The dollar is on track for its biggest annual decline in eight years, and some investors say it could fall further if the next chair of the Federal Reserve opts for additional rate cuts, as expected. Following a sharp decline in April after Donald Trump announced a series of tariff measures, the dollar faces continued pressure as the administration begins actively pushing for the appointment of a dovish figure as chair of the Federal Reserve next year.Yusuke Miyairi, a foreign exchange strategist at Nomura Securities, said: “The biggest factor affecting the dollar in the first quarter will be Federal Reserve. This is not just a matter of the January and March meetings, but also who will serve as Federal Reserve chair after Jerome Powell’s term ends.”