U.S. Dollar Outlook 2026: Rabobank’s Jane Foley Warns Against Assuming a One-Way Decline

With major banks predicting a weaker U.S. dollar in 2026, Rabobank’s Head of FX Strategy Jane Foley is urging caution against assumptions of a smooth or sustained decline. While markets increasingly price in Federal Reserve rate cuts and shifting global capital flows, Foley argues that U.S. economic resilience, policy uncertainty, and shifting investor positioning are more likely to drive volatile, range-bound trading rather than a one-way fall for the greenback.