汇市新闻

美银美林:税改不容小觑 美元2018年初或“迎来春天”

日期:2017-12-13
美银美林(BofAML)外汇策略研究团队撰文讨论了美国税改对市场的影响,以及为什么其能在2018年初触发美元涨势。

该行指出,我们一直认为美国税改是一件举足轻重的大事,将在2018年初支持美元,理由如下:

1、税改包括了大量的财政刺激。

美银美林:税改不容小觑 美元2018年初或“迎来春天”(图1)

2、税改可能促使美联储进行更多升息。即使没有税改,我们预计美联储明年将升息三次,与点阵图预期一致。而在税改实施的情况下,美联储明年可能升息4次甚至5次。不过市场当下依旧预计2018-2019年仅升息3次。

3、可能会触发大规模的利润汇回。在海外以现金支付较低税率后,美国企业没有理由不将这些资金中的一部分带回美国。

美银美林总结成,我们预计美元在明年初将会走强,因市场将会在卖出传闻后,买入税改的事实。

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