加元:加拿大央行保持耐心,美元兑加元面临下行风险 – BBH
布朗兄弟哈里曼(BBH)的埃利亚斯·哈达德报告称,加拿大央行(BoC)连续第五次将政策利率维持在2.25%,并表示尽管存在双向选择性,但没有加息的紧迫性。

布朗兄弟哈里曼(BBH)的埃利亚斯·哈达德报告称,加拿大央行(BoC)连续第五次将政策利率维持在2.25%,并表示尽管存在双向选择性,但没有加息的紧迫性。鉴于市场预计未来十二个月将加息50个基点,哈达德认为掉期曲线定价过于激进,并认为美元/加元有可能逐步上涨至1.4140。

市场对加息的定价被认为过于激进

“昨日,加拿大央行(BOC)连续第五次将政策利率维持在2.25%。这一决定广泛预期。BOC重申了4月份引入的双向政策选择性,即美国对加拿大的新贸易限制可能支持降息,但持续高企的能源价格可能需要‘连续加息’。”

“尽管如此,声明表明BOC并不急于开始加息。BOC指出‘经济预计将保持产能过剩’,且‘迄今为止,尚未有广泛证据显示更高的能源价格已传导至其他消费价格’。”

“结论是:掉期曲线对未来十二个月BOC加息50个基点的定价过于激进。风险在于,随着掉期曲线下调,美元/加元可能逐步攀升至1.4140(2025年11月高点)。”

(本文由人工智能工具协助生成,编辑审核。)

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