Dalio Macro Monitor

Dollar Weakness as Orderly Normalization

Dollar Weakness as Orderly Normalization

BNY analysis shows dollar selloff driven by real-yield erosion post-July FOMC; exposure normalizing from extreme levels. BBH adds that Treasury buybacks raise fiscal questions, further pressuring the dollar. Structural but orderly, with potential for further adjustment. Developing.

Sources (4)
Updated Aug 21, 2026