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2025-12-03 14:22:22
[Nomura: Dollar May Face Multiple Downside Risks in 2026] 1. Nomura Securities economists point out that the US dollar faces the risk of significant weakening in 2026 due to a number of factors. Potential triggers include: adjustments to US portfolio positions, increased foreign exchange hedging risks, the US Supreme Court's ruling on Trump's tariffs, the controversy surrounding the Federal Reserve's independence, and a possible easing of trade tensions. 2. The report further analyzes that market expectations of slower US economic growth compared to other major economies, coupled with further interest rate cuts by the Federal Reserve against the backdrop of stable interest rates at major central banks, could exacerbate downward pressure on the dollar. Nomura emphasizes: "We believe that foreign allocation to US portfolios may slow down, while structural negative pressures on the dollar may reappear."
