Just caught an interesting take from CICC that's worth paying attention to. Once the short-term dollar support factors fade out, we might see a shift back to the bigger narrative - the restructuring of global currency order and weakening dollar hegemony taking center stage again.

Here's what's happening under the surface. The U.S. keeps piling up external debt, which means it actually needs the dollar to depreciate. That's one pressure point. Then you've got Trump's policy uncertainty and the ongoing concerns about dollar weaponization - these are actively pushing investors away from U.S. assets.

Now, the new Fed Chair Walsh is pushing for balance sheet reduction, which sounds good on paper for restoring dollar credibility. But here's the catch - his hands are tied by how resilient the real economy and financial markets are, plus there are political constraints he can't ignore. Meanwhile, Trump's foreign policy, trade moves, and economic decisions keep working against the dollar's credibility.

When you weigh Walsh's policies against Trump's actions, it's hard to make a bullish case for dollar strength ahead. The consensus seems to be pointing toward continued global currency order restructuring, which means we're probably looking at a sustained dollar depreciation trend going forward. This depreciation news matters for anyone holding dollar-denominated assets or tracking FX movements.