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Investment Weekly

An expensive dollar
15 August 2025

    Chart of the week – An expensive dollar

    Chart of the week – An expensive dollar

    One of the biggest surprises of 2025 so far has been how weak the US dollar has been. Coming into the year, most investors were positioned for USD strength amid the belief that Trump’s policy agenda would provide a boost to growth and thus extend US exceptionalism. Instead, as tariffs dominated the White House’s policy agenda, US growth projections for 2025 have been hit hard. What does this tell us?

    More from this week:

    Market Spotlight

    • Concentrated risks

    Lens on…

    • All clear on US inflation?
    • Steady fundamentals in Asia credit
    • AI and jobs

    Read the full commentary PDF, 553KB