Is the falling USD cyclical or secular?

Is the falling USD cyclical or secular?

July 29, 2020

“A lot of people are asking why this is happening and the best answer I can give is the dollar smile theory,” says Sean Coakley, market strategist at Cambridge Global Payments. “The theory goes that the U.S. dollar finds its favour in a cyclical fashion. When we see sell-offs in risk assets like the S&P 500 we see a jump in the U.S. dollar relative to CAD. But the US dollar tends to underperform at the very point in an economic cycle where the economy is set to recover.”

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