Stephen Jen Quoted in Reuters: “Be Careful What You Wish for on a Weaker Dollar”
Mike Dolan, Reuters, January 28, 2026
In a recent Reuters column, Mike Dolan examines the renewed slide in the U.S. dollar and the challenges that could arise if Washington is perceived to be encouraging further currency weakness as part of a broader trade and industrial policy agenda.
The article explores the potential implications of a weaker dollar for global markets, including U.S. bond markets, inflation, foreign ownership of U.S. assets, and the risk of renewed volatility if investors reassess large unhedged positions in U.S. stocks and bonds.
Stephen Jen of Eurizon SLJ Capital is cited on the possibility that the dollar’s structural correction has further to run:
“In 2025, the dollar only experienced roughly one-third of its structural correction, in my guesstimate,” Jen wrote. “The next third will likely come mainly against Asia, (and) euro/dollar may rise in sympathy.”
The article places Stephen’s view within the broader debate over whether dollar weakness could continue even alongside resilient U.S. growth, strong equity markets, and Washington’s trade policy objectives.
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