By Ian Smith
Financial Times, London
Tuesday, December 30, 2025
The U.S. dollar is heading for its steepest annual drop since 2017, with Wall Street banks predicting further weakness next year as the Federal Reserve presses ahead with interest rate cuts.
The greenback has slumped 9.5% against a basket of major currencies this year, after President Donald Trump's trade war sparked fears for the world's biggest economy and cast doubt over the dollar's traditional status as a haven for investors.
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The euro has had the biggest gain of the major currencies against the faltering dollar, surging nearly 14% to above $1.17, a level last reached in 2021.
"This has been one of the worst years for dollar performance in the history of free-floating exchange rates," said George Saravelos, global head of FX research at Deutsche Bank, referring to the more than half-century during which currencies' values have been set by the market rather than tied to gold. ...
... For the remainder of the report:
https://www.ft.com/content/1712a946-5861-444e-9740-d488c865c5cf [2]
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