USD Mid-Term Report Card
The first half of 2025 has delivered a broad-based setback for the USD, which has declined sharply against all major currencies. Year to date, the greenback is down 14.38% against the Swiss franc, 14.19% against the euro, 9.90% against the British pound, 8.84% against the Japanese yen, 8.01% against the New Zealand dollar, 6.23% against the Canadian dollar, and 5.35% against the Australian dollar. This decline reflects a shift in global interest rate expectations, resilience in foreign economies, and a recalibration of safe-haven demand.