{"id":45853,"date":"2026-04-29T10:24:04","date_gmt":"2026-04-29T10:24:04","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e7%ba%bd%e7%ba%a6%e6%a2%85%e9%9a%86%e9%93%b6%e8%a1%8c%ef%bc%88bny%ef%bc%89geoff-yu%e7%a7%b0%ef%bc%8c%e7%be%8e%e5%85%83%e8%b5%b0%e5%bc%ba%e6%ba%90%e4%ba%8e%e8%b4%b8%e6%98%93%e6%9d%a1%e4%bb%b6%e6%94%b9\/"},"modified":"2026-04-29T10:24:04","modified_gmt":"2026-04-29T10:24:04","slug":"%e7%ba%bd%e7%ba%a6%e6%a2%85%e9%9a%86%e9%93%b6%e8%a1%8c%ef%bc%88bny%ef%bc%89geoff-yu%e7%a7%b0%ef%bc%8c%e7%be%8e%e5%85%83%e8%b5%b0%e5%bc%ba%e6%ba%90%e4%ba%8e%e8%b4%b8%e6%98%93%e6%9d%a1%e4%bb%b6%e6%94%b9","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/%e7%ba%bd%e7%ba%a6%e6%a2%85%e9%9a%86%e9%93%b6%e8%a1%8c%ef%bc%88bny%ef%bc%89geoff-yu%e7%a7%b0%ef%bc%8c%e7%be%8e%e5%85%83%e8%b5%b0%e5%bc%ba%e6%ba%90%e4%ba%8e%e8%b4%b8%e6%98%93%e6%9d%a1%e4%bb%b6%e6%94%b9\/","title":{"rendered":"\u7ebd\u7ea6\u6885\u9686\u94f6\u884c\uff08BNY\uff09Geoff Yu\u79f0\uff0c\u7f8e\u5143\u8d70\u5f3a\u6e90\u4e8e\u8d38\u6613\u6761\u4ef6\u6539\u5584\u4e0e\u8d38\u6613\u52a0\u6743\u6301\u4ed3\uff0c\u91cd\u5e73\u8861\u5e26\u6765\u7684\u4e0b\u884c\u7a7a\u95f4\u6709\u9650"},"content":{"rendered":"<p>\u8fd9\u4efd\u62a5\u544a\u6307\u51fa\uff0c\u8fd1\u671f\u7f8e\u5143\u8d70\u5f3a\uff0c\u4e3b\u8981\u7531**\u8d38\u6613\u6761\u4ef6\uff08terms of trade\uff0c\u5373\u4e00\u56fd\u51fa\u53e3\u4ef7\u683c\u76f8\u5bf9\u8fdb\u53e3\u4ef7\u683c\u7684\u53d8\u5316\uff0c\u6539\u5584\u610f\u5473\u7740\u540c\u6837\u51fa\u53e3\u80fd\u6362\u6765\u66f4\u591a\u8fdb\u53e3\uff09\u51fa\u73b0\u6b63\u9762\u51b2\u51fb**\u63a8\u52a8\uff1b\u540c\u65f6\uff0c\u5e02\u573a\u539f\u672c\u5c31\u6301\u6709\u504f\u9ad8\u7684**\u6309\u8d38\u6613\u6743\u91cd\u8ba1\u7b97\u7684\u7f8e\u5143\u8d44\u4ea7\uff08trade-weighted USD 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Positioning<\/h3>\n<p>\u62a5\u544a\u79f0\uff0c\u5e02\u573a\u6b64\u524d\u5bf9\u7f8e\u56fd\u7ade\u4e89\u529b\u7684\u62c5\u5fe7\u77ed\u671f\u5185\u5df2\u7f13\u89e3\uff0c\u56e0\u4e3a\u8d38\u6613\u6761\u4ef6\u6539\u5584\u63d0\u5347\u4e86\u7f8e\u56fd\u5bf9\u5916\u6536\u652f\u72b6\u51b5\uff08external position\uff0c\u5373\u7ecf\u5e38\u8d26\u6237\u4e0e\u5bf9\u5916\u8d44\u91d1\u6d41\u7684\u6574\u4f53\u5e73\u8861\uff09\u3002\u4e0d\u8fc7\uff0c\u62a5\u544a\u4e5f\u627f\u8ba4\uff0c\u90e8\u5206\u8d44\u91d1\u4ece\u7f8e\u5143\u6d41\u5411\u66ff\u4ee3\u8d27\u5e01\uff0c\u5982\u52a0\u5143\u4e0e\u4eba\u6c11\u5e01\u3002<\/p>\n<p>\u5373\u4f7f\u6709\u8fd9\u4e9b\u5bf9\u51b2\uff0c\u7f8e\u5143\u5bf9\u6b27\u5143\u3001\u65e5\u5143\u4e0e\u58a8\u897f\u54e5\u6bd4\u7d22\u7684\u5f3a\u52bf\uff0c\u4ecd\u8ba9**\u8d38\u6613\u52a0\u6743\u7f8e\u5143\u6301\u4ed3**\u7ef4\u6301\u5728\u504f\u9ad8\u6c34\u5e73\u3002\u4f46\u62a5\u544a\u8ba4\u4e3a\uff0c\u8fd9\u4e2a\u6c34\u5e73\u8fd8\u4e0d\u8db3\u4ee5\u5f15\u53d1\u5927\u89c4\u6a21\u201c\u5411\u4e0b\u8c03\u6574\u201d\u7684\u518d\u5e73\u8861\u8d44\u91d1\u6d41\uff08downside rebalancing flows\uff0c\u5373\u56e0\u6301\u4ed3\u8fc7\u9ad8\u800c\u88ab\u8feb\u51cf\u4ed3\u7f8e\u5143\uff09\u3002<\/p>\n<p>\u4ece\u4ea4\u6613\u89d2\u5ea6\uff0c\u6838\u5fc3\u89c2\u70b9\u662f\u7f8e\u5143\u524d\u666f\u4ecd\u504f\u6b63\u9762\uff0c\u987a\u52bf\u770b\u6da8\u7684\u7b56\u7565\uff08\u4f8b\u5982**DXY\u770b\u6da8\u671f\u6743\uff08call options\uff0c\u5373\u5728\u5230\u671f\u524d\/\u5230\u671f\u65f6\u4ee5\u7ea6\u5b9a\u4ef7\u683c\u4e70\u5165\u7684\u6743\u5229\uff1bDXY\u662f\u7f8e\u5143\u6307\u6570\uff09**\uff09\u53ef\u80fd\u6bd4\u62bc\u6ce8\u77ed\u671f\u53cd\u8f6c\u66f4\u5408\u7406\u3002\u7406\u7531\u662f\u653f\u7b56\u5206\u5316\u6301\u7eed\uff1a2026\u5e74\u7b2c\u4e00\u5b63\u7f8e\u56fdGDP\u589e\u901f\u9884\u4f302.8%\uff0c\u52a0\u4e0a**\u6838\u5fc3\u901a\u80c0\uff08core inflation\uff0c\u5373\u5254\u9664\u98df\u54c1\u4e0e\u80fd\u6e90\u540e\u7684\u901a\u80c0\uff0c\u66f4\u80fd\u53cd\u6620\u957f\u671f\u8d8b\u52bf\uff09**\u9ecf\u6027\u8f83\u5f3a\uff0c\u964d\u4f4e\u7f8e\u8054\u50a8\u964d\u606f\u52a8\u673a\u3002<\/p>\n<h3>Relative Value Trade Setups<\/h3>\n<p>\u5728**\u76f8\u5bf9\u4ef7\u503c\u4ea4\u6613\uff08relative value\uff0c\u5373\u4e70\u5f3a\u5356\u5f31\u3001\u62bc\u6ce8\u4e24\u8005\u8868\u73b0\u5dee\u5f02\uff09**\u65b9\u9762\uff0c\u62a5\u544a\u8ba4\u4e3a\u6b27\u5143\u53ef\u4f5c\u4e3a\u5bf9\u7f8e\u5143\u7684\u5408\u7406\u201c\u878d\u8d44\u7aef\u201d\u505a\u7a7a\uff08funding short\uff0c\u5373\u501f\u5165\/\u5356\u51fa\u5229\u7387\u66f4\u4f4e\u6216\u9884\u671f\u66f4\u5f31\u7684\u8d27\u5e01\u6765\u4e70\u5165\u53e6\u4e00\u8d27\u5e01\uff09\uff0c\u53ef\u7528**\u9650\u5b9a\u98ce\u9669\u7ed3\u6784\uff08defined-risk 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hold\uff0c\u5373\u503e\u5411\u7d27\u7f29\u3001\u6682\u4e0d\u964d\u606f\uff09\u3002<\/p>\n<p>\u62a5\u544a\u79f0\u65e5\u5143\u98ce\u9669\u66f4\u9ad8\uff0c\u98ce\u9669\u627f\u53d7\u5ea6\u8f83\u9ad8\u8005\u53ef\u8003\u8651\u505a\u591aUSD\/JPY\uff0c\u56e0\u4e3a\u65e5\u672c\u592e\u884c\u4ecd\u575a\u6301\u8d85\u5bbd\u677e\u653f\u7b56\u4e0e\u63a5\u8fd1\u96f6\u5229\u7387\uff0c\u6269\u5927\u7f8e\u65e5\u5229\u5dee\uff08yield 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