Does your view really feed into bigger, broader narratives in your portfolio. I think it's less about the micro and more about the macro. So one of the interesting things to think about when we think about dollar cycles is they are really long.They're much, much longer than economic cycles, commodity cycles, equity bond markets. In fact, the average dollar cycle is about 18 years. So the last time we had a dollar bear market was 2002.I'm old enough to have been around in 2002. So you're calling this the beg ...

ab Global Research 19 June 2025 Global Equity Strategy The dollar: why the bear market continues and UBS forecasts the dollar to continue to weaken to EUR/USD1.23-year end and YEN/ USD130 year-end. Of the major currencies, only the RMB and the Mexican Peso are forecast by UBS to depreciate beyond their forward rate against the dollar by year-end. Tactically, the dollar can continue to weaken despite DXY being close to a three- year low: UBS forecasts US GDP growth to slow from 1.7% YoY in Q2 to 0.9% Q4 YoY ...