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Fortune

Greg McKenna

U.S. dollar’s decline has room to run, but AI boom could stop it

United States Donald Trump America Stephen Miran

An employee in a foreign exchange office counts US dollars in front a teller's window. (Credit: Adem Altan—AFP/Getty Images)

Many on Wall Street believe the greenback’s decline has been a long time coming, and shorting the dollar has become one of the world’s most popular trades. Foreign equities tend to outperform U.S. stocks when the dollar is weaker, but the AI trade may continue to fuel demand for American assets.

Betting against “American exceptionalism” hasn’t paid well for over a decade. The dollar’s big drop this year might change that.

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