Core Viewpoint - The current state of the US dollar is unstable, with a focus on the situation in Europe as key to understanding potential structural sell-offs of the dollar [1] Group 1: Dollar Stability - The US dollar is experiencing instability despite global attention on countries reducing reliance on dollar-denominated assets [1] - The emphasis should be on Europe, where holdings are primarily in stocks and the hedging ratio is low [1] Group 2: Market Trends - Currently, there are no significant signs of large-scale withdrawals from stock funds [1] - Over time, incremental funds are more likely to flow towards non-US markets, which may face higher hedging ratio risks [1]