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从1.20到1.10:欧元多头是如何被美联储击溃的?

随着最近欧元兑美元近期创下一年的最低位,由于市场预期美国将在今年剩余时间内加息速度超过欧洲,华尔街银行纷纷放弃了对欧元走强的押注。虽然截止本周一欧元兑美元尝试反弹录得三日连涨。

据彭博社,摩根大通、摩根士丹利和纽约梅隆银行等机构认为,欧元明年可能下跌超过3%,跌至1.10美元。对应着市场预期美联储将在2026年加息,而欧洲央行继续加息预期尚未完全消化。

这与今年年初的情况截然相反。当时,欧元兑美元汇率突破1.20,创下近五年来的最高水平,欧洲决策者们还担心欧元过强。然而,伊朗战争导致油价飙升,美元需求激增,欧元因此走弱。如今,欧洲央行采取谨慎的货币政策,意味着欧元进一步失宠。

摩根大通已将2027年中期的目标价下调至1.10美元,加拿大皇家银行则认为明年年底才能达到这一水平。美国银行和富国银行也下调了预期。虽然此类预测通常会根据市场趋势进行调整,但这些下调幅度异常之大,并且开始拉低彭博社调查中的市场共识,该共识仍预测明年目标价为1.20美元。

期权走势也更加悲观,尤其是长期期权。一年期风险逆转指标(衡量市场情绪和仓位的指标)目前对欧元最为看跌,为2025年3月以来最低。这意味着交易员需要支付更高的费用来对冲或押注欧元在未来一年内进一步走弱。

两个原因削弱了欧元多头

中东战争推高油价后,美元需求激增,全球动荡时资金总会往美国跑。但更深层的是经济基本面的分化:美国就业市场依然紧俏,制造业也没有市场想象的那么糟;反观欧洲,制造业PMI长期在荣枯线附近挣扎,德国甚至面临衰退风险。欧洲央行行长拉加德此前表示,鉴于本月欧洲央行已加息一次,暂时没有必要对中东冲突的影响做出更强烈的反应。但是最新表态也称,欧洲经济韧性增强,给欧洲央行更大空间调整利率。

美联储新任主席沃什本月首次亮相利率决议时,市场原本还抱有一丝幻想——毕竟他是特朗普提名的,会不会迫于政治压力走鸽派路线?结果沃什的表态干脆利落:美联储不会容忍高通胀。交易员们迅速调整仓位,开始押注美联储2026年可能继续加息。于是资金开始撤离欧元。欧元兑美元跌至一年低点,期权市场也给出了明确信号——一年期风险逆转指标跌至2025年3月以来最低,意味着交易员愿意花更多钱来对冲欧元进一步下跌的风险。

不过,那些认为美联储也会维持加息计划、对明年美元前景持悲观态度或对欧洲经济更有信心的人,对欧元的看法则较为乐观。例如,美国银行已将欧元兑美元的预期目标价从1.20美元下调至1.15美元,但表示对欧元持中性态度。

接下来看什么?

本周三,欧洲央行论坛上,沃什和拉加德将同台亮相。这是检验”鹰鸽分歧”的关键场合。如果沃什继续强调控制通胀是第一要务,美元大概率再冲一波,欧元守住1.10都费劲。但如果他的措辞出现任何松动——哪怕只是边际调整——欧元可能获得喘息机会。本周数据也很重要,美国非农、ISM制造业PMI、欧元区CPI,这些常规指标在当前环境下会被放大解读,会继续从欧央行和美联储加息前景上为欧元带来波动。除非市场看到美国经济突然转弱,而欧洲经济复苏以及通胀高企需要进一步加息,否则欧元在短期内可能继续走弱。

免责声明:本文所呈现观点,情景推演及市场研判,仅供读者参考与交流之用,不构成任何形式的投资建议、买卖建议或对任何金融产品的推荐。

关于作者

 

Martin Lam 是 ATFX 亚太区首席分析师,在全球外汇及投资市场拥有逾 20 年的经验。他毕业于迪肯大学(Deakin University),主修金融与经济学,并曾在多家领先的外汇经纪公司担任高级管理职位。

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