Barclays: The US dollar will continue to strengthen before 2026.

According to a report from Jin10, on November 24, Barclays Research expects that risk assets will gain more solid support, and the dollar will continue to strengthen before 2026. Despite market fluctuations due to uncertainties in artificial intelligence valuations, investment returns, and profit growth, the dollar remains resilient. Barclays noted in the report: “Our positive outlook on the dollar is primarily based on the large-scale artificial intelligence capital expenditure plans in the U.S., which could have transformative impacts on economic, geopolitical, and competitive levels.” Additionally, as concerns about the independence of the Fed diminish, tariff risks ease, and fiscal stimulus measures advance, dollar momentum is expected to remain positive before 2026. Barclays added: “Even if risk sentiment deteriorates further, there is still room for the dollar to rise against the yen, while high-beta emerging market currencies may face vulnerabilities.”