对冲风暴来袭！高盛预警：美元恐加速下滑

Group 1 - Goldman Sachs' global head of repurchase trading, Richard Chambers, indicates that the dollar may continue its worst annual start on record as foreign investors increase their foreign exchange hedging efforts [1] - The Bloomberg Dollar Index has dropped over 8% this year, marking the worst annual start on record, influenced by unpredictable policies from former President Trump that have shaken investor confidence [1] - Foreign investors' holdings of U.S. securities have doubled to $31 trillion over the past decade, including stocks, government bonds, and corporate bonds [1] Group 2 - There are currently no signs of a large-scale withdrawal of foreign investors from the U.S. bond market, but Chambers predicts a gradual weakening of foreign demand [3] - European countries are increasing fiscal borrowing and spending, enhancing the euro's depth as an alternative reserve currency, leading European investors to prefer local markets [3] - Chambers notes that investors are likely to favor nationalism and localized investments over shifting to the dollar, resulting in the U.S. relying more on domestic buyers to absorb growing debt [3] Group 3 - Bridgewater's interest rate strategy head, Alex Schiller, highlights the challenge of finding potential buyers for the expanding debt, which is a global issue [3] - Schiller points out that U.S. 10-year Treasury bonds have performed the best among major bond markets this year [3] - The structural adjustments in Japan and Europe are more significant than in the U.S. as central banks reverse their policies to combat inflation [3] - Gold has emerged as the biggest beneficiary as governments worldwide compete to expand their debt [3]