USD\/CHF \u9023\u8dcc\u7b2c\u4e8c\u65e5\uff0c\u5468\u4e09\u5728 0.7790 \u9644\u8fd1\u4e0a\u843d\uff0c\u8dcc 0.50%\u3002\u7f8e\u5143\u6301\u7e8c\u53d7\u58d3\uff0c\u56e0\u5e02\u5834\u6c23\u6c1b\u8f49\u5411\u300c\u8ffd\u6c42\u98a8\u96aa\u300d\uff08risk-on\uff0c\u5373\u6295\u8cc7\u8005\u66f4\u9858\u610f\u8cb7\u5165\u80a1\u7968\u7b49\u8f03\u9ad8\u98a8\u96aa\u8cc7\u7522\uff0c\u800c\u975e\u6301\u6709\u7f8e\u5143\u7b49\u907f\u96aa\u8cc7\u7522\uff09\u3002<\/p>\n
\u5e02\u5834\u8d70\u52e2\u8ddf\u96a8\u6709\u95dc\u7f8e\u570b\u8207\u4f0a\u6717\u95dc\u4fc2\u8f49\u6696\u7684\u6d88\u606f\u3002Axios \u6307\uff0c\u96d9\u65b9\u66f4\u63a5\u8fd1\u9054\u6210\u4e00\u4efd\u300c\u8ad2\u89e3\u5099\u5fd8\u9304\u300d\uff08memorandum of understanding\uff0c\u5c6c\u975e\u6b63\u5f0f\u5171\u8b58\u6587\u4ef6\uff0c\u5e38\u7528\u4f5c\u70ba\u5f80\u5f8c\u8ac7\u5224\u6846\u67b6\uff09\uff0c\u6216\u53ef\u70ba\u672a\u4f86\u6838\u8ac7\u5224\u5efa\u7acb\u6846\u67b6\uff0c\u4ee4\u8cc7\u91d1\u5c0d\u7f8e\u5143\u300c\u907f\u96aa\u9700\u6c42\u300d\uff08safe-haven flows\uff0c\u5373\u9047\u4e0a\u4e0d\u660e\u6717\u6642\u6d41\u5165\u76f8\u5c0d\u88ab\u8996\u70ba\u5b89\u5168\u7684\u8cc7\u7522\uff09\u4e0b\u964d\u3002<\/p>\n
\u7f8e\u570b\u570b\u9632\u90e8\u9577 Pete Hegseth \u8868\u793a\uff0c\u8fd1\u4e00\u500b\u6708\u524d\u9054\u6210\u7684\u505c\u706b\u4ecd\u7136\u751f\u6548\uff1b\u570b\u52d9\u537f Marco Rubio \u7a31\uff0c\u7f8e\u570b\u7684\u653b\u64ca\u884c\u52d5\u5df2\u7d50\u675f\u3002\u7f8e\u570b\u7e3d\u7d71\u7279\u6717\u666e\u5ba3\u5e03\uff0c\u5c07\u66ab\u505c\u5728\u970d\u723e\u6728\u8332\u6d77\u5cfd\u8b77\u9001\u8239\u96bb\u7684\u884c\u52d5\uff0c\u540c\u6642\u8a55\u4f30\u9054\u6210\u5354\u8b70\u7684\u53ef\u80fd\u6027\u3002<\/p>\n
\u7279\u6717\u666e\u540c\u6642\u8868\u793a\uff0c\u82e5\u4f0a\u6717\u4e0d\u540c\u610f\u5354\u8b70\uff0c\u8f5f\u70b8\u5c07\u4ee5\u300c\u66f4\u9ad8\u7a0b\u5ea6\u300d\u6062\u5fa9\uff0c\u9650\u5236\u5e02\u5834\u60c5\u7dd2\u6539\u5584\u5e45\u5ea6\u3002<\/p>\n
\u7f8e\u570b\u6578\u64da\u65b9\u9762\uff0cADP \u6307 4 \u6708\u79c1\u4eba\u4f01\u696d\u65b0\u589e 10.9 \u842c\u500b\u8077\u4f4d\uff0c\u9ad8\u65bc\u9810\u671f\u7684 9.9 \u842c\u3002ADP \u662f\u5c31\u696d\u7d71\u8a08\u6a5f\u69cb\uff0c\u5176\u6578\u64da\u70ba\u5e02\u5834\u63d0\u4f9b\u7f8e\u570b\u5c31\u696d\u53c3\u8003\uff0c\u4f46\u4e0d\u7b49\u540c\u5b98\u65b9\u975e\u8fb2\u6578\u64da\u3002\u5373\u4f7f\u5982\u6b64\uff0c\u96a8\u7740\u98a8\u96aa\u504f\u597d\u4e0a\u5347\uff0c\u7f8e\u5143\u4ecd\u7136\u504f\u5f31\u3002<\/p>\n
\u745e\u58eb\u901a\u8139\u65b9\u9762\uff0c4 \u6708\u6309\u5e74\u5347\u81f3 0.6%\uff0c\u9ad8\u65bc 3 \u6708\u7684 0.3%\uff0c\u4ea6\u9ad8\u65bc\u745e\u58eb\u592e\u884c\uff08SNB\uff09\u9810\u6e2c\u7684 0.5%\u3002\u4e3b\u56e0\u662f\u4e2d\u6771\u7dca\u5f35\u4ee4\u80fd\u6e90\u6210\u672c\u4e0a\u5347\u3002<\/p>\n
\u98a8\u96aa\u504f\u597d\u6539\u5584\u6b63\u4ee4\u7f8e\u5143\u53d7\u58d3\u3002\u83ef\u76db\u9813\u8207\u5317\u4eac\u8fd1\u671f\u9ad8\u5c64\u6703\u8ac7\u5617\u8a66\u70ba\u8cbf\u6613\u722d\u8b70\u964d\u6eab\uff0c\u4ee4\u4ea4\u6613\u54e1\u6e1b\u6301\u300c\u907f\u96aa\u8cc7\u7522\u300d\uff08\u5373\u5728\u5e02\u5834\u52d5\u76ea\u6642\u8f03\u53d7\u8ffd\u6367\u7684\u8cc7\u7522\uff09\u3002\u9019\u6210\u70ba\u672c\u5468\u5e02\u5834\u60c5\u7dd2\u7684\u4e3b\u8981\u63a8\u52d5\u529b\u3002<\/p>\n
\u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u5e02\u5834\u6216\u6703\u51fa\u73fe\u4e3b\u8981\u8ca8\u5e63\u5c0d\u300c\u96b1\u542b\u6ce2\u5e45\u300d\uff08implied volatility\uff0c\u5373\u671f\u6b0a\u50f9\u683c\u53cd\u6620\u5e02\u5834\u5c0d\u672a\u4f86\u6ce2\u52d5\u7684\u9810\u671f\uff09\u56de\u843d\u3002\u96d6\u7136\u6d88\u606f\u504f\u6b63\u9762\uff0c\u4f46\u5b98\u54e1\u8a00\u8ad6\u53ef\u96a8\u6642\u626d\u8f49\u6c23\u6c1b\uff0c\u56e0\u6b64\u7528\u300c\u8ce3\u6ce2\u5e45\u300d\u7b56\u7565\uff08\u4f8b\u5982 short straddle\uff1a\u540c\u4e00\u5230\u671f\u65e5\u3001\u540c\u4e00\u884c\u4f7f\u50f9\uff0c\u540c\u6642\u8ce3\u51fa\u770b\u6f32\u671f\u6b0a\u8207\u770b\u8dcc\u671f\u6b0a\uff0c\u8cfa\u53d6\u6b0a\u5229\u91d1\u4f46\u627f\u53d7\u5927\u5e45\u6ce2\u52d5\u98a8\u96aa\uff09\u5c6c\u9ad8\u98a8\u96aa\u3002\u8cb7\u5165 USD\/CHF \u7684\u300c\u770b\u8dcc\u671f\u6b0a\u300d\uff08put option\uff1a\u5728\u5230\u671f\u524d\u4ee5\u6307\u5b9a\u50f9\u683c\u8ce3\u51fa\u6a19\u7684\u7684\u6b0a\u5229\uff0c\u7528\u65bc\u62bc\u6ce8\u4e0b\u8dcc\u6216\u5c0d\u6c96\uff09\u6216\u662f\u8f03\u76f4\u63a5\u7684\u90e8\u7f72\u65b9\u5f0f\u3002<\/p>\n
\u81f3\u65bc\u745e\u90ce\u4e00\u65b9\uff0c\u8d70\u52e2\u4ecd\u504f\u5f37\u3002\u6700\u65b0\u901a\u8139\u6578\u64da\u986f\u793a\uff0c2026 \u5e74 4 \u6708\u6309\u5e74\u5347 1.4%\uff0c\u7565\u9ad8\u65bc\u745e\u58eb\u592e\u884c\u9810\u6e2c\uff0c\u4ea6\u660e\u986f\u9ad8\u65bc\u53bb\u5e74\u540c\u671f\u7684 0.6%\u3002\u9019\u964d\u4f4e\u745e\u58eb\u592e\u884c\u51fa\u624b\u300c\u6253\u58d3\u745e\u90ce\u300d\uff08\u900f\u904e\u653f\u7b56\u6216\u5e02\u5834\u64cd\u4f5c\u4ee4\u745e\u90ce\u8f49\u5f31\u3001\u652f\u63f4\u51fa\u53e3\uff09\u7684\u6a5f\u6703\uff0c\u4ee4 USD\/CHF \u4e0b\u884c\u58d3\u529b\u589e\u52a0\u3002<\/p>\n
\u5e02\u5834\u4ea6\u5927\u81f4\u5ffd\u8996\u7f8e\u570b\u504f\u7a69\u5065\u7684\u6578\u64da\uff0c\u60c5\u6cc1\u985e\u4f3c 2025 \u5e74\u7f8e\u4f0a\u964d\u6eab\u8ac7\u5224\u671f\u9593\u3002\u4f8b\u5982\u4e0a\u5468\u4e94\u7f8e\u570b\u5c31\u696d\u5831\u544a\u986f\u793a 4 \u6708\u65b0\u589e 19.5 \u842c\u500b\u8077\u4f4d\uff0c\u4f46\u672a\u80fd\u652f\u6301\u7f8e\u5143\u3002\u5e02\u5834\u66f4\u91cd\u8996\u5730\u7de3\u653f\u6cbb\u591a\u65bc\u7d93\u6fdf\u57fa\u672c\u9762\uff0c\u610f\u5473\u4ea4\u6613\u54e1\u9700\u66f4\u7559\u610f\u300c\u982d\u689d\u98a8\u96aa\u300d\uff08headline risk\uff1a\u7a81\u767c\u65b0\u805e\u5f15\u767c\u7684\u6025\u5287\u6ce2\u52d5\uff09\u3002<\/p>\n
\u56e0\u6b64\uff0c\u4ea4\u6613\u54e1\u53ef\u8003\u616e\u8cb7\u5165\u77ed\u5e74\u671f USD\/CHF \u770b\u8dcc\u671f\u6b0a\uff0c\u884c\u4f7f\u50f9\u53ef\u8a2d\u65bc\u73fe\u6709\u652f\u6301\u4f4d\u4ee5\u4e0b\u3002\u73fe\u6642\u74b0\u5883\u6709\u6a5f\u6703\u8dcc\u7a7f\u8fd1\u671f\u4f4e\u4f4d\uff0c\u800c\u671f\u6b0a\u63d0\u4f9b\u300c\u6709\u9650\u98a8\u96aa\u300d\uff08\u6700\u5927\u640d\u5931\u70ba\u5df2\u4ed8\u6b0a\u5229\u91d1\uff09\u7684\u53c3\u8207\u65b9\u5f0f\u3002\u4ee5\u5169\u661f\u671f\u81f3\u4e00\u500b\u6708\u7684\u5230\u671f\u6642\u9593\u8f03\u5408\u9069\uff0c\u6709\u671b\u6355\u6349\u4e0b\u4e00\u6bb5\u8d70\u52e2\uff08\u524d\u63d0\u662f\u98a8\u96aa\u60c5\u7dd2\u6301\u7e8c\u504f\u6b63\u9762\uff09\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
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