Almighty dollar

According to financial market journalist Paul Vigna’s new book, The Almightier, humankind’s adulation of money long predates the common referral to US currency as the almighty dollar. However, given the US dollar has just recorded its worst first half annual performance since 1973, it seems many parishioners are losing faith. Through the end of June the US dollar index (constructed of a basket of six currencies including the euro, the yen, and the pound) fell 10.8%. The on-again-off-again trade war increased policy uncertainty and an expanding deficit have reduced the US dollar’s position as a safe haven for investors. The weaker dollar has also pressured returns for foreign investors even as the US market rebounded – further reducing the appeal of the market.

Source: Bloomberg, July 2025.