Emerging-market assets are rallying across stocks, commodities, and currencies, with gold leading the charge. This surge extends a strong start to 2026, fueled by rising tensions between the US and Europe that are undermining the dollar and reviving the "Sell America" investment theme.

The dollar's weakness stems from geopolitical friction, making non-dollar assets more attractive. Investors are shifting capital toward emerging markets as a hedge, seeking higher returns and diversification away from traditional Western assets amid growing economic uncertainty.

This trend signals a potential de-dollarization shift, impacting global capital flows and investment strategies. Watch for sustained moves in commodity prices and emerging-market equities as the dollar's trajectory and geopolitical risks continue to shape market sentiment.