Tesla, Inc.

Microsoft Corporation

Alphabet Inc.

The first half of the year on the world financial markets broke the expectations of the overwhelming majority of its participants. The bets on the strengthening of the dollar and "American exceptionalism", which provided a large-scale inflow of money into US assets, did not work. Donald Trump has turned from a politician, who was expected to support business and the economy, into a figure who unleashed a trade war and questioned the hegemony of the dollar. The European stock market <a href="https://oninvest.com/article/iz-maga-v-mega-kak-tramp-delaet-evropu-snova-velikoj">played</a> the role of Cinderella: the battered, unloved stepdaughter turned out to be a beautiful princess. And above it all, gold shone brightly.

The half-year of records and falls in the markets is over. What is next for investors?

Banco Santander, S.A.

Deutsche Bank Aktiengesellschaft

UniCredit S.p.A.

The euro approached its longest streak of outperformance over the dollar in two decades

European bank stocks posted their best first-half growth in 27 years. Who are in the lead?

The euro <a href="https://www.bloomberg.com/news/articles/2025-07-01/ecb-s-guindos-says-euro-gain-beyond-1-20-would-be-complicated?srnd=homepage-europe">rose</a> nearly 14% against the dollar this year, largely due to the policies of President Donald Trump's administration. The U.S. president's actions have caused investors to question the irreplaceability and steadfastness of the U.S. currency. Sergey Romanchuk, a financier and member of ACI's Foreign Exchange Committee, discusses whether the euro will be able to displace the dollar on the pedestal of reserve currency No. 1.

A historic moment for the euro: can it displace the dollar?

JPMorgan Chase & Co.

Morgan Stanley

The current year has changed the priorities of investors on Wall Street - from the dollar to the euro, from U.S. equities to eurozone and emerging market securities

Currencies, stocks, debt securities: what traders lost and what they won in 2025

Investors seek alternatives to US stocks amid duties and political risks

European stocks outperformed U.S. stocks in the first half of the year. Is it too late to buy them?


ING, the Netherlands' largest bank, has warned of the risks of a euro slowdown and urged clients to be cautious

The dollar has fallen to its lowest level in 3.5 years. How are currency traders reacting?


The euro will be the most sought-after currency in central banks' reserves over the next 1-2 years, the yuan on a 10-year horizon, a survey showed

The world's central banks are considering moving away from the US dollar. What are they choosing?

Bank of America Corporation

The dollar has fallen more than 7% against major currencies and hit its lowest since 2022: undermining confidence in U.S. assets

"The euro is the new safe haven": traders are leaving the dollar because of duties and US policy

Investors are increasingly debating whether the dollar retains its role as a safe-haven asset in their portfolios

The dollar rose because of the attacks by Israel and Iran. Whether the currency remains a "safe haven" for investors

Since the beginning of the year, the spot price of gold has risen by more than 25%


Gold has overtaken the euro in terms of share in central banks' reserves. Will it continue to rise in price?


The euro, yen and Swiss franc will benefit most from a weaker dollar, the bank said