2025年上半年美元持续走弱,累计下跌10.7%也创下了1973年以来的最差同期表现。一季度“美国-非美”利差能够解释美元指数91%的变动,但二季度这一因子的解释力度降至33%,“去美元化”成为了市场主流逻辑。6月美银调查显示,市场对弱美元的共识达到近20年之最。一致预期之下,弱美元是否暗藏反转契机? 一、外资真的“去美元”了? 二季度以来,市场曾高度认同的是特朗普对等关税与干扰美联储独立性等...
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