Jeff Snyder

The U.S.

dollar is a global financial bellwether.

It tells us when conditions in the monetary system globally are either good and improving or going in the wrong direction.

When the dollar goes up, not a good sign.

That means that money is becoming tighter and flows are being constrained and restricted.

The dollar surged earlier in 2025.

If you remember the chaotic marketplace, they blamed it on tariffs for really a lot of different reasons.

The stock market was down March and April.

You had commodities being liquidated.

What was the dollar doing during that liquidation, that deflationary period?

The dollar was spiking.

So the dollar was going up as we got extreme monetary conditions.

Now, after things calmed down after April into the summertime, the dollar backed off.

It wasn't crashing.

It wasn't signaling a new paradigm shift that everybody's moving away from the dollar.

This narrative of sell America came up.

That wasn't happening.

The dollar was coming back down off of a deflationary extreme.

And then it settled down.

And against most currencies, not the euro, it has actually been moving higher again.