Online reports that Lombard Odier strategists continue to expect the US dollar to weaken in the next 12 months. They said in a research note that there may be some consolidation, but a larger recovery appears less likely. Investors are shifting modestly away from U.S. assets to Europe and Japan, posing downside risks to the dollar, although its recent poor performance appears to have continued. They said slowing U.S. economic growth and the possibility of unexpected growth in other regions in 2026 will lead to a weaker U.S. dollar and a higher EUR/USD. Our fair value estimate for EUR/USD is around 1.15, but given higher foreign exchange volatility and more geopolitical uncertainty, it would be prudent to consider the broader 1.15-1.20 range.