More from the article ...

... What they're saying: "We're in a new era, where global investors no longer reflexively buy dollars or treasuries at the first sign of trouble," Jason Thomas, the head of global research and investment strategy at Carlyle, tells Axios.

- - - Themos Fiotakis, a currency strategist at Barclays, puts it this way: "Since April, there's this trend that investors are trying to reduce the amount of dollar exposure. Some of that is a little bit of normalization, but there is a sense they need to go even deeper."

By the numbers: The U.S. dollar index is down more than 10% against a basket of other currencies this year, at a three-year low. The speed of the decline is the story.

- - - The dollar index peaked when President Trump was inaugurated. But it has since "fallen farther, faster than in any year since the U.S. abandoned fixed exchange rates," Karl Schamotta, a currency strategist at payments firm Corpay, tells Axios.

The intrigue: The drop is among the hints of some "America-proofing" underway. ...