By most accounts, almost everyone is bearish on the dollar. Nearly everyone is selling dollars to buy euros and gold, according to this widely held view. Global investors are rebalancing their equity portfolios out of US stocks into European stocks. The only problem with this narrative is that the monthly capital flows data collected by the Treasury International Capital System (TICS), which was updated on Friday, show that US foreign net capital inflows rose to a record-high $1.74 trillion in the 12 months through June.
