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 

Apple Inc.

NVIDIA Corporation

Nu Holdings Ltd.

Daily review and forecast of events on the U.S. stock market from Mikhail Denislamov, Deputy Director of Freedom Capital Markets Research.

Morning in New York: market sentiment is dictated by uncertainty in the Fed's plans

Hedge funds attracted almost $34 billion in the three months ending in September, according to Hedge Fund Research data <a href="https://www.bloomberg.com/news/articles/2025-10-23/hedge-fund-assets-hit-5-trillion-most-inflows-since-before-financial-crisis">cited</a> by Bloomberg. This is the largest quarterly net inflow since 2007, that is, since the period before the global financial crisis, which changed the attitude of investors to risk. As a result, the assets of the global hedge fund industry reached a record $5 trillion, the agency writes.