Nomura Securities: The dollar is expected to be roughly stable in 2026
2025-12-04 07:11:41
The dollar is expected to remain broadly stable in 2026, although there are significant downside risks to that forecast, Craig Chan, head of global FX strategy at Nomura, said during a media briefing on Thursday. He noted that despite strong gains in the S & P 500 and Nasdaq, foreign inflows into U.S. markets are declining, raising the risk that inflows could drop to zero or even turn negative. Selling dollars and hedging could become a powerful trading force, Chan added, estimating that a 10 percent increase in hedging in Japan alone could translate into about $140 billion in dollar selling. Other key risks to watch in 2026, he argued, include the Supreme Court's ruling on the Trump administration's tariffs, the question of Fed independence and the ongoing Cook recall. ( Gold Ten)
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