Steven Englander, Managing Director, Global Head of G10 FX Research and North American Macro Strategy at Standard Chartered Bank, expects the US dollar index to continue edging higher, driven by structural forces rather than cyclical ones. He says AI-led productivity gains are lifting long-term real interest rates and attracting capital into the US, providing sustained support for the dollar. Englander also expects the Federal Reserve to keep interest rates unchanged through 2026, as he does not see any major economic imbalance warranting a policy shift. While he remains cautious on emerging-market currencies, including the Indian rupee, he says a sharp decline in the dollar would require a significant disappointment in AI-driven productivity growth.