Here’s why Deutsche Bank expects the dollar to weaken further next year Deutsche Bank outlook: Analysts expect the U.S. dollar to weaken further in 2026, but at a slower pace. Dollar index performance: The index fell over 6% in the past year against major currencies. Policy impact: Tariffs, rising U.S. debt concerns, and Fed independence worries pressured the dollar in 2025. Trump factor: The shock from Donald Trump’s return to the presidency earlier in 2025 is considered "now over." Analysts cited: George Saravelos and Tim Baker authored the Deutsche Bank note.