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Are foreign investors more cautious over the US dollar?
[Les investisseurs étrangers sont-ils plus prudents face au dollar ?]

Author

Listed:
  • Quoc-Trieu Le
  • Mathieu El Dahaby

Abstract

The US trade tariffs announced in April 2025 initially triggered declines in US equities, Treasury bonds and the US dollar. Equities and bonds have since recovered rapidly, but the dollar’s depreciation is proving more persistent and is pushing international investors to hedge their dollar currency risk. Depuis mi-2023, Les droits de douane américains annoncés en avril 2025 ont provoqué initialement un recul des actions et des obligations souveraines américaines ainsi qu’une dépréciation du dollar. Si les actions et obligations ont depuis rapidement rebondi, la dépréciation du dollar semble plus persistante et incite les investisseurs internationaux à se couvrir contre le risque de change face au dollar.

Suggested Citation

  • Quoc-Trieu Le & Mathieu El Dahaby, 2026. "Are foreign investors more cautious over the US dollar? [Les investisseurs étrangers sont-ils plus prudents face au dollar ?]," Eco Notepad 444, Banque de France.
    • Handle: RePEc:bfr:econot:444
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