The dollar was falling as investors adjust portfolios at the end of the year and take profit after the U.S. currency’s stellar gains over 2024, particularly since Donald Trump’s election victory in early November.
The dollar has come under mild selling pressure in the final days of 2024, said Jefferies analyst Brad Bechtel in a note. Still, the DXY dollar index has gained 6.5% over 2024, boosted by a strong U.S. economy.
Investors now expect the Federal Reserve will cut interest rates by much less than most had anticipated at the start of the year. Continued U.S. economic strength relative to other major economies could lift the currency further in 2025.
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