USD: Weakness could tie Fed’s hands on inflation – Societe Generale

FXStreetJan 28, 2026 2:14 PM

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The Dollar index has dropped to its lowest level since February 2022, with limited impact on cash Treasuries. President Trump commented on the currency's decline, stating, "I think it’s great... The dollar’s doing great." Unless the Swiss National Bank intervenes, the Dollar may continue to weaken, impacting inflation and monetary policy, Societe Generale analysts note.

Dollar index hits lowest level since February 2022

"Dollar weakness could tie Fed’s hands on inflation."

"Unless the SNB intervened at 0.7605/USD and 0.9157/EUR."

"If the debasement of the dollar has further to run and the euro is a leading contender to win the global currency war, hurting exports and bearing down on inflation in the process, then interest rates are likely to stay on hold for longer."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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