We’re now in the second half of 2025. While market volatility may be the big story this year, the bigger story may be that of the U.S. dollar itself.
Year-to-date, it’s down over 10%.
That’s a huge move for any currency.
But usually the 10% moves occur in third-world countries experiencing a crisis, not the so-called world reserve currency.
The U.S. dollar has sold off heavily year-to-date.
The greenback started the year at 52-week highs. So, part of the pullback would have simply been reversion to the mean – the tendency of assets to move back to their averages over time.
However, the further drop suggests a shift away from the dollar, just in time for the BRICS summit in Rio de Janeiro, which is underway this morning.
~ Addison
Why Are 21 Billionaires
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P.S. The dollar’s weakening may have been the key push to get the stock market back to all-time highs, not anything fundamental. Many hedge funds are betting big on a pullback in the stock indexes. We’re also expecting continued weakness in the dollar globally.
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