Trump Term to See 13.5% Dollar Drop, Stephen Jen Says

The struggling dollar is headed lower despite a recent bounce, according to Stephen Jen, a longtime bear who predicts that growth abroad will accelerate and further dull the greenback’s appeal.

The chief executive of London-based asset manager Eurizon SLJ Capital — known for his “dollar smile” theory — is betting that a gauge of the currency will fall another 13.5% during the remainder of Donald Trump’s presidency. That’s on top of a roughly 7% decline in 2025 that has put the buck on track for its worst year in eight.