US dollar's 14-year run hits 'immovable' Trump - structural shift underway

Ninety One, managing £130.8bn, released a white paper, “The Unstoppable Dollar Meets the Immovable Mr Trump,” predicting the end of a 14-year US dollar upcycle. Sahil Mahtani, Head of Macro Research, told BizNews the dollar faces an inflection point driven by geopolitics, interest rates, investment trends, and currency interventions. He forecasts a potential 25% decline, signalling a multi-year bear market with implications for asset allocation. Mahtani notes investors are diversifying from US equities, potentially boosting non-US assets in emerging markets and Europe. He says the Chinese renminbi’s global reserve status hinges on China easing capital controls.