欧洲养老金狂抛美元，期权市场却押注抛售潮将暂告一段落

Group 1 - European pension funds are increasing their foreign exchange hedging, leading to significant dollar sell-offs, particularly in the Netherlands and Denmark, where unhedged dollar exposure has decreased from 23% to 20% of total assets [1] - Danish pension funds have reduced their dollar exposure by $37 billion since the beginning of the year, with a record hedging ratio of 74.2% in April [2] - The trend of hedging against dollar assets is gaining global attention, with many companies in Switzerland, Japan, and Australia still at historically low levels of currency protection [2] Group 2 - The dollar has weakened for five consecutive months, with a pessimistic indicator reaching extreme levels, suggesting a potential calm period for the dollar ahead of the Federal Reserve's next interest rate decision [3][6] - Despite the dollar's decline, traders are reducing their bearish bets on the dollar, indicating a shift in sentiment as recent economic data shows resilience in the U.S. economy [7][8] - The consensus on Wall Street remains that the dollar will continue to weaken, driven by tariff anxieties and softening economic data, with predictions pointing to further declines through 2025 [11]