The U.S. dollar faces a defining year in 2026 as structural headwinds threaten its long-standing hegemony. While the greenback remains the primary global reserve currency, mounting U.S. fiscal deficits, policy uncertainty, and the rise of digital assets have analysts predicting a “controlled decline,” marking a potential end to the era of effortless dollar strength.‘Controlled Decline’ ThesisAccording to a new thematic outlook from TD Cowen, the dollar’s share of global reserves has slipped from 72% in 1999 ...