Dollar: Decline without drama – UBS
By FXStreet Insights Team
Date Published: 27 Jan 2026 | Date Modified: 27 Jan 2026
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UBS's Paul Donovan comments on the current state of the Dollar, noting that while it remains weaker, it has not significantly declined further. He suggests that the Dollar is losing market share, which indicates a slide into mediocrity rather than a dramatic decline.
UBS's Paul Donovan comments on the current state of the Dollar, noting that while it remains weaker, it has not significantly declined further. He suggests that the Dollar is losing market share, which indicates a slide into mediocrity rather than a dramatic decline. The report emphasizes that the reserve currency status may become less important as trade stagnates.
Dollar losing market share
"Reserve currency status may be less important. The dollar is losing market share. That suggests a slide into mediocrity, not dramatic decline."
"The US dollar has remained weaker, but has not declined significantly further. The dollar is not likely to lose reserve status overnight."
"However, the decline of the US internationally and international investors’ questions over key issues like rule of law mean it is losing market share."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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