---
title: "The founder of the \"Dollar Smile\" theory is bearish on the dollar, expecting the trend of the dollar losing its attractiveness to continue"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/265435749.md"
description: "Stephen Jen of the London asset management company Eurizon stated that despite the recent rebound of the US dollar, it is expected to continue to decline, mainly due to accelerating economic growth overseas. He predicts that the US dollar index will drop by 13.5% during President Trump's term. Jen believes that the attractiveness of the US dollar is weakening, and global economic performance may exceed expectations, driving up the prices of gold and Bitcoin. He believes the US dollar is in a long-term adjustment period"
datetime: "2025-11-12T03:40:13.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265435749.md)
  - [en](https://longbridge.com/en/news/265435749.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265435749.md)
---

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# The founder of the "Dollar Smile" theory is bearish on the dollar, expecting the trend of the dollar losing its attractiveness to continue

According to a report by Bloomberg, Stephen Jen, CEO of the London asset management company Eurizon, known for founding the "Dollar Smile" theory, stated that despite the recent rebound of the dollar, it is still expected to decline. He anticipates that accelerating overseas economic growth will further weaken the dollar's appeal. He is currently betting that during the remainder of President Trump's term, an index measuring the dollar will further drop by 13.5%. This index has already fallen about 7% this year, and the dollar's annual performance is heading towards its worst in eight years.

The "Dollar Smile" theory posits that a strong dollar often occurs during periods of robust U.S. economic growth or severe recession, while the dollar tends to weaken when economic growth is only slightly ahead or lagging.

Jen believes that despite the severe impact of the trade war, global economic performance is more likely to exceed expectations, with European economic growth improving and China remaining highly competitive. He also pointed out that the Trump administration needs further depreciation of the dollar to reduce manufacturing costs in the U.S., and the market is increasingly averse to the dollar and other major reserve currencies, driving gold and Bitcoin prices to record highs. He expects this trend to continue, believing that the dollar is undergoing a prolonged adjustment

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