Rabobank: De-dollarisation debate heats up as tariff safe-haven bid fails

Rabobank's senior FX strategist Jane Foley has weighed in on the de-dollarisation debate, which intensified after tariffs failed to trigger a typical safe-haven response for the US dollar and Treasuries in April.

Foley highlights that while cyclical drivers still influence dollar movements, the lack of a safe-haven bid during tariff disruptions points to deeper structural shifts. The analysis contrasts short-term dollar dynamics with longer-term de-dollarisation trends, suggesting that the traditional relationship between geopolitical risk and dollar strength may be weakening.

The comments come as market participants reassess the dollar's reserve currency status amid growing multipolarity in global finance.