The US dollar index (DXY) fell by 10.8% in the first half of 2025, marking its sharpest decline in over five decades. This drop aligns with the US money supply reaching a record $21.942 trillion in May 2025, surpassing the previous high of $21.749 trillion in April 2022, according to the Federal Reserve Bank of St. Louis. JPMorgan's Meera Chandan forecasts continued weakness for the dollar against major currencies, driven by Europe's improving fiscal conditions and the US's growing deficits. The euro is expected to rise to $1.20-$1.22 against the dollar, while the dollar is projected to weaken to 140 JPY. The bearish sentiment is further supported by moderating US economic data and favorable fiscal policies abroad.