{
  "id": 20186894,
  "title": "Märkte Insight: Der Dollar wird für Investoren zum Risiko",
  "url": "https://urgent.news/2026/11/15/markte-insight-der-dollar-wird-fur-investoren-zum-risiko",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-15T14:22:06.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/finanzen/anlagestrategie/kolumnen/geldanlage-der-dollar-wird-fuer-investoren-zum-risiko/100268638.html"
  },
  "original_language": "de",
  "account": "Investors have often turned to US government bonds and the US dollar as a safe haven during weak US stock market times in the past. However, a stronger dollar in 2022 somewhat offset losses as the S&P 500 index, including dividends, dropped by 18 percent. This pattern might change during future crises as US stocks could fall while the dollar depreciates. This shift is attributed to the structure of capital flows into the US and would also affect ETF investors. George Saravelos, a currency analyst at Deutsche Bank, says the inverse relationship between the dollar and US stocks will become weaker. Deutsche Bank has evaluated how the correlation between the US dollar index and the S&P 500 has changed since spring 2025. At times, both US stock prices and the dollar have moved in the same direction. This occurred in April 2025 when stock markets fell due to US President Donald Trump announcing tariffs, causing the dollar to weaken. The losses for ETF investors in Germany were exacerbated. The dollar is becoming more dependent on capital inflows into stocks. According to Saravelos, this trend may continue because the dollar is increasingly dependent on capital inflows from stocks. In a previous analysis cited by the \"Financial Times,\" Saravelos showed that foreign investors bought more US stocks than US government bonds over the past twelve months up to June. Since then, US Treasury prices have been under pressure due to growing government debt, persistent inflation, and increased competition for capital. Sonja Marten, Chief Economist at DZ Bank, notes that stocks are increasingly driving demand for US securities. She does not initially see a problem, stating, \"If you want to invest in AI, the US is still very much at the forefront.\" She does not expect this to change in the foreseeable future, implying that inflows are likely to continue. However, if expectations for the billion-dollar AI boom do not materialize or the US markets crash for another reason, capital inflows into stocks could completely dry up, exacerbating the dollar's depreciation instead of alleviating the losses associated with US stocks for international large investors like ETF investors.",
  "summary": "In Krisenzeiten wertete die US-Währung in der Vergangenheit auf und minderte damit die Verluste internationaler Aktieninvestoren. Das Muster verändert sich nun, warnt Martin Müller.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}