Amundi analysts stated in a report that the US dollar is facing structural headwinds this year as "American exceptionalism" gradually weakens and tariffs remain a lurking source of uncertainty. We have slightly raised our 2026 growth forecast from 1.9% to 2.0%, but the overall narrative remains below potential growth. Furthermore, analysts indicated that the Federal Reserve may cut interest rates twice more this year. Uncertainty regarding the next Fed chairman remains, but given President Trump's push for loose monetary policy, they will clearly favor rate cuts, analysts said. Amundi downgraded its stance on the US dollar to "cautious." (Jinshi)