Customers: No Dollar Crisis Yet

August 05, 2025 

The US dollar has been falling versus other global currencies, down 10% in 2025, reaching its lowest point since 2022. Given this environment, we surveyed customers to learn whether their operations have been impacted by weakness in the greenback. The answer is mixed with 39% of respondents stating that they have experienced a negative impact and 48% stating “no impact yet”. The remainder of the sample said the weak dollar has been a benefit.

Energy prices, at least historically, show little linkage with the US currency. The US has been historically self-sufficient in terms of natural gas, so prices are mainly a domestic story. Despite rising exports of US natural gas to Mexico and LNG exports to Europe and the world, the correlation coefficient has remained close to zero as natural gas prices are largely unaffected by the US dollar. A look at monthly Henry Hub natural gas spot prices from August 2020 to the present shows a positive but weak linear relationship and a correlation coefficient +.186.