Name: Why Is the U.S. Dollar So Weak? Economist Mohamed El-Erian Explains.
Uploaded: 2025-11-20T18:40:00Z
Duration: 2 min 14 s
Description: Mohamed El-Erian, chief economic advisor of Allianz, tells Barron’s Andy Serwer why foreign investors are exposing themselves to U.S. corporations and hedging the dollar.

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Mohamed El-Erian, chief economic advisor of Allianz, tells Barron’s Andy Serwer why foreign investors are exposing themselves to U.S. corporations and hedging the dollar.

https://m.wsj.net/video/20251120/4e07a5d4-8e3a-40c4-9382-a5d4d6b70179/1/hls/manifest-hd-wifi.m3u8

Why Is the U.S. Dollar So Weak? Economist Mohamed El-Erian Explains.

Let's start off by talking about the dollar and the issue about whether it really still is the world's reserve currency or will continue to be, you've seen the dollar weaken, gold, all the craziness going on there, crypto seems to be back. What's your take?

So one of the big surprises this year is that the dollar is having the weakest year for a very long time, even though every single other US asset is attracting a lot of attention. And part of that explanation lies in what you see foreign ETFs that invest in the US do. They're very happy to take US corporate exposure, but they're hedging the dollar. And what you're seeing outside the US is an understanding that they have started overweight the dollar, that the dollar is not the reserve currency that they thought it was. There is no other reserve currency to replace it. So it's not as if they're going from the dollar to the Euro or the Chinese currency. At the margin, they're going into gold, but they're hedging any additional dollar exposure.

Now is this some sort of indictment of US government policy on the one hand and also approval of the private sector in the United States? And you're talking about that bifurcation then?

Yeah, my daughter, when we talked about it said, "Oh, so they go long, long US corporates and they short the mess." And yes, they are shorting things that is taking them time to understand. That includes the complete change in US trade policy, the weaponization of tariffs in a way we haven't seen for a very long time. That includes concern about high debts and deficits. And that includes as well the change in the US approach on industrial policy. They understand that the US is rewiring its domestic economy. They hope that this is a Reagan moment, that the US will emerge from this more efficient, stronger, but they're staying on the sideline. They don't want to increase the exposure to the dollar until they see how this works out.