The ‘Sell America’ trade inflicted ‘lasting damage’ on the U.S. dollar, ING says

The U.S. economy was growing at an annualized rate of 4.4% last year (the most recent period for which we have a GDP number), and inflation is in decline. The stock market is up nearly 12% over the last 12 months. On paper, that would suggest investors ought to have strong confidence in the U.S. dollar. 

Yet the opposite is true. 

The U.S. dollar remains in decline. It’s down 9.4% over the last 12 months and was down nearly 10% for 2025, as measured against a standard basket of foreign currencies.