美元：2026年或继续面临挑战，走软利好新兴市场股市

Core Viewpoint - The US dollar is expected to face challenges in 2026 following significant depreciation this year, influenced by various factors including concerns over long-term fiscal sustainability and policy uncertainty [1] Group 1: Factors Influencing Dollar Performance - The dollar's decline this year is attributed to multiple factors such as market concerns regarding long-term fiscal sustainability and policy uncertainty, which have weakened its status as a safe-haven currency [1] - Increased currency hedging by non-US investors and changes in capital flows have also contributed to the dollar's depreciation [1] Group 2: Future Outlook - The Federal Reserve's anticipated further interest rate cuts may continue to pressure the dollar in the coming year [1] - A weaker dollar could support emerging market equities by alleviating external debt burdens, improving capital flows, and enhancing local currency returns [1]