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  由于特朗普关税可能导致美国经济陷入衰退,投资者纷纷撤出美国资产,导致美元迅速下跌。与此同时,美国长期债券收益率仍接近17个月高点。通常,较高的债券收益率对美元有利。但这一次,随着越来越多的投资者质疑美元的避险地位和在全球金融体系中的核心作用,两者之间传统的正相关水平为三年来最弱。期权头寸显示,交易员预计美元将进一步下跌。

  包括JensNaervigPedersen在内的丹麦银行A/S分析师在一份报告中写道:“美元、收益率和传统风险指标之间的混乱令人震惊,越来越让人想起过去的压力事件。”

  彭博美元现货指数上周创下自2022年11月以来的最大跌幅,并在周一延续了跌势。DepositoryTrust&ClearingCorp.的数据显示,过去一周约有三分之二的期权交易是押注美元兑欧元、日元和瑞郎走软。

  Pedersen称,上周是50多年来第三次美元下跌超过2.5%,但10年期美国国债收益率上涨至少25个基点。其他两次分别是在1985年7月——实施让美元贬值的广场协议期间,以及2009年5月。他说,这两次事件“之后都是美元持续疲软”。

  期权市场表明,交易员正在为这种情况做准备。所谓的风险逆转策略是衡量投资者情绪的晴雨表,衡量的是卖出美元的期权相对于买入美元的期权的溢价。风险逆转策略数据显示,从下周到明年,交易商在多个时间跨度内押注美元走软。这是自2020年初以来,所有阶段的风险逆转策略首次显示出这一趋势。

  TJMFX策略主管AlvaroVivanco表示:“过去一周,很多人都在关注美国国债面临的压力,以及与美元相关性的转变。在没有持续恐慌的情况下抛售美国资产,可能是未来几周到几个月的正确框架。”

  美元与收益率的相关性处于俄乌战争爆发后的最低水平,当时避险资金流入美元,尽管美元与美国国债走势脱钩。如今,情况正好相反:美元不再从其避险地位中受益,这种混乱反映出美国资产正在加速外流。

  AndromedaCapitalManagement首席投资办公室主管AlbertoGallo表示:“美元作为储备货币的可持续性正逐渐受到质疑。这损害了美国信誉,也损害了投资者长期持有股票的能力。”

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