巴克莱：美元将在2026年前继续走强

Core Viewpoint - Barclays Research anticipates that risk assets will receive stronger support, and the US dollar will continue to strengthen until 2026, despite market volatility due to uncertainties surrounding AI valuations, investment returns, and earnings growth [1] Group 1: US Dollar Outlook - The positive outlook for the US dollar is primarily based on significant AI capital expenditure plans in the US, which could have transformative impacts on the economy, geopolitics, and competition [1] - Concerns regarding the independence of the Federal Reserve are diminishing, tariff risks are easing, and fiscal stimulus measures are advancing, contributing to a positive momentum for the dollar expected to last until 2026 [1] Group 2: Market Dynamics - Even if risk sentiment deteriorates further, there is still potential for the dollar to appreciate against the yen, while high-beta emerging market currencies may face vulnerabilities [1]