Agricole: This is why we are maintaining

Credit credit maintains Above the upscale -term up expectations On the US dollar, he expected a recovery in H2 2025 and 2026 driven by supportive financial policy, mitigating financial conditions and sticky inflation. While some investors argue with the presence of structural opposite winds, they can undermine the dollar, the bank believes that these risks are exaggerated.

Main points:

• Recovery drivers in the short term: Agricole probably sees the credit Growth recovery In late 2025 and 2026 due to:

  1. extension Personal income tax discounts

  2. Reducing trade tensions

  3. More flexible financial conditions

• Outlook Fed: Continuous inflation It can limit the scope of price cuts, and the support of the USD.

• Doubts about the abolition of vanishing: While some investors cite the weak bias of Trump in the dollar and the danger of the “Mar Lago Agreement” as threats, he sees Agricole credit. There is no reliable alternative For the US dollar as a reserve currency.

• American policy messages: Treasury Secretary Payet A confirmed Strong dollarTrump has retreated attacks on the independence of the Federal Reserve, both of which are seen as confirmation signals.

conclusion:

Despite the continuous debate on structural risks on the dollar, Agricole’s credit sees the basic power and the dynamics of politics as supportive. Dollar Reserve status and return feature It remains sound, and the bank’s strengthening The bullish position over a consonant For the average range.

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