Donald Trump's policies and behavior make investors seriously consider withdrawing some funds from the United States. Although the power and scale of the economy and the U.S. financial market will attract them, the process of dedollarization and diversification to the detriment of U.S. assets will continue. Most likely, this will be done in a non-public manner.

Quietly exit the US market: how investors are seeking protection from Trump's policies 

Rheinmetall AG

OHB SE

Gold surpassed $5,000 an ounce amid fears of a debt crisis, inflation and a weakening dollar, reflecting investors' flight to safe-haven assets. The U.S. is increasing pressure on allies, forcing Canada to abandon the idea of free trade with China and threatening new tariffs. On these and other topics - in our review of key events for the morning of January 26.

The main thing for the morning: gold exceeded $5000, Germany will create an analog of Starlink

Political risks have a greater impact on the U.S. currency than monetary policy - the dollar is falling despite rising yields on U.S. government bonds and expectations that the Fed will keep rates at the current level

"The political nightmare in the US is not over": the dollar is approaching its worst week since June

"When there are geopolitical conflicts, even allies don't want to hold other people's debt," the billionaire said in Davos

Trump's actions could turn into a sell-off of U.S. assets to foreigners - Dalio

The dollar fell, silver and gold hit new all-time highs on Monday, January 19, after U.S. President Donald Trump <a href="https://oninvest.com/article/tramp-ob-avil-o-poslinah-v-otnosenii-vos-mi-stran-evropy-iz-za-grenlandii">threatened</a> eight European countries, including Germany, France and the United Kingdom, with 10 percent duties over the weekend because they opposed his attempts to gain control of Greenland. EU countries, in turn, have begun considering retaliatory measures against the US for up to €93 billion, the Financial Times <a href="https://oninvest.com/article/glavnoe-k-utru-milliardery-b-ut-rekordy-es-gotovit-mery-protiv-ssa-iz-za-grenlandii">reported</a>.

"The dollar suffers most": how markets reacted to the US-EU trade war

Bank of America Corporation

JPMorgan Chase & Co.

Citigroup Inc.

American Express Company

Visa Inc.

Mastercard Incorporated

Risks to Fed independence could lead to a short-term lag in U.S. markets, JPMorgan says

The S&amp;P 500 and the Dow have turned around and hit records. Is the market not afraid of a case against Powell?

The legendary investor tells how he insures his portfolio against falling prices and what he expects from the US market and other countries

"While the market is in a fog, you need to have a cache of cash": how is Mark Mobius investing now? 

Despite the growth of the U.S. economy, market participants continue to bet on the weakening of the U.S. currency

The dollar is approaching its worst year since 2017. Why is the market betting against it?

ING investment bank admits yuan strengthening to seven per dollar in 2026

China has signaled the strongest signal since 2022 of its intention to contain yuan appreciation

Deutsche Bank Aktiengesellschaft

Standard Bank Group Limited

Analysts at Deutsche Bank and Standard Bank have warned of a possible "triple blow" to the dollar in the coming weeks, which could exacerbate an already seasonally weak period for the U.S. currency. However, Citigroup strategists, on the contrary, advise investors in emerging markets to prepare for dollar strengthening: negative trends for the currency have receded in the middle of 2025, they believe.

Deutsche and Standard warned of a weak month for the dollar. Citi disagrees with them


The probability of a Fed rate cut in December has risen to nearly 90% and fundamentals point to further weakening of the U.S. currency

The dollar is on its way to its worst week since July. What's weighing on the exchange rate?

The year 2025 abruptly reversed the dynamics of the currency market: the dollar's exchange rate against the currencies of major U.S. trading partners, which had risen by 40% between 2010 and 2024, fell sharply. The first half of the year was marked by the strongest dollar <a href="https://www.morganstanley.com/insights/articles/us-dollar-declines">depreciation</a> in half a century, down 11% since 1973. In the following months, the nominal effective exchange rate <a href="https://fred.stlouisfed.org/graph/?g=1NxFg">recovered</a> about a quarter of the decline, while the real exchange rate <a href="https://fred.stlouisfed.org/series/RBUSBIS">remained</a> roughly flat at the end of the first half of the year.

Dollar