Barclays(US:BCS) Jin Rong Jie·2026-02-23 17:31Group 1 - The core viewpoint of the articles indicates that global fund managers are expected to buy US dollars as part of their routine portfolio rebalancing at the end of February, driven by the recent underperformance of US tech stocks [1][2] - Barclays' report highlights that the recent concerns surrounding the disruptive potential of artificial intelligence and related spending have negatively impacted US tech stocks, prompting a buy signal for the dollar against all major currencies [1] - The logic behind this dollar buying signal is based on the need for fund managers to correct deviations from target asset allocation ratios when US assets underperform compared to global markets, leading to increased demand for dollars [1] Group 2 - Since February, US tech stocks have faced significant pressure, with geopolitical uncertainties contributing to a cautious market attitude, while US economic data continues to show resilience [2] - Barclays also noted that a recent Supreme Court tariff ruling is expected to favor higher-risk currencies in the forex market, which may reduce investor preference for US assets and the dollar, creating a short-term hedge against the dollar buying pressure from portfolio rebalancing [2]