australian Dollar and Inflation Data - The Australian dollar (AUD) continues to rise against the US dollar (USD), achieving a four-day increase, driven by easing inflation data for November [1] - The November Consumer Price Index (CPI) in Australia increased by 3.4% year-on-year, down from 3.8% in October and below the market expectation of 3.7%, marking the lowest level since August [1] - The Reserve Bank of Australia (RBA) is expected to consider policy adjustments in its February meeting if core inflation rises by 0.9% or more [1][8] Group 2: Market Expectations and Economic Indicators - Market anticipates that the RBA's current policy adjustment cycle is not over, with inflation expected to remain high in the coming year [1] - The median CPI for the RBA increased by 0.3% month-on-month, with a year-on-year increase of 3.2% [1] - The market is closely watching upcoming economic data from the US, including the ISM services PMI and non-farm payroll data, which could influence Federal Reserve policy decisions [3][4] Group 3: Technical Analysis of AUD/USD - The AUD/USD is trading around 0.6750, reaching a 15-month high and breaking through this level, indicating an upward trend [9] - The technical analysis shows that the currency pair is in an ascending channel, but the 14-day Relative Strength Index (RSI) has reached 70, indicating an overbought condition [9] - Initial support for the AUD/USD is near the 9-day Exponential Moving Average (EMA) at 0.6708, with further support at the lower boundary of the ascending channel around 0.6700 [11]

Group 1 - The US dollar (USD) showed a lackluster performance in overnight trading due to the absence of new catalysts and the market having fully digested most major central bank decisions, with the dollar index (DXY) reported at 99.19 [1] - The market has already priced in the Federal Reserve's interest rate cut expectations ahead of the December FOMC meeting, with a focus on guidance regarding the rate cut path before 2026 [3] - Support levels for the dollar are identified at 99.10 (50-day moving average and 50% Fibonacci retracement from May high to September low) and 98.60 (100-day moving average), while resistance levels are at 99.60/70 (21-day/200-day moving averages and 61.8% Fibonacci retracement) and 100.6 (76.4% Fibonacci retracement) [3] Group 2 - The Trump administration has canceled a series of interviews for the final list of candidates for the Federal Reserve Chair, with Trump indicating potential candidates may have been present at a recent event [3] - Jerome Powell's term as Federal Reserve Chair will last until mid-May, with Trump previously stating that the final candidate announcement would occur in early 2026, pending Senate confirmation [3]

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call focuses on the foreign exchange (FX) market, specifically the G10 currencies, with a recommendation to maintain short positions on the US dollar (USD) against the Canadian dollar (CAD), Australian dollar (AUD), and British pound (GBP) [6][8][17]. Core Insights and Arguments - **Short USD Recommendations**: The company maintains a short USD position against GBP, CAD, and AUD, anticipating these currencies will strengthen as Federal Reserve (Fed) pricing adjusts [6][8]. - **Market Sentiment**: There is a bearish sentiment towards CAD and GBP, while growth expectations and positive fundamentals are expected to support AUD, CAD, and GBP [6][8]. - **Impact of US Government Shutdown**: A potential end to the US government shutdown could negatively impact the USD by restoring data flow and enhancing market confidence in a December Fed rate cut [6][9]. - **Global Growth Sentiment**: There is an improvement in global growth sentiment, with rising growth forecasts and higher Purchasing Managers' Indexes (PMIs) in major economies, creating a favorable environment for risk-sensitive currencies [6][11]. - **USD Positioning Risks**: Current options data indicates that USD positioning is at its most bullish level since January, which raises the risk of a pullback [6][13]. - **Fundamental Trajectory for USD**: The fundamental outlook for the USD remains unchanged, with expectations of rising unemployment and front-end yields moving against the USD as the Fed is projected to implement four additional rate cuts [10][11]. Additional Important Insights - **Positive Outlook for AUD, CAD, and GBP**: - AUD is supported by a robust growth outlook, continued immigration inflows, and fiscal tailwinds, with 2-year Australian yields now on par with 2-year US Treasury yields [15]. - CAD is expected to benefit from an expansionary budget and well-priced trade negotiations with the US [15]. - GBP positioning is seen as stretched, with potential for a decline in GBP-negative premiums as fiscal concerns ease [16]. - **Trade Recommendations**: - Maintain short USD/CAD at 1.4130 with a target of 1.34 and stop at 1.44 [19]. - Maintain long GBP/USD at 1.3137 with a target of 1.39 and stop at 1.27 [19]. - Maintain long AUD/USD at 0.6490 with a target of 0.69 and stop at 0.63 [19]. - **Valuation Methodology and Risks**: The report includes a detailed list of current trade ideas, entry levels, rationales, and associated risks [20]. This summary encapsulates the key points discussed in the conference call, highlighting the strategic recommendations and market outlook for the G10 currencies.