Deutsche Bank Warns Dollar Haven Status at Risk in ‘AI Dollar’ Era

The notable shift here is not the dollar's weakness itself but the correlation: Deutsche Bank is flagging that the same AI narrative propping up both tech equities and the currency could unwind in tandem, which undermines the dollar's role as a hedge rather than simply its direction. This matters most for allocators who have treated dollar exposure as ballast against equity risk — that assumption is what Saravelos is questioning. Whether the recent co-movement persists, and whether other strategists adopt the framing, is the open question.