Investors and analysts may remember 2025 as the year the world blinked — at the U.S. dollar. For much of 2025, the story was one of markets rethinking whether the United States still deserved the premium it had enjoyed for more than a decade, in a bull run that seemed unstoppable until it suddenly wasn’t. Rewind to January, 2025 The dollar began the year near historic highs, still buoyed by a 10-year bull market that had been fueled by strong economic growth, the world’s deepest capital markets, and hig ...