US Dollar to depreciate over the course of 2024 – Wells Fargo

Economists at Wells Fargo forecast US Dollar depreciation as 2024 progresses, and into 2025.

Further depreciation in the US Dollar through 2025

While we expect the US to avoid recession, Fed easing and slower economic growth should still weigh on the Greenback as the year progresses. 

For the Fed's US Dollar Index against the advanced foreign economies, we see a depreciation of 2.8% over the rest of 2024.

A relatively benign global growth environment that supports broader financial market sentiment could also lessen safe-haven support for the Greenback, contributing to moderate US Dollar losses this year and next.