Deutsche Bank analysts expect the US dollar to weaken another 10% by the end of 2026. They believe the long dollar bull cycle of the last decade is effectively over. The currency is already down 7% year-to-date following the tariff news from April. TD Securities notes that the global economy has held up better than expected, which is driving investors into other markets. Fed rate cuts are also making US debt less attractive as yields drop. While a weaker dollar hurts travelers and importers, it helps US exporters and aligns with reducing the trade deficit. Most analysts say the "de-dollarization" narrative is still mostly talk. Even with central banks buying more gold, the dollar's structural dominance remains intact due to a lack of viable alternatives for safe assets.