Geopolitics, policy divergence and shifting global risk appetite are reshaping how PMs assess the durability of USD strength. This panel brings together leading macro and multi-asset investors to examine whether the dollar’s dominance remains structurally intact, or whether fiscal dynamics, policy paths and geopolitical shocks could push the system toward a more multipolar FX landscape. Speakers will discuss how elections, regional tensions, central-bank divergence and capital-flow trends influence USD behaviour, and how PMs incorporate these forces into portfolio construction and hedging decisions. A forward-looking discussion on the catalysts that matter most for USD performance- and what they imply for positioning across the next cycle.