The US dollar continues to build on its post-election rally, with the DXY index now at its highest level in more than a year. While a period of consolidation looks likely in the near term given the extent and speed of the greenback’s rally since late September, we have revised up our forecasts for the dollar and now project a further ~5% appreciation in the dollar by the end of 2025. That is based primarily on a view that Trump will push ahead with the core tariff policies he proposed on the campaign trail and that the US economy (and stock market) will continue to outperform its major peers.
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