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COMMENTARY

The benign truth hidden behind currency fears

Currencies of developed nations tend to even out in the long term; so their short-term volatility can be overlooked

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    • Fears that “strong currencies” will hammer corporate profits on exports or cause “deflationary” effects are likely to be unfounded, argues the author.
    • Fears that “strong currencies” will hammer corporate profits on exports or cause “deflationary” effects are likely to be unfounded, argues the author. PHOTO: REUTERS

    Ken Fisher

    Published Mon, Nov 3, 2025 · 07:00 AM — Updated Mon, Nov 3, 2025 · 10:57 AM

    WHETHER a currency is strong or weak, someone always fears its swings. In 2025, it has been worries over US dollar “weakness”.

    Bears hype its 2025 plunge against the soaring euro, Swiss franc and “Asia’s Swiss franc” – the Singapore dollar – as a signal that investors are increasingly fleeing US assets.

    They point an accusatory finger at tariffs, “risky” policy moves, US Federal Reserve independence fears and more.

    Currency warsDonald TrumpUS dollarSingapore dollar

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