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招商宏观:短期等待政策拐点 长期正在变局起点


  
美元指数降幅放缓,商品价格持续上行。4月美元指数从93降至91,5月以来在90.3左右波动,下降趋势放缓,6月11日收于90.5。二季度美元指数走弱的短期因素主要是美国总需求扩张,但生产受到芯片短缺、失业救济金压低劳动意愿等影响,供需缺口需要通过进口来弥补,导致经常账户逆差扩大。预计进入三季度后美国供需缺口将趋于收窄,美元指数下降趋势将暂时放缓。布伦特原油价从4月初的63美元/桶左右持续上升,6月11日收于72.3美元/桶。原油价格强势的需求侧因素是美国交通运输需求明显恢复,供给侧因素则是美国产能恢复偏慢。未来需要关注OPEC+放松减产、美伊谈判进展等因素。同期CRB综合指数也是持续上行,已经4月初的 505升至6月10日的562。
  
美国利率回落,中美利差反弹。一季度美国10年期国债收益率从0.9%升至1.7%,原� ....

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