Overview
- The US dollar has fallen nearly 10% since mid-January, reaching its lowest level in three years as of April 19, 2025.
- President Trump's tariff policies, including the April 2 'Liberation Day' announcement, have reignited fears of inflation and recession, driving the dollar's decline.
- Haven currencies like the Swiss franc, Japanese yen, and euro have surged to multi-year highs, benefiting from the dollar's weakness.
- Export-driven economies, including China, Germany, and Japan, are gaining from the weaker dollar, which makes their goods more competitive globally.
- The dollar's depreciation is accelerating calls for de-dollarization, with countries like Brazil, India, and Russia pushing to reduce reliance on the greenback in global trade.