单周下跌2%，美元创4月“对等关税”以来最大跌幅

Core Points - The US dollar has dropped 2% this week, marking the largest weekly decline since April, amid rising concerns over the US fiscal situation [1] - The dollar's decline is unusual given the high interest rate environment, as typically higher yields would attract investment in dollar assets [1] - The Bloomberg Dollar Index fell significantly, breaking below April lows and reaching a new yearly low [1][4] Group 1: Market Reactions - Investors are exhibiting panic selling of dollar assets, indicated by simultaneous declines in the dollar, US government bonds, and stocks [1] - Chris Turner from ING highlights ongoing concerns about the quality of US asset markets and threats of de-dollarization putting pressure on the dollar [1] - US Treasury Secretary Mnuchin attempted to downplay the dollar's weakness, attributing it to strength in other currencies rather than a decline in the dollar itself [1] Group 2: Fiscal Concerns - The fiscal deficit concerns stemming from Trump's tax cuts have led to a sell-off in long-term US bonds, with the 30-year bond yield rising 0.13 percentage points to surpass 5% [5] - Analysts warn that worries about the increasing fiscal burden on the US are gradually intensifying [5] - MUFG's Lee Hardman states that renewed concerns about the US fiscal outlook and speculation about weakening the dollar in international discussions are exacerbating the sell-off [7] Group 3: Long-term Outlook - The ongoing decline of the dollar is linked to growing investor concerns about the impact of comprehensive tariffs on the US economy [7] - RBC Asset Management analysts predict that the dollar's weakness will persist as investors seek to hedge dollar exposure in the short term and reconsider structural overexposure to the US in the long term [7]