Donald Trump’s trade war was a major driver of U.S. dollar weakness in 2025, pushing trade policy uncertainty to historic levels.

At the same time, U.S. dollars held in foreign central bank reserves fell to 20-year lows. Given these dynamics, several major currencies, from the Swedish krona to the Brazilian real saw double-digit gains against the U.S. dollar amid lower global demand.

This graphic shows the appreciation of major currencies against the greenback in 2025, based on data from Bloomberg via The Bulwark.



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