0910 ET - The U.S. dollar index has declined sharply since the start of the year, but economist Ed Yardeni and his research team think it's premature to blame the dollar decline on falling trust in the U.S. as a financial safe haven. Despite the recent selloff, the dollar has maintained an upward trend over the past 15 years. "The US capital markets remain the biggest and most liquid in the world. That's not going to change anytime soon," Yardeni's team writes. A more likely explanation, in their view: Overseas fund managers loaded up on Magnificent 7 tech stocks at steep valuations, and they have unwound that trade in the past few weeks, closing out of dollar exposure in the process. (matt.grossman@wsj.com; @mattgrossman)
(END) Dow Jones Newswires
April 23, 2025 09:10 ET (13:10 GMT)
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