FEAR & GREED | Business News

Q+A: The anti-US trade explained

Jan 21, 2026
In this engaging discussion, Gemma Dale, NAB Trade Director specializing in investor sentiment and market trends, explores the implications of the rising anti-US sentiment. She highlights the simultaneous decline of equities, bonds, and the US dollar, prompting many to reconsider their portfolios. Gemma warns against prematurely declaring a shift in global financial dominance while discussing the unpredictable nature of currency movements. She also elaborates on the lack of refuge in crypto during market stress, advising investors to reassess their exposure to US assets.
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INSIGHT

Anti‑US Trade Spurs Rush To Safe Havens

  • A spike in anti‑US sentiment pushed equities, bonds and the US dollar down while gold rallied strongly.
  • Investors moved toward safe havens and away from US risk assets in the short term.
INSIGHT

No Obvious Replacement For US Dominance

  • It's premature to declare the end of US dominance because no clear alternative exists yet.
  • Replacing the US dollar or US markets requires an obvious, credible alternative that currently isn't apparent.
INSIGHT

Dollar Weakening Predicted But Not Realised

  • NAB had been forecasting a softer US dollar for some time, but the change hasn't been decisive yet.
  • Currency markets remain hard to predict despite a macro view that the dollar was overvalued.
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