关税之忧难消，华尔街看空美元的氛围依旧浓厚

Group 1 - The core sentiment on Wall Street remains bearish towards the US dollar despite a strong rebound in the US stock market this week, with strategists from JPMorgan and Deutsche Bank predicting continued weakness in the dollar [1][5] - The US dollar has declined over 6% against a basket of currencies this year, with the dollar index currently at 100.81 [1] - Market sentiment towards the dollar has shifted to a complex "love-hate" relationship, with the highest level of bearish bets on the dollar in the options market since 2020 [4][5] Group 2 - The recent inflow of approximately $19.8 billion into US stock funds marks the first inflow in five weeks, indicating a temporary positive sentiment towards equities [4] - Analysts note that the performance of the dollar is lagging behind the stock market, suggesting international investors do not align with the "American exceptionalism" narrative promoted by the Trump administration [4] - JPMorgan's strategists argue that the softening stance on tariffs will support economic growth in other regions, thereby boosting their currencies [5] Group 3 - Deutsche Bank's global currency strategist highlights a slowdown in capital inflows into US assets, with some countries reassessing their risk management protocols for US investments [5] - There is a notable decoupling between US Treasury yields and the dollar, with expectations of a decline in the dollar against the yen as Japanese investors reduce their purchases [6] - Investors are increasingly looking to short the dollar against currencies from countries with excessive dollar holdings, with the South Korean won and Indonesian rupiah identified as key targets [6]