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Are reports of de-dollarization greatly exaggerated?

July 02, 2025

A lot has been made over the de-dollarization of global markets by investors since Liberation Day. But data from the US Treasury Department shows US dollar-denominated assets are still in demand by foreign investors.* This chart shows year-to-date allotments for the two largest buyers of US 10-year Treasury bonds: investment funds and foreigners. Sure, foreign demand fell at the June auction, but this follows a few months of rising participation.  
 

10-year US Treasury allotment (12/31/24 - 6/30/25)
10-year US Treasury allotment chart * Source: Bloomberg
  • Foreign and domestic participation has been quite healthy.
  • Foreign investors net sold $41B long-term treasuries in April, but this follows a few robust months.* Therefore, maybe April’s selling was driven by investor profit taking or some unwinding of crowded long positions.
  • Demand at auction for 30-year Treasury bonds since April 2 has also remained resilient, with no signs of foreign buyers waning.*
  • Fundamentals and opportunity will continue to drive this story. 

This material is provided for informational purposes only and should not be construed as investment advice. The views and opinions contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of Natixis Investment Managers, or any of its affiliates. The views and opinions expressed may change based on market and other conditions. There can be no assurance that developments will transpire as forecasted, and actual results may vary.

All investing involves risk, including the risk of loss. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided. Investors should fully understand the risks associated with any investment prior to investing.

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