10-Year U.S. Treasury Yield vs. Bloomberg Dollar Spot Index

10-Year U.S. Treasury Yield vs. Bloomberg Dollar Spot Index The dollar’s decline amid rising Treasury yields signals concerns over U.S. fiscal health, reduced foreign demand for debt, and geopolitical risks, reflecting a shift in investor confidence and the dollar’s role as a global safe haven. Image: Bloomberg

U.S. Dollar vs. Gold – Share in Global Reserves

U.S. Dollar vs. Gold – Share in Global Reserves As countries and central banks seek to reduce their reliance on the U.S. dollar for reserves and international trade, gold has emerged as the preferred alternative asset. Image: Societe Generale Cross Asset Research

Trade Weighted Dollar vs. U.S. Inflation Surprises

Trade Weighted Dollar vs. U.S. Inflation Surprises Since February 2025, the U.S. dollar has closely tracked inflation surprises, as both headline and core inflation came in lower than expected, reflecting Fed policy expectations and concerns about the U.S. economic outlook. Image: Societe Generale Cross Asset Research

Federal Reserve Broad Real Effective Trade-Weighted Dollar

Federal Reserve Broad Real Effective Trade-Weighted Dollar Both historical trends and current economic indicators suggest that the U.S. dollar is entering a period of decline. Structural fiscal challenges, policy uncertainty, and cyclical patterns all point to further weakness ahead. Image: Bloomberg

Performance – S&P 500 vs. 30-Year US Treasury vs. Trade-Weighted U.S. Dollar

Performance – S&P 500 vs. 30-Year US Treasury vs. Trade-Weighted U.S. Dollar The simultaneous decline of U.S. equities, bonds, and the dollar is rare—especially during periods of market stress— and signals a potential shift in global investor sentiment and the structural underpinnings of U.S. financial markets. Image: Goldman Sachs Global Investment Research

S&P 500 Drawdown in DXY Dollar Index

S&P 500 Drawdown in DXY Dollar Index The U.S. equity drawdown has caused major losses for non-U.S. investors, as falling stock prices and a weaker dollar combined. This has prompted many to reconsider their currency risk strategies and exposure to U.S. equities. Image: Gavekal, Macrobond

Bloomberg Dollar Spot Index

Bloomberg Dollar Spot Index The U.S. dollar’s slump reflects deepening investor worries about U.S. trade and fiscal policies, with the outlook remaining uncertain as markets await further developments in tariff negotiations and fiscal management. Image: Bloomberg

The U.S. Dollar and Reserve Status

The U.S. Dollar and Reserve Status Could the U.S. dollar lose its status as the world’s dominant reserve currency? Historically, leading reserve currencies have held their status for about a hundred years. Image: TS Lombard

Bloomberg Dollar Spot Index

Bloomberg Dollar Spot Index The dollar spot index’s breach of its multi-year trendline and its struggle to hold above key psychological levels underscore a period of vulnerability for the U.S. currency, driven by both technical and fundamental headwinds. Image: Bloomberg

U.S. vs. Non-U.S. Equity and U.S. vs. Europe Equity and Real Trade-Weighted US Dollar Index

U.S. vs. Non-U.S. Equity and U.S. vs. Europe Equity and Real Trade-Weighted US Dollar Index The start of 2025 marks a significant pause-and possible reversal-in U.S. equity exceptionalism. Whether this is a temporary pause or a fundamental shift remains to be seen, but the landscape for global investors has changed. Image: Goldman Sachs Global Investment…