Economists at Wells Fargo now anticipate a broadly stable to slightly stronger Dollar over the remainder of 2023. They continue to forecast broad-based Dollar depreciation over the course of next year.

Subdued moves in the second half of 2023, but Dollar depreciation to resume in 2024

Given our expectation for a later and shallower US recession and later Fed easing, we expect later and more gradual depreciation of the US Dollar than previously. 

We forecast the trade-weighted US Dollar to be little changed from current levels by the end of 2023, and to decline by 4.5% through 2024.