由于贸易动荡和政治压力,2025年美元下跌了近10%,但对美国资产的外国投资依然强劲。 The U.S. dollar dropped nearly 10% in 2025 due to trade turmoil and political pressure, but foreign investment in U.S. assets remains strong.

2025年,美元大幅贬值,由于贸易政策不稳定、关税威胁和对美联储的政治批评,2017年以来表现最差的近10美元下跌了。 The U.S. dollar weakened significantly in 2025, dropping nearly 10%—its worst performance since 2017—due to erratic trade policies, tariff threats, and political criticism of the Federal Reserve. 在安全港地位下降的同时,外国对美国资产的投资仍然强劲,私人投资者持有80%以上的外国股份和外国对美国证券的所有权达到十年之高。 While its safe-haven status declined, foreign investment in U.S. assets remains strong, with private investors holding over 80% of foreign holdings and foreign ownership of U.S. securities reaching a decade-high. ING将下跌归因于周期性因素, 而不是结构性去美元化, 并警告说破坏美联储独立可能会引发“美元暴涨”。 ING attributes the drop to cyclical factors, not structural de-dollarization, and warns that undermining Fed independence could trigger a "run on the dollar." 预计到2026年底,欧元将达到1.22美元,高于1.18美元。 The euro is projected to reach $1.22 by end-2026, up from $1.18.