Lee Hardman, an analyst at Mitsubishi UFJ, stated in a report that the U.S. dollar is expected to post its worst annual performance since 2017 and face further weakness next year. The dollar index is projected to fall 9.3% this year. Its declines in both this year and 2017 coincided with the early stages of President Donald Trump’s term.Hardman noted that the dollar recovered some ground in 2018, rising 4.4%, but a similar recovery is unlikely in the coming year. He believes that “as the Federal Reserve cuts interest rates further, while other G10 central banks have ended their easing cycles, the yield spread between U.S. Treasuries and government bonds from other major economies will continue to narrow.”