NEW YORK (CNN/Money) - A report out today showing that central banks around the world are growing a bit less enamored of dollars could kick up some dust today.

The Financial Times is touting a report published by a group that monitors global central banks which shows that those surveyed have started to reduce their official holdings of dollars in favor of euros. And the central bank money managers said they now find Eurozone investments to be as attractive as U.S. investments.

Now on the one hand, isn't this to be expected? The Europeans got together to launch their currency in hopes of creating a new bloc that would provide both the competition and new markets for the rest of the world. The euro has proven itself. Isn't it logical to shift some assets?

The worry of course is that this shift is the result of global central bankers getting more worried about the U.S.'s large and growing federal budget deficit, and trade deficit. The U.S. needs big inflows, big purchases of dollar assets from around the world to finance those deficits. If those flows slow, it could mean an even further decline in the dollar vs the euro, a steady climb in interest rates, and could hurt U.S. stocks.

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-- Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight.