Group 1 - The global financial market is experiencing a shift as the volatility of the US dollar decreases, enhancing the attractiveness of investing in emerging market currencies using the dollar [1][4] - The "sell-off of dollar assets" trading logic is reshaping market dynamics, driven by US fiscal policy and tariff measures from the Trump administration, leading to a notable weakening of the dollar's sensitivity to sudden risks [1][4] - Recent data shows that arbitrage trading strategies using the dollar as a financing currency have achieved an 8% return this year, compared to lower returns of 2.6%, -3.3%, and -2.2% for similar strategies using the yen, euro, and Swiss franc respectively, highlighting the dollar's cost-effectiveness as a financing tool [1][4] Group 2 - There is a structural change in the correlation between dollar exchange rate volatility and risk sentiment indicators, with a significant decrease in the correlation between the dollar and six emerging market currencies against the S&P 500 index [4] - The S&P 500 index has recently reached a new historical high, coinciding with the Bank of Japan's exit from negative interest rate policy and large-scale unwinding of yen arbitrage trades, which has increased the sensitivity of the euro and yen to market sentiment fluctuations [4] - Analysts suggest that the dollar is undergoing a role transformation, moving away from its long-standing position as a safe-haven asset to becoming a low-volatility financing tool, optimizing the risk-reward profile of emerging market arbitrage positions [4]