Currency

Currency
July 2026

The dollar’s demise has been predicted for 55 years. The BCG Institute says it’s still overstated

BCG

Philipp Carlsson-Szlezak

Research

20 Pages

BCG Institute argues the dollar’s reserve-currency obituary is overstated because primacy depends less on exchange-rate moves than on relative institutional depth.

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Global Macroeconomics
July 2026

Mapping the World’s Prices – 2026

Deutsche Bank

Jim Reid, Galina Pozdnyakova

Research

68 Pages

Deutsche Bank examines how currencies, inflation, and housing have fundamentally reshaped global prices over the past decade.

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Currency
April 2026

What Iran means for the dollar: a perfect storm for the petrodollar

Deutsche Bank

Mallika Sachdeva

Research

9 Pages

The more interesting and lasting impact of this crisis on the dollar could be on the long-term foundations, namely the willingness of the world to price traded goods and services in dollars and to save resulting surpluses in dollar assets.

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Currency
April 2026

The Brilliant World of FX – A Primer

Deutsche Bank

Rohini Grover, George Saravelos

Research

23 Pages

Deutsche Bank discusses "restricted markets," defined as emerging markets with current or capital account restrictions, or both. They examine their market structure and trading challenges.

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Currency
January 2026

2026 Global FX Outlook: Different Dollar Downside

Goldman Sachs

Research

46 Pages

Goldman Sachs outlines why the US dollar may drift lower in 2026 as global growth and returns become more balanced.

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Global Macroeconomics
August 2025

The unstoppable dollar meets the immovable Mr Trump

Ninety One

Sahil Mahtani

Research

23 Pages

Ninety One assesses whether structural shifts—including rising twin deficits, fiscal unpredictability, global geopolitical rebalancing, and eroding U.S. rate advantages—could finally reverse a decades-long U.S. dollar up‑cycle.

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Global Macroeconomics
June 2025

Mapping the World’s Prices – 2025

Deutsche Bank

Jim Reid

Research

58 Pages

Deutsche Bank has a fun look at the world’s cheapest and most expensive cities, covering the quality of life, rental costs and prices for phones, coffee, taxis and more in 69 cities.

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Global Macroeconomics
June 2025

The US Dollar and Why International Stocks are Outperforming YTD

Johnson Financial Group

Drake Dorfner

Research

7 Pages

Johnson Financial Group explains that the US dollar’s sharp depreciation in 2025 has significantly boosted the relative performance of foreign equities for US investors, as currency effects can outweigh underlying stock movement.

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Global Macroeconomics
October 2022

35-Year Highs for the Dollar

GMO

Ben Inker

Research

10 Pages

GMO explains why an overvalued U.S. dollar can quietly drag on U.S. equities while boosting markets with cheaper currencies.

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Global Macroeconomics
October 2021

A Factor-Based Approach To Currency Management

Insight Investment

Francesca Fornasari

Research

12 Pages

Insight Investment explores how a factor-based framework can improve currency management by capturing drivers like carry, value, and momentum.

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Global Macroeconomics
February 2021

7 reasons for a weaker US dollar and stronger international stocks

Invesco

Talley Léger

Research

18 Pages

Invesco examines how US dollar movements influence the relative performance of international equities, arguing that currency trends are often an overlooked driver of returns.

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Global Macroeconomics
November 2019

The U.S. Dollar at A Crossroads: Estimating Fair Value

Vanguard

Roger Aliaga-Diaz

Research

6 Pages

Vanguard examines whether the U.S. dollar is misaligned with fundamentals and what that means for global markets and portfolios.

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Portfolio Management
August 2018

The Portfolio Currency-Hedging Decision, by Objective and Block by Block

Vanguard

Daren Roberts

Research

22 Pages

Vanguard presents a framework for making currency hedging decisions at the total portfolio level rather than by asset class, arguing that investor objectives and strategic allocation should drive outcomes.

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Global Macroeconomics
January 2016

Dynamic Currency Hedging Q4 2015

WisdomTree

Research

24 Pages

WisdomTree explores how dynamic currency hedging can improve international equity exposure by adjusting hedge ratios using value, momentum, and interest rate signals.

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Global Macroeconomics
June 2013

Currency Value

Lukas Menkhoff, Lucio Sarno

Research

58 Pages

The authors examine whether real exchange rates truly identify undervalued and overvalued currencies and find that traditional purchasing power parity measures can be misleading.

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Global Macroeconomics
June 2013

Currency Risk Premia and Macro Fundamentals

Lukas Menkhoff, Lucio Sarno

Research

58 Pages

The authors examine whether macroeconomic fundamentals can consistently predict currency risk premia using a multi currency portfolio approach rather than traditional bilateral exchange rate models.

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Global Macroeconomics
May 2013

A New Look at Currency Investing

CFA Institute

Momtchil Pojarliev, Richard Levich

Research

106 Pages

This paper examines whether currencies deserve greater consideration as an institutional asset class by separating manager skill from systematic strategy returns.

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