Dollar’s Trump-Fueled Gains Face a Reality Check Late 2025 (1)

Wall Street is starting to sour on the dollar as President-elect Donald Trump’s policies and the Federal Reserve’s interest-rate cuts will likely put pressure on the greenback in the latter portion of 2025.

From Morgan Stanley to JPMorgan Chase, roughly a half dozen sell-side strategists, are now forecasting the world’s reserve currency will peak as early as mid next year before starting to decline, with Societe Generale seeing the ICE US Dollar Index falling 6% at the end of next year.

The dollar has already soared this year, on track for the biggest rally since 2015, thanks ...