How to Profit From the Dollar’s Next Big Drop
Posted September 16, 2025
The Dollar has already fallen sharply against the Euro and the Yen this year. But if President Trump succeeds in reshaping Federal Reserve policy — and if his administration follows the playbook now being discussed in Washington — the Dollar’s decline may have only just begun.
In the new Macro Watch video, How to Profit From the Dollar’s Next Big Drop, I examine why the Dollar could depreciate another 15% to 20% against the Euro, the Yen, and other major currencies during the months and quarters ahead. I also explore what such a move would mean for stocks, bonds, commodities, gold, and emerging markets.
The case for a weaker Dollar is not just theoretical. In November 2024, Stephen Miran — now one of President Trump’s most senior economic advisors — published A User’s Guide to Restructuring the Global Trading System. That paper outlined in detail how the administration could first use tariffs to reshape trade and then push for a Dollar devaluation. With tariffs already in place, the stage may now be set for the next step.
A Dollar devaluation could unleash powerful crosscurrents across every major asset class.
In this new Macro Watch presentation, I lay out:
- Why the Dollar is likely to continue depreciating.
- How global asset prices could react if it does.
- The purest way to position for a Dollar devaluation if you believe it’s coming.
The stakes are high. Getting this wrong could mean missing one of the most important shifts in markets in years.
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