智通财经APP注意到，尽管今年美元与美股水平变化的相关性备受关注，但高盛集团策略师认为，更值得关注的关联在于美元与芝加哥期权交易所波动率指数（VIX）之间的关系。
过去五年间，美元通常与VIX指数呈正相关，而VIX是衡量标普500指数预期波动率的常用指标。当美股波动加剧时，避险货币美元往往走强，反之亦然。但这一关系在今年初发生转变，且在2025年大部分时间内呈现相反态势。如果美国股市恐慌情绪上升，美元很可能同步下跌。
包括Michael Cahill和Karen Reichgott Fishman在内的高盛团队周三指出："仅关注外汇与标普500指数的关系，会掩盖美元挥之不去的脆弱性，这种脆弱性在近几个月其与波动率指数的相关性中更为明显。"
高盛强调美元与股市波动率的关联，该行表示："美元吸引力的下降在其与波动率指数的相关性中更为明显，尽管近日走势看起来更为'正常'。"
Bloomberg美元现货指数与VIX指数的90天相关性
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