The dollar's recent strength may not last after Mr. Trump wins the US Presidential Election, according to UBS Global Wealth Management. Over the medium to long term, the dollar is likely to weaken, analysts said in a note. "Trump's proposed policies are expected to widen the twin deficits and erode the long-term appeal of the dollar." They said Mr. Trump may not be able to deliver on his policies to boost the dollar and he may seek lower yields and a weaker currency. At the same time, they said the market had gone too far in lowering expectations of a rate cut by the Federal Reserve and that "overshoot" in Treasury yields could fall with the dollar. UBS expects the euro to rise to 1.12 against the dollar by December 2025 from its current level of 1.0573.