Mitsubishi UFJ analyst Lee Hardman forecasts the US dollar to experience its largest annual drop since 2017, with the dollar index expected to fall by 9.3% this year. The decline mirrors the dollar's weakness during the early Trump administration, but a recovery similar to 2018’s 4.4% rise is deemed unlikely next year. Hardman cites Federal Reserve interest rate cuts and the end of easing cycles among other G10 central banks narrowing the yield spread between US Treasury bonds and other global government bonds as key factors.