I don’t think that is quite accurate; or the reason for the falling dollar.
The dollar has been on a tear for years and for the first time ever last year - while both debt and inflation were hitting historic levels, was worth about the same amount as the Euro. The dollar was way overvalued - well in excess of the past trend.
Even after coming back down a bit, the dollar is still worth more today that it was back in 2020.
If those portfolios have gotten rid of dollar assets, it probably is more a reflection of the still historically high value and the fact that the Euro and a few other currencies are probably still a bit oversold.
