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The US dollar's unstable equilibrium

An unstable currency equilibrium

24 February 2026 Currency, Video

Francesca Fornasari, Head of Currency

Key takeaways:

  • Structural headwinds are diminishing the popularity of the US dollar as a reserve currency.
  • The recent relative strength of the US economy to the rest of the world has supported the US dollar.
  • These two forces have created an equilibrium we believe cannot last.
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