倘若美元已触底，将会怎样-What if the dollar has bottomed_

Summary of Key Points from the Conference Call Industry Overview - The focus is on the foreign exchange (FX) market, particularly the performance of the US dollar against the euro (EUR/USD) and its implications for European earnings and exporters [1][2][9]. Core Insights and Arguments 1. US Dollar Performance: The dollar has rebounded since the US announced trade deals with Japan and the EU, despite concerns about the Federal Reserve's independence potentially keeping the dollar premium elevated [1][2]. 2. EUR/USD Forecast: FX strategists predict a gradual decline of EUR/USD towards 1.13, which could alleviate pressure on EU earnings and exporters [1][2]. 3. Impact of Trade Deals: The announcement of trade deals has led to a ~2.5% fall in EUR/USD, reviving concerns about tariffs' negative impact on the EU economy [2]. 4. Tariff Effects: The trade war was expected to strengthen the dollar, but instead, dollar depreciation has compounded the negative effects of tariffs, particularly for the eurozone [2][9]. 5. EPS Revisions: European corporates have seen sharp declines in earnings per share (EPS) revisions compared to US peers, primarily due to the strength of the euro [9][10]. 6. Sector Performance: EU exporters have underperformed significantly, with EPS estimates for exposed sectors cut sharply, indicating a -20% adjustment [10][14]. 7. Investor Behavior: Domestic investors have turned buyers in US equities, with inflows of $20 billion, the highest in six weeks, driven mainly by US and global funds [18][27]. Additional Important Insights 1. Sector Inflows: All sectors globally saw inflows, with Technology and Financials leading, while Energy and Telecoms lagged [19][29]. 2. Fixed Income Trends: Fixed income funds also experienced strong inflows, particularly in US treasuries, indicating a shift in investor sentiment [20]. 3. Market Events: Upcoming key market-moving events include the Bank of England rate decision and various economic data releases from the US and Eurozone [16][17]. This summary encapsulates the critical insights from the conference call, highlighting the dynamics of the FX market, the implications for European corporates, and the broader investment trends observed.