2025-10-10 17:03:40 作者：狼叫兽 随着2025年第四季度的到来，全球市场正面临前所未有的不确定性。美联储开启宽松货币政策周期、全球经济增长持续放缓，叠加特朗普强硬关税政策， 多重因素交织，令四季度的全球市场行情扑朔迷离。在此背景下，投资者急需权威、前瞻且具实操性的市场洞察。一起来看看由ATFX全球精英分析师团 队倾力打造的2025年第四季度《交易杂志》如何拨开迷雾、厘清方向。 2025年第四季度全球经济展望 ATFX专业分析师团队预测，全球经济正步入"分化加剧"的新阶段——部分经济体显现复苏动能，另一些则深陷增长停滞，这种"僵局与动力并存"的格 局，根源在于全球主要央行货币政策路径的显著分歧、新一轮关税政策的冲击，以及持续升级的跨境贸易与技术摩擦。 美国指数 关键词：就业市场疲软、降息预期升温、关税 在该板块中，ATFX分析团队指出："曾经强劲的美国就业市场正在显露出裂痕，这正在改变投资者和交易者的一切。"但需要注意问题并非只有美国就业 市场疲软的问题，对于美联储来说，这是一种明显的信号，表明如果利率长时间保持过高，可能会使经济陷入更深的衰退。因此，美联储"降息"也是本季 度的主旋律。在此 ...

贵金属早报 研究中心宏观团队 2025/10/10 价 格 表 现 品种 伦敦金 伦敦银 伦敦铂 伦敦钯 WTI原油 LME铜 最新 4019.25 49.71 1571.00 1235.00 - 10867.50 变化 193.95 3.53 -18.00 -22.00 - 485.50 品种 美元指数 欧元兑美元 英镑兑美元 美元兑日元 美国10年期TIPS 最新 - 1.16 1.33 - - 变化 - -0.02 -0.01 - - 交 易 数 据 日期 COMEX白银 库存 上期所白银 库存 黄金ETF持仓 白银ETF持仓 上金所白银 库存 上金所黄金 递延费支付方向 上金所白银 递延费支付方向 最新 - 1186.85 1013.44 - - 1 1 变化 - -5.43 0.56 - - 0.00 0.00 贵 金 属 比 价 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何 ...

贵金属早报 研究中心宏观团队 2025/10/09 价 格 表 现 品种 伦敦金 伦敦银 伦敦铂 伦敦钯 WTI原油 LME铜 最新 3825.30 46.18 1589.00 1257.00 62.37 10382.00 变化 -1.55 -0.77 37.00 -18.00 -1.08 118.00 品种 美元指数 欧元兑美元 英镑兑美元 美元兑日元 美国10年期TIPS 最新 97.82 1.17 1.34 147.93 1.80 交 易 数 据 | 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 库存 | 库存 | | | 库存 | 递延费支付方向 | 递延费支付方向 | | 最新 | 16491.06 | 1192.28 | 1012.88 | 15685.09 | - | 1 | 1 | | 变化 | -39.95 | 2.63 | 1.15 | 163.74 | - | 0.00 | 0.00 | 贵 金 ...

（文章来源：每日经济新闻） 每经AI快讯，10月2日纽约尾盘，美元指数涨0.15%报97.88，非美货币多数下跌，欧元兑美元跌0.12%报 1.1717，英镑兑美元跌0.28%报1.3439，澳元兑美元跌0.26%报0.6596，美元兑日元涨0.12%报147.2685， 美元兑加元涨0.22%报1.3968，美元兑瑞郎涨0.11%报0.7980。 ...

（文章来源：每日经济新闻） 每经AI快讯，10月1日纽约尾盘，美元指数跌0.09%报97.74，非美货币多数上涨，欧元兑美元跌0.03%报 1.1731，英镑兑美元涨0.24%报1.3477，澳元兑美元持平报0.6613，美元兑日元跌0.57%报147.0915，美 元兑加元涨0.13%报1.3938，美元兑瑞郎涨0.09%报0.7971。 ...

贵金属早报 研究中心宏观团队 2025/09/30 价 格 表 现 品种 伦敦金 伦敦银 伦敦铂 伦敦钯 WTI原油 LME铜 最新 3826.85 46.95 1552.00 1275.00 63.45 10264.00 变化 57.00 1.95 47.00 41.00 -2.27 -7.50 品种 美元指数 欧元兑美元 英镑兑美元 美元兑日元 美国10年期TIPS 最新 97.93 1.17 1.34 148.61 - 变化 -0.26 0.00 0.00 -0.89 - 交 易 数 据 日期 COMEX白银 库存 上期所白银 库存 黄金ETF持仓 白银ETF持仓 上金所白银 库存 上金所黄金 递延费支付方向 上金所白银 递延费支付方向 最新 16531.01 1189.65 1011.73 15521.35 1252.41 1 1 变化 35.45 31.38 6.01 159.51 0.00 0.00 0.00 贵 金 属 比 价 升 贴 水 、 库 存 、 E T F 持 仓 变 化 以上图表数据来源：彭博、永安源点资讯、万得 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的 ...

Price Performance - London Gold's latest price is 3730.75 with a change of -30.85 [2] - London Silver's latest price is 44.94 with a change of 1.06 [2] - London Platinum's latest price is 1480.00 with a change of 2.00 [2] - London Palladium's latest price is 1226.00 with a change of -4.00 [2] - WTI Crude's latest price is 64.99 with a change of 0.00 [2] - LME Copper's latest price is 10323.00 with a change of 357.00 [2] - US Dollar Index's latest value is 97.87 with a change of 0.00 [2] - Euro to US Dollar's latest exchange rate is 1.17 with a change of 0.00 [2] - British Pound to US Dollar's latest exchange rate is 1.34 with a change of 0.00 [2] - US Dollar to Japanese Yen's latest exchange rate is 148.90 with a change of 0.00 [2] - US 10 - year TIPS's latest value is 1.78 with a change of 0.00 [2] Trading Data - COMEX Silver's latest inventory is 16396.36 with a change of 0.00 [3] - SHFE Silver's latest inventory is 1156.86 with a change of -4.94 [3] - Gold ETF's latest holding is 996.85 with a change of 0.00 [3] - Silver ETF's latest holding is 15390.07 with a change of -79.05 [3] - SGE Silver's latest inventory is 1248.26 with a change of 0.00 [3] - SGE Gold's latest deferred fee payment direction is 1 with a change of -1.00 [3] - SGE Silver's latest deferred fee payment direction is 1 with a change of 0.00 [3]

Group 1 - The US dollar index decreased by 0.08% to 97.23, indicating a slight weakening of the dollar against other currencies [1] - The euro appreciated by 0.10% against the dollar, reaching 1.1814, reflecting a strengthening of the eurozone currency [1] - The British pound rose by 0.11% to 1.3528 against the dollar, showing positive movement for the UK currency [1] Group 2 - The Australian dollar experienced a minor decline of 0.01%, trading at 0.6599 against the US dollar [1] - The dollar fell by 0.05% against the Japanese yen, with a rate of 147.6625 [1] - The Canadian dollar increased by 0.13% against the US dollar, reaching 1.3836, indicating a stronger performance for the Canadian currency [1] - The Swiss franc depreciated by 0.14% against the dollar, trading at 0.7914 [1]

Core Viewpoint - The British public's inflation expectations for the next five years have risen to 3.8%, the highest since May 2019, which may cause concern among some Bank of England policymakers ahead of next week's interest rate decision [1] Group 1: Inflation Expectations - The rise in public inflation expectations could become a risk factor for future inflation, increasing the likelihood of demands for higher wages and acceptance of higher prices [1] - Public satisfaction with the Bank of England's methods for controlling inflation has decreased from +6 in May to +2 in August, although it remains higher than most of the past three years [1] Group 2: Economic Indicators - The UK's Consumer Price Index (CPI) reached an 18-month high of 3.8% in July, the highest level among the G7 countries, with the Bank of England expecting inflation to reach 4% in September and return to target levels by Q2 2027 [1] Group 3: Currency Analysis - The GBP/USD exchange rate is currently at 1.3508, with a slight decline of 0.03% from the previous close of 1.3512 [1] - Technical indicators show that the MACD value for GBP/USD is negative and close to zero, indicating slight bearish strength, while the RSI is hovering around 50, suggesting a balanced market without clear overbought or oversold conditions [1]

Group 1: Price Performance - London Gold's latest price is 3663.15 with no change [2] - London Silver's latest price is 42.24 with no change [2] - London Platinum's latest price is 1393.00, down 1.00 [2] - London Palladium's latest price is 1151.00, down 6.00 [2] - WTI Crude's latest price is 62.68 with no change [2] - LME Copper's latest price is 9998.50, up 36.00 [2] - US Dollar Index's latest value is 97.65 with no change [2] - Euro to US Dollar's latest exchange rate is 1.17 with no change [2] - British Pound to US Dollar's latest exchange rate is 1.35 with no change [2] - US Dollar to Japanese Yen's latest exchange rate is 147.97 with no change [2] - US 10 - year TIPS's latest value is 1.75 with no change [2] Group 2: Trading Data - COMEX Silver's latest inventory is 16299.57 with no change [3] - SHFE Silver's latest inventory is 1148.62, down 10.82 [3] - Gold ETF's latest holding is 1000.57, up 6.01 [3] - Silver ETF's latest holding is 15368.90, up 163.76 [3] - SGE Silver's latest inventory is 1248.26 with no change [3] - SGE Gold's latest deferred fee payment direction is 1, down 1.00 [3] - SGE Silver's latest deferred fee payment direction is 1 with no change [3]