Manulife’s Thooft: Don’t Overstate Midterm Impact on Dollar

Thooft's pushback is a reminder that election-driven dollar narratives often fade quickly, and that relative growth, inflation, rates and capital flows remain the dominant drivers. The practical read-through is for currency and macro traders who may be tempted to extrapolate a political outcome into a lasting FX trend. The more useful signal is the divided-government point: less legislative change and lower uncertainty can support stability in the near term, while the durability of that calm is the open question.