Part 2/9:
In November, data from leading asset custodians reveal a considerable outflow of dollar holdings. State Street, which manages approximately $40 trillion in assets, reported a monthly sale of about 1.6% of its dollar positions—its largest since last November. Similarly, Bank of New York Mellon, overseeing nearly $50 trillion, observed a swift and sustained sell-off of US dollars over a recent 20-day period, with clients favoring currencies like the Japanese Yen, Canadian dollar, and various Latin American currencies.