According to a report by Jinshi Data, the uncertainty of Trump's trade policy and his efforts to push for interest rate cuts by the Federal Reserve have weakened the dollar, benefiting U.S. exporters. Morgan Stanley strategists say that the dollar's weakness is a strong tailwind for large-cap companies with a high proportion of overseas earnings. Data from BlackRock shows that the dollar has fallen 10% this year, marking the worst performance since 1973 in the first half of the year, with expectations of even greater declines. Companies including Meta and Microsoft projected that foreign exchange would boost revenues by hundreds of millions of dollars last quarter.