Daily: Diversify beyond the US dollar

中文标题

每日：分散投资于美元之外

UBS CIO08/25/2026updated 10/17/2026

Multiple economies

Citable research brief

Core conclusion · Tlines extraction

UBS CIO advises diversifying beyond the US dollar as de-dollarization trends persist, recommending gold, broad commodities, and select currencies to hedge against dollar weakness and support portfolio returns.

Institution: UBS CIO
Published: 08/25/2026
Research topic: Not explicitly stated
Time horizon: Not explicitly stated

Key arguments

Gradual diversification away from the US dollar will remain intact due to fiscal concerns, trade policy uncertainty, and reserve diversification.
Gold is a clear beneficiary of de-dollarization, with further upside potential supported by ETF inflows and central bank purchases.
Broad commodities offer differentiated returns and protection against rising inflation expectations.
Select currencies like GBP, NOK, NZD, and CNY may benefit from dollar weakness.

Key numbers

DXY fall over past month: 2.4%
Gold price rise this month: 15%
Gold target in 12 months: USD 5,400/oz
PBOC gold reserves increase in July: 20 metric tons
EURUSD target over time: 1.20

Main risks

Near-term support for the US dollar from Middle East tensions and higher oil prices.
Potential market repricing of Fed rate hikes and economic data surprises.
Geopolitical risks and changes in commodity supply conditions.

Corresponding source evidence

No sentence-level evidence was extracted; verify the report directly.

Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.

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