Long-term valuation models suggest the US dollar is still between 5%-15% overvalued compared to major peers like the euro and Japanese yen.
Since the pause of US President Donald Trump’s Liberation Day tariffs on April 8, the S&P 500 is up more than 20%. However, the US dollar is making new lows for the cycle.
Despite signs of economic resilience, JP Morgan Private Bank’s global market strategist Julia Wang continues to expect further declines in the US dollar.
