This Jobs Report Is the Trump Presidency in a Nutshell

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3. Morgan Stanley thinks it will continue for another year at least.

Key Takeaways

The value of the U.S. dollar against other currencies dropped about 11% in the first half of this year, the biggest decline in more than 50 years, ending a 15-year bull cycle.

Morgan Stanley Research estimates the U.S. currency could lose another 10% by the end of 2026.

Despite a recovery of 3.2% in July, the delayed impact of tariffs on growth and unemployment – besides policy uncertainties – are likely to keep negative pressure on the dollar.

Foreign investors have been adding hedges to their exposure to U.S. assets, which will likely further weaken the dollar.

https://www.morganstanley.com/insights/articles/us-dollar-declines