Europe's largest asset manager Amundi says it will cut exposure to US over coming year to focus on Europe and emerging markets

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Valerie Baudson, whose firm has €2.4tn of assets under management, said Amundi would advise clients to shift away from the greenback over the coming year, warning that if US economic policy remains unchanged, “we will go on seeing a [weakening] of the dollar”.

“Amundi has been diversifying a lot and has been advising [clients] to diversify a lot . . . over the last 12-15 months, and is going on advising its clients to diversify their positions for the year to come,” Baudson said in an interview on Tuesday.

Amundi is the latest big investor to say it is looking to cut or hedge its exposure to US assets amid concerns about Donald Trump’s volatile economic policies. The dollar has weakened sharply since the president’s “liberation day” tariff shock last April, a fall given new impetus this year by Trump’s threats against European allies over Greenland and worries about the independence of the Federal Reserve.

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[Edit typo.]