10 January 2026 | 3:59AM GMT Economics Research 2026 GLOBAL FX OUTLOOK Different Dollar Downside n Our central view remains that less US outperformance than before should lead to a less-strong Dollar over time. We first formulated that view in April 2025 as we judged that the net effect of policy changes in the US and abroad was likely to narrow the spread between US performance and the rest of the world and diminish demand for US assets. While the Dollar moved substantially lower over subsequent months, it ...