More Than Tariffs: Behind the US Dollar’s Decline

The US dollar has taken it on the chin in recent months, and many analysts say the economic and geopolitical backdrop points to continued declines.

Since the beginning of 2025, a number of factors have combined to reduce the value of the US dollar against other currencies. The US Dollar Index, which tracks the greenback against a basket of other currencies, is down 7.5% so far this year.