Although the dollar remains the primary reserve currency and unit of account globally, multiple structural and cyclical forces now predict a progressive loss of its relative strength. This phenomenon is occurring in a context of growing geopolitical and economic uncertainty: the return of Donald Trump...

US economic policy in 2025 has generated unusual volatility that has impacted both financial markets and international relations. This uncertainty is reflected in sharp fluctuations in the stock market, rising bond yields, and changing perceptions of a possible recession. This instability affects not only the...