To Hedge or Not to Hedge? Lessons from History for US Equity Investors - https://www.msci.com/research-and-insights/blog-post/to-hedge-or-not-to-hedge-lessons-f

To Hedge or Not to Hedge? Lessons from History for US Equity Investors - https://www.msci.com/research-and-insights/blog-post/to-hedge-or-not-to-hedge-lessons-from-history-for-us-equity-investors https://www.msci.com/research-and-insights/blog-post/to-hedg... - October 3rd, 2025 The Depreciation of the Dollar - https://www.morganstanley.com/insights/articles/us-dollar-declines https://www.morganstanley.com/insights/articles/us-dollar-de... - August 6th, 2025 Key takeaways: * The value of the U.S. dollar against other currencies dropped about 11% in the first half of this year, the biggest decline in more than 50 years, ending a 15-year bull cycle. * Morgan Stanley Research estimates the U.S. currency could lose another 10% by the end of 2026. * Despite a recovery of 3.2% in July, the delayed impact of tariffs on growth and unemployment – besides policy uncertainties – are likely to keep negative pressure on the dollar. * Foreign investors have been adding hedges to their exposure to U.S. assets, which will likely further weaken the dollar.