Osborne observed that the trajectory of the American dollar is “oddly” echoing the early months of the second year of Trump’s first term, when the U.S. dollar index, which measures the greenback against a basket of other currencies including the euro, Canadian dollar and the Japanese yen, fell five per cent between mid-January and mid-February 2018. Since mid-January 2026, the index has fallen by 2.5 per cent.