The year 2025 abruptly reversed the dynamics of the currency market: the dollar's exchange rate against the currencies of major U.S. trading partners, which had risen by 40% between 2010 and 2024, fell sharply. The first half of the year was marked by the strongest dollar <a href="https://www.morganstanley.com/insights/articles/us-dollar-declines">depreciation</a> in half a century, down 11% since 1973. In the following months, the nominal effective exchange rate <a href="https://fred.stlouisfed.org/graph/?g=1NxFg">recovered</a> about a quarter of the decline, while the real exchange rate <a href="https://fred.stlouisfed.org/series/RBUSBIS">remained</a> roughly flat at the end of the first half of the year.

The dollar under Trump has suffered its strongest decline in half a century. This may not be the end 

The strongest obstacle to technological progress is the defense of the position of those who have succeeded in the past. Economic growth is a conflict that requires the destruction of what has been created before. For growth to become sustainable, we need social mechanisms that support innovation. These are the main ideas of the winners of the Nobel Prize in Economics 2025.

Stability is the enemy of growth: lessons from Nobel laureates on the 2025 economy

Wanting to reduce the U.S. trade deficit and U.S. dependence on foreign capital, Trump has delivered big gains for emerging markets

Make Emerging Markets Great Again: How Trump Launched an Emerging Markets Rally

BAE Systems plc

Babcock International Group PLC

The UK in early June announced the strongest increase in military spending since the end of the Cold War. This was in response to regular and persistent U.S. calls for Europe to take more responsibility for its security. But money fetishism in defense matters can serve a bad service: it is important not just to spend money, but to build a combat-ready army;

Boris Grozovsky

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The dollar under Trump has suffered its strongest decline in half a century. This may not be the end

Stability is the enemy of growth: lessons from Nobel laureates on the 2025 economy

Make Emerging Markets Great Again: How Trump Launched an Emerging Markets Rally

Will Britain's new defense strategy bring a victory for its economy