Core Viewpoint - The chief market strategist for Morgan Asset Management, Gabriela Santos, indicates that the euro and yen are expected to benefit from the decline of the US dollar, as European and Japanese investors are shifting their focus back to local markets [1] Group 1: Market Trends - Investors have been overweight in US assets but are now reallocating towards domestic markets in Europe and Japan, suggesting a strengthening of the euro and yen [1] - The shift is characterized more by new investments into local markets rather than a simple "sell-off" of US assets [1] Group 2: Investor Behavior - Many foreign investors previously held unhedged exposure to US assets, which they are now beginning to reduce [1] - The reduction of unhedged exposure is contributing to increased volatility in exchange rates [1]