汇市新闻

法兴银行:“便宜”VS“贵”——2018年汇市估值交易是什么?

日期:2017-12-18
周六(12月16日)法国兴业银行(Societe Generale)交叉资产策略研究团队撰文对2018年G10汇市前景作出了简要分析,主要从相对价值方面来讨论。主要内容如下:

美元看起来波澜不惊,但从实际收益率考虑,美元估值有点贵。而欧元目前则很便宜,但需要市场对未来进行贴现,以便从欧洲央行(ECB)2019年才开始的升息周期中获益。

法兴银行:“便宜”VS“贵”——2018年汇市估值交易是什么?(图1)

与此同时,2018年日元多头可能还需要等上更长的时间,日本央行(BOJ)才会让日元脱离束缚,而一旦日元开始上涨,则就会是一场“大爆发”。

从基本面来看,日元和欧元均有巨额的经常账户盈余,且是“便宜”的货币。欧元首先正在复苏,日元将紧随其后,但会有所滞后。

目前英镑相对纽元、加元和澳元更为便宜。做多加元兑纽元和美元似乎是更好的交易策略。

此外,做多瑞郎兑挪威克朗也是2018年可以实施的交易策略,这是在假设全球宏观环境持续良好的情况下。

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