Foreign investors in US assets are rushing to hedge their exposure to the dollar, in a sign of increased nervousness about the impact of Donald Trump’s agenda on the world’s dominant currency.
Hedged investments into US bonds and equities are outstripping unhedged holdings for the first time in four years, according to Deutsche Bank analysis, after a sharp move since Trump’s election last November.
“Foreigners may have returned to buying US assets, but they don’t want the dollar exposure that goes with it,” said Deutsche Bank strategist George Saravelos, adding those investors were “removing dollar exposure at an unprecedented pace”.
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