美元可能还会下跌？分析：亲手拆掉“避风港”后，美元正经历一场底层逻辑巨变

Core Viewpoint - The US dollar is experiencing a decline due to renewed "currency devaluation trading," driven by concerns over the long-term purchasing power of the dollar and influenced by political statements from President Trump [1][4]. Group 1: Dollar Performance - The dollar index DXY fell by 15 points on February 9, with non-US currencies strengthening, particularly the euro which rose by 20 points against the dollar [1]. - Since the beginning of 2025, the dollar has depreciated by approximately 10% [3][4]. Group 2: Political Influence - Trump's comments on being open to a weaker dollar have triggered a wave of dollar selling, contrasting with the long-standing US policy of a strong dollar [1][4]. - The upcoming appointment of Kevin Walsh as the new Federal Reserve chair is seen as a pivotal moment for the dollar's credibility, with potential implications for its global standing [4][6]. Group 3: Market Dynamics - The traditional role of US Treasury bonds as a safe haven is diminishing, as foreign investment in US assets has shifted from being "official-driven" to "private-driven," with the dollar's share in global central bank reserves dropping to a historical low of 57% [6]. - The relationship between the Federal Reserve and the Trump administration may impact the independence of monetary policy, further contributing to uncertainty in the dollar's attractiveness [6].