美银调查拉响警报：特朗普阴影下，美元遭十年来最狠看空！资金正以前所未有的速度，逃离美元资产

Core Viewpoint - A significant bearish sentiment towards the US dollar has emerged, with global fund managers expressing unprecedented levels of aversion, driven by concerns over the stability of US policies under the Trump administration [1][3]. Group 1: Market Sentiment and Policy Impact - Investor confidence in the stability of US policies has collapsed, primarily due to Trump's unpredictable tariff policies, which have been a major driver of dollar depreciation since April 2025 [3]. - Trump's recent threats to impose tariffs on European countries have heightened fears of capital flight from US assets [3]. - The challenge to the independence of the Federal Reserve, particularly through Trump's pressure on the nomination of Kevin Warsh, has further eroded trust in the dollar's value stability [3][6]. Group 2: Dollar Performance and Fund Flows - The US dollar index has fallen over 9.4% in 2025 and continued to decline by approximately 1.2% in 2026, reaching a four-year low of 95.51 [4]. - There has been a significant shift in capital flows, with $104 billion moving into developed market funds in Europe and Japan in 2026, compared to only $25 billion into US funds, indicating a strong preference for non-dollar assets [6]. - The rise of alternative assets like gold, which surpassed $5,000 per ounce in January 2026, reflects a trend of investors hedging against dollar credit risk [6]. Group 3: Structural Issues and Long-term Trends - The US's net foreign debt to GDP ratio has exceeded 90%, indicating a declining ability to service debt, which undermines foreign investors' willingness to hold dollar assets [7]. - The ongoing trade policies aimed at devaluing the dollar to enhance export competitiveness are further destabilizing investor confidence [7]. - A global asset rotation is underway, with gold rising 13.4% and oil 9.5% in 2026, while US stocks have slightly declined, suggesting a structural shift from dollar-denominated assets to physical assets and emerging markets [8].