The US Dollar Is Kicking Europe While It’s Down

The dollar has fallen more than 3% in 10 days, pouring fuel on geopolitical fire. If the US engineers an even weaker greenback, whether by intent or mishap, the fallout for other currencies may be messy.

“This may very well be the beginning of the next leg lower in the dollar, and many may not be prepared for it,” according to Stephen Jen, a respected currency economist. US Treasury Secretary Scott Bessent has taken to the airwaves to insist that a “strong dollar” is still his North Star, but his boss seems happy enough with its fall to Earth.