{"id":44758,"date":"2026-04-13T05:57:26","date_gmt":"2026-04-13T05:57:26","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/44758\/"},"modified":"2026-04-13T05:57:26","modified_gmt":"2026-04-13T05:57:26","slug":"%e6%9c%aa%e4%be%86%e4%b8%80%e9%80%b1%ef%bc%9a%e7%be%8e%e5%9c%8b%e5%b0%81%e9%8e%96%e9%9c%8d%e7%88%be%e6%9c%a8%e8%8c%b2%e6%b5%b7%e5%b3%bd%ef%bc%8c%e5%85%a8%e7%90%83%e7%9b%ae%e5%85%89%e8%81%9a%e7%84%a6","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/week_ahead\/44758\/","title":{"rendered":"\u672a\u4f86\u4e00\u9031\uff1a\u7f8e\u570b\u5c01\u9396\u970d\u723e\u6728\u8332\u6d77\u5cfd\uff0c\u5168\u7403\u76ee\u5149\u805a\u7126\u77f3\u6cb9"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/zh\/wp-content\/uploads\/sites\/12\/2026\/04\/oilSOH-1-1024x573.png\" alt=\"\" class=\"wp-image-47424\"\/><\/figure>\n\n\n\n<p><strong>\u91cd\u9ede<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u539f\u6cb9\u4ecd\u662f\u6700\u91cd\u8981\u7684\u6307\u6a19\uff1a\u5e03\u862d\u7279\u539f\u6cb9\u63a5\u8fd1 100 \u7f8e\u5143\u3001\u897f\u5fb7\u5dde\u539f\u6cb9\uff08WTI\uff09\u63a5\u8fd1 105 \u7f8e\u5143\uff0c\u5148\u524d\u5927\u5e45\u6025\u6f32\u3002<\/li>\n\n\n\n<li>\u970d\u723e\u6728\u8332\u6d77\u5cfd\u906d\u5c01\u9396\uff0c\u5f15\u767c\u5e02\u5834\u8f49\u5411\u907f\u96aa\uff08risk-off\uff1a\u8cc7\u91d1\u96e2\u958b\u9ad8\u98a8\u96aa\u8cc7\u7522\uff09\u3001\u652f\u6490\u6cb9\u50f9\u8207\u7f8e\u5143\uff08USD\uff09\u3002<\/li>\n\n\n\n<li>\u7f8e\u4f0a\u8ac7\u5224\u7834\u5c40\uff0c\u5347\u7d1a\u98a8\u96aa\u7dad\u6301\u5728\u9ad8\u6a94\u3002<\/li>\n\n\n\n<li>\u9031\u4e8c\u7684\u751f\u7522\u8005\u7269\u50f9\u6307\u6578\uff08PPI\uff1a\u53cd\u6620\u4f01\u696d\u51fa\u5ee0\u50f9\u683c\u7684\u901a\u81a8\u6307\u6a19\uff09\u662f\u5f71\u97ff\u901a\u81a8\u8207\u5229\u7387\u9810\u671f\u7684\u95dc\u9375\u3002<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>\u65b0\u7684\u4e00\u9031\u5728\u9ad8\u5ea6\u8b66\u6212\u4e2d\u5c55\u958b\uff0c\u9031\u672b\u672a\u80fd\u9054\u6210\u6301\u4e45\u505c\u706b\u3002\u95dc\u9375\u539f\u56e0\u662f\u970d\u723e\u6728\u8332\u6d77\u5cfd\u958b\u59cb\u5be6\u65bd\u6d77\u4e0a\u5c01\u9396\uff0c\u63a8\u5347\u6cb9\u50f9\u4e26\u5e36\u52d5\u5168\u7403\u5e02\u5834\u8f49\u5411\u9632\u5b88\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Markets remained concerned about whether the US-Iran ceasefire will hold as oil prices rose, with energy flows through the Strait of Hormuz remaining restricted <a href=\"https:\/\/t.co\/AV2iOCQE8w\">https:\/\/t.co\/AV2iOCQE8w<\/a> <a href=\"https:\/\/t.co\/9DspZuVlkW\">pic.twitter.com\/9DspZuVlkW<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/2042263769284243813?ref_src=twsrc%5Etfw\">April 9, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u5e03\u862d\u7279\u539f\u6cb9\u63a5\u8fd1 100 \u7f8e\u5143\uff0cWTI \u5728\u5287\u70c8\u6ce2\u52d5\u5f8c\u4e0a\u6f32\u5230\u7d04 105 \u7f8e\u5143\uff0c\u5148\u524d\u55ae\u6b21\u6025\u6f32\u63a5\u8fd1 11%\u3002\u53ea\u8981\u5c40\u52e2\u5347\u7d1a\uff0c\u6cb9\u50f9\u4ecd\u504f\u5411\u4e0a\u884c\uff0c\u5c24\u5176\u662f\u76ee\u524d\u7684\u66ab\u505c\u653b\u64ca\u671f\u9650\u5c07\u5728\u9031\u4e8c\u5230\u671f\uff0c\u4e14\u6c92\u6709\u9577\u671f\u5b89\u6392\u3002<\/p>\n\n\n\n<p>\u5728\u9019\u500b\u50f9\u4f4d\uff0c\u6cb9\u50f9\u4e0d\u518d\u53ea\u662f\u8ddf\u8457\u65b0\u805e\u8d70\u3002\u5e02\u5834\u958b\u59cb\u628a\u300c\u7b2c\u4e8c\u5c64\u5f71\u97ff\u300d\uff08second-order effects\uff1a\u9593\u63a5\u9023\u9396\u6548\u61c9\uff09\u7d0d\u5165\u5b9a\u50f9\uff0c\u4f8b\u5982\u904b\u8f38\u6210\u672c\u4e0a\u5347\u3001\u901a\u81a8\u66f4\u96e3\u4e0b\u964d\uff0c\u8b93\u5404\u570b\u592e\u884c\uff08central banks\uff1a\u8ca0\u8cac\u5229\u7387\u8207\u8ca8\u5e63\u653f\u7b56\u7684\u6a5f\u69cb\uff09\u66f4\u96e3\u964d\u606f\u6216\u653e\u9b06\u653f\u7b56\u3002\u98a8\u96aa\u5728\u65bc\u9ad8\u6cb9\u50f9\u53ef\u80fd\u8b8a\u6210\u9577\u671f\u554f\u984c\uff0c\u800c\u4e0d\u662f\u77ed\u66ab\u6ce2\u52d5\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7f8e\u4f0a\u50f5\u5c40\u3001\u970d\u723e\u6728\u8332\u7dca\u5f35\u5347\u6eab\uff0c\u63a8\u5347\u6cb9\u50f9\u8207\u7f8e\u5143<\/h2>\n\n\n\n<p>\u7f8e\u570b\u8207\u4f0a\u6717\u7684\u9ad8\u5c64\u8ac7\u5224\u5728\u5df4\u57fa\u65af\u5766\u5354\u52a9\u4e0b\u9032\u884c\u8fd1 21 \u5c0f\u6642\uff0c\u4ecd\u7121\u9032\u5c55\u3002\u7f8e\u570b\u526f\u7e3d\u7d71 JD Vance \u8868\u793a\u83ef\u5e9c\u5df2\u63d0\u51fa\u6700\u7d42\u4e14\u6700\u5b8c\u6574\u7684\u65b9\u6848\uff0c\u4f46\u5fb7\u9ed1\u862d\u62d2\u7d55\uff0c\u8ac7\u5224\u9677\u5165\u50f5\u5c40\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Hormuz remains at near standstill after ceasefire <a href=\"https:\/\/t.co\/kIAQwdDCO1\">https:\/\/t.co\/kIAQwdDCO1<\/a> <a href=\"https:\/\/t.co\/kIAQwdDCO1\">https:\/\/t.co\/kIAQwdDCO1<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/2042646379445584171?ref_src=twsrc%5Etfw\">April 10, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u7dca\u5f35\u518d\u5ea6\u5347\u9ad8\uff1a\u7f8e\u570b\u7e3d\u7d71\u5510\u7d0d\uff0e\u5ddd\u666e\u9031\u65e5\u5ba3\u5e03\uff0c\u7f8e\u570b\u6d77\u8ecd\u5c07\u958b\u59cb\u5c01\u9396\u970d\u723e\u6728\u8332\u6d77\u5cfd\uff0c\u8b93\u8106\u5f31\u7684\u5169\u9031\u505c\u706b\u9762\u81e8\u7834\u88c2\u98a8\u96aa\u3002\u9019\u58d3\u6291\u5168\u7403\u98a8\u96aa\u60c5\u7dd2\uff0c\u4e5f\u88ab\u8996\u70ba\u652f\u6490\u300c\u907f\u96aa\u8ca8\u5e63\u300d\u7f8e\u5143\uff08safe-haven USD\uff1a\u5e02\u5834\u52d5\u76ea\u6642\u66f4\u53d7\u9752\u775e\u7684\u8ca8\u5e63\uff09\u7684\u9700\u6c42\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">President Trump said the US Navy would blockade the Strait of Hormuz and interdict every vessel in international waters that paid a toll to Iran after peace talks failed <a href=\"https:\/\/t.co\/tpzNOS3iWf\">https:\/\/t.co\/tpzNOS3iWf<\/a> <a href=\"https:\/\/t.co\/fHJJOt6KUT\">pic.twitter.com\/fHJJOt6KUT<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/2043383646707470834?ref_src=twsrc%5Etfw\">April 12, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u7f8e\u5143\u6307\u6578\u63a5\u8fd1 99\uff1a\u53d7\u7f8e\u4f0a\u50f5\u5c40\u8207\u504f\u5f37 CPI \u5f71\u97ff<\/h2>\n\n\n\n<p>\u7f8e\u5143\u6307\u6578\uff08DXY\uff1a\u7f8e\u5143\u5c0d\u516d\u7a2e\u4e3b\u8981\u8ca8\u5e63\u7684\u52a0\u6b0a\u6307\u6578\uff09\u5728\u56de\u5410\u90e8\u5206\u6f32\u5e45\u5f8c\u4ecd\u7dad\u6301\u4e0a\u6f32\uff0c\u9031\u4e00\u4e9e\u6d32\u6642\u6bb5\u63a5\u8fd1 99.00\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">US inflation surged in March by the most in nearly four years as the war with Iran sent gasoline prices skyrocketing. The consumer price index rose 0.9% from February. <br><br>Michael McKee reports <a href=\"https:\/\/t.co\/j9G1MO6RKu\">https:\/\/t.co\/j9G1MO6RKu<\/a> <a href=\"https:\/\/t.co\/x7YZVkM3Qe\">pic.twitter.com\/x7YZVkM3Qe<\/a><\/p>&mdash; Bloomberg TV (@BloombergTV) <a href=\"https:\/\/twitter.com\/BloombergTV\/status\/2042601707327140002?ref_src=twsrc%5Etfw\">April 10, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u7f8e\u4f0a\u548c\u8ac7\u7834\u5c40\u5f8c\uff0c\u907f\u96aa\u9700\u6c42\u4e0a\u5347\u63a8\u52d5\u7f8e\u5143\u8d70\u5f37\u3002JD Vance \u8b49\u5be6\uff0c\u4f0a\u65af\u862d\u99ac\u5df4\u5fb7\u7684\u8ac7\u5224\u5728 21 \u5c0f\u6642\u5f8c\u672a\u80fd\u9054\u6210\u5354\u8b70\u3002<\/p>\n\n\n\n<p>\u820a\u91d1\u5c71\u806f\u6e96\u9280\u884c\uff08San Francisco Fed\uff1a\u7f8e\u570b\u806f\u6e96\u6703\u5728\u820a\u91d1\u5c71\u7684\u5730\u5340\u5206\u884c\uff09\u7e3d\u88c1 Mary Daly \u5c0d\u8def\u900f\u8868\u793a\uff0c\u82e5\u901a\u81a8\u4ecd\u504f\u9ad8\uff0c\u806f\u6e96\u6703\uff08Fed\uff1a\u7f8e\u570b\u4e2d\u592e\u9280\u884c\uff09\u5c07\u7dad\u6301\u5229\u7387\u4e0d\u8b8a\uff0c\u76f4\u5230\u7269\u50f9\u56de\u7a69\u3002\u4e0d\u904e\u5979\u4e5f\u63d0\u5230\uff0c\u82e5\u8207\u4f0a\u6717\u7684\u7dca\u5f35\u8fc5\u901f\u7de9\u548c\u3001\u6cb9\u50f9\u56de\u843d\uff0c\u4ecd\u53ef\u80fd\u8003\u616e\u964d\u606f\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">PPI\uff1a\u6aa2\u9a57\u4f9b\u61c9\u93c8\u901a\u81a8\u7684\u95dc\u9375\u6578\u64da<\/h2>\n\n\n\n<p>\u9031\u4e8c\u516c\u5e03\u7684\u751f\u7522\u8005\u7269\u50f9\u6307\u6578\uff08PPI\uff1a\u4f01\u696d\u5728\u51fa\u5ee0\u7aef\u7684\u50f9\u683c\u8b8a\u52d5\uff09\u662f\u91cd\u8981\u6307\u6a19\uff0c\u7528\u4f86\u5224\u65b7\u80fd\u6e90\u6210\u672c\u66b4\u6f32\u662f\u5426\u5df2\u5728\u4f9b\u61c9\u93c8\uff08supply chain\uff1a\u5f9e\u539f\u6599\u3001\u88fd\u9020\u5230\u914d\u9001\u7684\u6574\u500b\u6d41\u7a0b\uff09\u4e2d\u8b8a\u5f97\u66f4\u660e\u986f\u3002\u5728\u6d77\u4e0a\u5c01\u9396\u6301\u7e8c\u4e0b\uff0c\u5e03\u862d\u7279\u539f\u6cb9\u5728 100 \u7f8e\u5143\u4ee5\u4e0a\uff0c\u5e02\u5834\u5c0d\u300c\u4f01\u696d\u662f\u5426\u628a\u66f4\u9ad8\u7684\u6210\u672c\u8f49\u5ac1\u7d66\u6d88\u8cbb\u8005\u300d\uff08pass-through\uff1a\u6210\u672c\u8f49\u5ac1\uff09\u7279\u5225\u654f\u611f\u3002\u82e5 PPI \u660e\u986f\u9ad8\u65bc\u9810\u671f\uff0c\u53ef\u80fd\u5f37\u5316\u300c\u5229\u7387\u7dad\u6301\u9ad8\u6a94\u66f4\u4e45\u300d\uff08higher-for-longer\uff1a\u964d\u606f\u6703\u66f4\u6162\u3001\u5229\u7387\u6703\u66f4\u4e45\u7dad\u6301\u5728\u8f03\u9ad8\u6c34\u6e96\uff09\u7684\u770b\u6cd5\uff0c\u63a8\u5347\u7f8e\u5143\uff0c\u540c\u6642\u58d3\u7e2e\u4f01\u696d\u7372\u5229\u7a7a\u9593\uff08profit margins\uff1a\u6536\u5165\u6263\u9664\u6210\u672c\u5f8c\u7684\u5229\u6f64\u6bd4\u4f8b\uff09\uff0c\u8b93\u5df2\u53d7\u5730\u7de3\u653f\u6cbb\u5f71\u97ff\u7684\u80a1\u5e02\u627f\u58d3\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u95dc\u6ce8\u7684\u4e3b\u8981\u4ee3\u865f<\/h2>\n\n\n\n<p>USDX | USOil | XAUUSD | SP500 | BTCUSD<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u672c\u9031\u91cd\u8981\u4e8b\u4ef6<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>\u65e5\u671f<\/td><td>\u8ca8\u5e63<\/td><td>\u4e8b\u4ef6<\/td><td>\u9810\u6e2c<\/td><td>\u524d\u503c<\/td><td>\u5206\u6790\u5e2b\u5099\u8a3b<\/td><\/tr><tr><td>14 Apr<\/td><td>USD<\/td><td>\u6838\u5fc3 PPI \u6708\u589e\u7387\uff08Core PPI m\/m\uff1a\u6263\u9664\u6ce2\u52d5\u8f03\u5927\u7684\u9805\u76ee\u5f8c\u7684\u51fa\u5ee0\u50f9\u683c\u6708\u5ea6\u8b8a\u5316\uff09<\/td><td>0.50%<\/td><td>0.50%<\/td><td>\u7b26\u5408\u9810\u671f\uff1a\u806f\u6e96\u6703\u9810\u671f\u8b8a\u5316\u4e0d\u5927\uff1b\u9ad8\u65bc\u9810\u671f\uff1a\u6709\u5229 USDX\uff1b\u4f4e\u65bc\u9810\u671f\uff1a\u4e0d\u5229 USDX\u3002<br><\/td><\/tr><tr><td>16 Apr<\/td><td>AUD<\/td><td>\u5931\u696d\u7387<\/td><td>4.30%<\/td><td>4.30%<\/td><td>\u5931\u696d\u7387\u66f4\u9ad8\u53ef\u80fd\u4f7f\u6fb3\u5e63\u8d70\u5f31\uff0c\u4e26\u5f71\u97ff\u653f\u7b56\u8a9e\u6c23\u3002<\/td><\/tr><tr><td>16 Apr<\/td><td>GBP<\/td><td>GDP \u6708\u589e\u7387\uff08GDP m\/m\uff1a\u55ae\u6708\u7d93\u6fdf\u7522\u51fa\u8b8a\u5316\uff09<\/td><td>0.10%<\/td><td>0.00%<\/td><td>GDP \u5c0f\u5e45\u56de\u5347\u53ef\u80fd\u652f\u6490\u82f1\u938a\u8207\u6210\u9577\u60c5\u7dd2\u3002<br><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u672c\u9031\u4e3b\u8981\u8d70\u52e2<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">USDX<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/04\/67266d20-6e9f-40bb-8f25-194872b34aed.png\" alt=\"\" class=\"wp-image-47425\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6295\u8cc7\u4eba\u8f49\u5411\u907f\u96aa\u8cc7\u7522\uff0c\u7f8e\u5143\u8df3\u7a7a\u4e0a\u6f32\uff08gapped up\uff1a\u958b\u76e4\u50f9\u76f4\u63a5\u9ad8\u65bc\u524d\u4e00\u4ea4\u6613\u65e5\u6536\u76e4\u50f9\uff09\u63a5\u8fd1 99\u3002<\/li>\n\n\n\n<li>\u9031\u4e8c\u7684 PPI \u53ef\u80fd\u6210\u70ba\u7f8e\u5143\u7684\u4e3b\u8981\u63a8\u624b\uff1b\u82e5 PPI \u66f4\u9ad8\uff0c\u7f8e\u5143\u53ef\u80fd\u7dad\u6301\u5f37\u52e2\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">USOil<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/04\/8abb9be4-5fe3-4437-9efa-63f03102e6f6.png\" alt=\"\" class=\"wp-image-47426\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u970d\u723e\u6728\u8332\u6d77\u5cfd\u4ecd\u906d\u5c01\u9396\uff0c\u6cb9\u50f9\u8df3\u7a7a\u4e0a\u6f32\u81f3 100 \u7f8e\u5143\u4ee5\u4e0a\u3002<\/li>\n\n\n\n<li>\u82e5\u7dca\u5f35\u6301\u7e8c\uff0c\u6cb9\u50f9\u53ef\u80fd\u518d\u5347\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">XAUUSD<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/04\/f74517b0-dcde-44fc-b72e-004231d22689.png\" alt=\"\" class=\"wp-image-47428\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9031\u4e00\u9ec3\u91d1\u8df3\u7a7a\u4e0b\u8dcc\uff0c\u539f\u56e0\u662f\u6295\u8cc7\u4eba\u7372\u5229\u4e86\u7d50\uff0c\u4e26\u70ba\u5176\u4ed6\u8cc7\u7522\u7684\u8ffd\u7e73\u4fdd\u8b49\u91d1\uff08margin call\uff1a\u4fdd\u8b49\u91d1\u4e0d\u8db3\u6642\u88ab\u8981\u6c42\u88dc\u7e73\u8cc7\u91d1\uff09\u7c4c\u9322\u3002<\/li>\n\n\n\n<li>\u82e5\u9031\u4e8c PPI \u9ad8\u65bc\u9810\u671f\uff0c\u53ef\u80fd\u5c0d\u91d1\u50f9\u4e0d\u5229\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">BTCUSD<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/04\/c788d3e8-01c3-41a9-ba4e-0f77228b6f58.png\" alt=\"\" class=\"wp-image-47429\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9031\u672b\u56e0\u7f8e\u4f0a\u8ac7\u5224\u5931\u6557\uff0c\u6bd4\u7279\u5e63\uff08BTC\uff09\u8d70\u4f4e\u3002<\/li>\n\n\n\n<li>\u82e5\u9031\u4e8c PPI \u9ad8\u65bc\u9810\u671f\uff0c\u53ef\u80fd\u58d3\u4f4e\u6bd4\u7279\u5e63\u50f9\u683c\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">SP500<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/04\/27488cdc-7053-432a-9568-8e079a2d4de5.png\" alt=\"\" class=\"wp-image-47427\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9031\u4e00\u958b\u76e4\u6a19\u666e 500 \u6307\u6578\u8df3\u7a7a\u4e0b\u8dcc\uff0c\u6295\u8cc7\u4eba\u8f49\u5411\u907f\u96aa\u3002<\/li>\n\n\n\n<li>\u82e5\u77ed\u671f\u5167\u7121\u6cd5\u9054\u6210\u548c\u8ac7\uff0c\u80a1\u7968\u53ef\u80fd\u51fa\u73fe\u62cb\u552e\uff08sell-off\uff1a\u5feb\u901f\u4e0b\u8dcc\uff09\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u7d50\u8ad6<\/h2>\n\n\n\n<p>\u5e02\u5834\u5728\u5730\u7de3\u653f\u6cbb\u63a8\u52d5\u4e0b\u9032\u5165\u300c\u907f\u96aa\u6a21\u5f0f\u300d\uff08risk-off\uff1a\u964d\u4f4e\u98a8\u96aa\u90e8\u4f4d\uff09\u3002\u970d\u723e\u6728\u8332\u6d77\u5cfd\u5c01\u9396\u8207\u7f8e\u4f0a\u8ac7\u5224\u5931\u6557\u63a8\u5347\u6cb9\u50f9\u4e26\u652f\u6490\u7f8e\u5143\u3002\u5e03\u862d\u7279\u63a5\u8fd1 100\u3001WTI \u63a5\u8fd1 105\uff0c\u4e0d\u53ea\u53cd\u6620\u65b0\u805e\u98a8\u96aa\uff0c\u4e5f\u986f\u793a\u5e02\u5834\u66f4\u64d4\u5fc3\u80fd\u6e90\u8207\u4f9b\u61c9\u93c8\u5e36\u4f86\u7684\u6301\u7e8c\u901a\u81a8\u58d3\u529b\u3002<\/p>\n\n\n\n<p>\u76ee\u524d\u7684\u6838\u5fc3\u5728\u65bc\u6210\u672c\u8f49\u5ac1\uff08pass-through\uff1a\u4f01\u696d\u628a\u6210\u672c\u4e0a\u5347\u53cd\u6620\u5230\u552e\u50f9\uff09\u3002\u82e5 PPI \u8b49\u5be6\u4f01\u696d\u6210\u672c\u8d70\u9ad8\uff0c\u5c07\u66f4\u652f\u6301\u806f\u6e96\u6703\u628a\u5229\u7387\u7dad\u6301\u5728\u9ad8\u6a94\u66f4\u4e45\uff08higher-for-longer\uff09\uff0c\u9032\u4e00\u6b65\u652f\u6490\u7f8e\u5143\uff0c\u540c\u6642\u58d3\u6291\u98a8\u96aa\u8cc7\u7522\uff08risk assets\uff1a\u4f8b\u5982\u80a1\u7968\u3001\u52a0\u5bc6\u8ca8\u5e63\u7b49\u6ce2\u52d5\u8f03\u5927\u7684\u8cc7\u7522\uff09\u3002<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>\u4ea4\u6613\u8005\u5e38\u898b\u554f\u984c<\/summary>\n<p><strong>\u70ba\u4ec0\u9ebc\u4eca\u5929\u6cb9\u50f9\u4e0a\u6f32\uff1f<\/strong><\/p>\n\n\n\n<p>\u6cb9\u50f9\u5927\u6f32\uff0c\u4e3b\u56e0\u662f\u7f8e\u570b\u5c0d\u970d\u723e\u6728\u8332\u6d77\u5cfd\u555f\u52d5\u6d77\u4e0a\u5c01\u9396\u3002\u5e03\u862d\u7279\u539f\u6cb9\u63a5\u8fd1 100 \u7f8e\u5143\u3001WTI \u63a5\u8fd1 105 \u7f8e\u5143\uff0c\u5e02\u5834\u6b63\u5728\u53cd\u6620\u53ef\u80fd\u51fa\u73fe\u7684\u4f9b\u61c9\u4e2d\u65b7\uff08supply shock\uff1a\u4f9b\u7d66\u7a81\u7136\u5927\u5e45\u6e1b\u5c11\uff09\u3002\u7531\u65bc\u9031\u672b\u672a\u9054\u6210\u9577\u671f\u505c\u706b\uff0c\u4ea4\u6613\u8005\u9810\u671f\u80fd\u6e90\u50f9\u683c\u4e2d\u4ecd\u6703\u4fdd\u7559\u300c\u6230\u722d\u6ea2\u50f9\u300d\uff08war premium\uff1a\u56e0\u6230\u4e8b\u98a8\u96aa\u800c\u984d\u5916\u4e0a\u6f32\u7684\u50f9\u683c\uff09\u3002<\/p>\n\n\n\n<p><strong>\u4f0a\u65af\u862d\u99ac\u5df4\u5fb7\u7684\u7f8e\u4f0a\u548c\u8ac7\u767c\u751f\u4e86\u4ec0\u9ebc\u4e8b\uff1f<\/strong><\/p>\n\n\n\n<p>\u5728\u5df4\u57fa\u65af\u5766\u5354\u52a9\u4e0b\uff0c\u7f8e\u4f0a\u9ad8\u5c64\u8ac7\u5224\u9032\u884c 21 \u5c0f\u6642\u4ecd\u9677\u5165\u50f5\u5c40\u3002JD Vance \u8b49\u5be6\uff0c\u4f0a\u6717\u62d2\u7d55\u7f8e\u570b\u7684\u6700\u7d42\u63d0\u6848\u3002\u5916\u4ea4\u672a\u679c\u4f7f\u5c40\u52e2\u518d\u5ea6\u8f49\u5411\u9632\u5b88\uff0c\u5e02\u5834\u504f\u5411\u907f\u96aa\uff08risk-off\uff1a\u6e1b\u5c11\u98a8\u96aa\u90e8\u4f4d\uff09\u3002<\/p>\n\n\n\n<p><strong>\u5c01\u9396\u970d\u723e\u6728\u8332\u6d77\u5cfd\u5982\u4f55\u5f71\u97ff\u7f8e\u5143\uff1f<\/strong><\/p>\n\n\n\n<p>\u5c01\u9396\u4f7f\u6295\u8cc7\u4eba\u8f49\u5411\u907f\u96aa\u8cc7\u7522\uff0c\u63a8\u52d5\u7f8e\u5143\u6307\u6578\uff08DXY\uff09\u63a5\u8fd1 99.00\u3002\u9664\u6b64\u4e4b\u5916\uff0c\u5c01\u9396\u8b93\u6cb9\u50f9\u7dad\u6301\u9ad8\u6a94\uff0c\u589e\u52a0\u901a\u81a8\u58d3\u529b\uff0c\u53ef\u80fd\u8feb\u4f7f\u806f\u6e96\u6703\u66f4\u4e45\u7dad\u6301\u8f03\u9ad8\u5229\u7387\uff08higher-for-longer\uff1a\u964d\u606f\u66f4\u6162\uff09\uff0c\u9032\u4e00\u6b65\u652f\u6490\u7f8e\u5143\u3002<\/p>\n\n\n\n<p><strong>\u806f\u6e96\u6703\u6703\u5728 2026 \u5e74\u964d\u606f\u55ce\uff1f<\/strong><\/p>\n\n\n\n<p>\u806f\u6e96\u6703\u5b98\u54e1\uff08\u4f8b\u5982\u820a\u91d1\u5c71\u806f\u6e96\u9280\u884c\u7e3d\u88c1 Mary Daly\uff09\u8868\u793a\uff0c\u82e5\u901a\u81a8\u4ecd\u504f\u9ad8\uff0c\u5229\u7387\u6703\u7dad\u6301\u4e0d\u8b8a\u3002\u82e5\u4e2d\u6771\u7dca\u5f35\u7de9\u548c\u3001\u6cb9\u50f9\u4e0b\u8dcc\uff0c\u624d\u53ef\u80fd\u8003\u616e\u964d\u606f\uff1b\u4f46\u5728\u5c01\u9396\u60c5\u6cc1\u4e0b\uff0c\u77ed\u671f\u653e\u9b06\u653f\u7b56\u7684\u6a5f\u7387\u4e0d\u9ad8\u3002<\/p>\n\n\n\n<p><strong>\u70ba\u4ec0\u9ebc\u9031\u4e8c\u7684 PPI \u5c0d\u80a1\u5e02\u91cd\u8981\uff1f<\/strong><\/p>\n\n\n\n<p>PPI \u662f\u89c0\u5bdf\u4f9b\u61c9\u93c8\u901a\u81a8\u7684\u91cd\u8981\u6307\u6a19\u3002\u80fd\u6e90\u6210\u672c\u98c6\u5347\u6642\uff0c\u5e02\u5834\u6703\u770b\u4f01\u696d\u662f\u5426\u628a\u6210\u672c\u8f49\u5ac1\u7d66\u6d88\u8cbb\u8005\uff08pass-through\uff1a\u6210\u672c\u8f49\u5ac1\uff09\u3002\u82e5 PPI \u504f\u9ad8\uff0c\u4ee3\u8868\u901a\u81a8\u66f4\u53ef\u80fd\u6210\u70ba\u9577\u671f\u554f\u984c\uff0c\u53ef\u80fd\u58d3\u7e2e\u4f01\u696d\u7372\u5229\u7a7a\u9593\uff08profit margins\uff1a\u5229\u6f64\u6bd4\u4f8b\uff09\uff0c\u4e26\u5c0d\u80a1\u50f9\u4f30\u503c\uff08valuations\uff1a\u5e02\u5834\u9858\u610f\u7d66\u7684\u50f9\u683c\u6c34\u6e96\uff09\u9020\u6210\u58d3\u529b\u3002<\/p>\n\n\n\n<p><strong>\u9ad8\u6cb9\u50f9\u5c0d\u5168\u7403\u901a\u81a8\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f<\/strong><\/p>\n<\/details>\n\n<p>\n\n<p><strong>\u7acb\u5373\u958b\u59cb\u4ea4\u6613 &#8211; \u9ede\u64ca<a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">\u9019\u88e1<\/a>\u5275\u5efa\u60a8\u7684 VT Markets \u771f\u5be6\u8cec\u6236 <\/strong> <\/p>\n<!-- \/wp:post-content 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