US Dollar & the AI capex cycle
Barclays Brief18 Marras 2025

US Dollar & the AI capex cycle

AI is reshaping corporate investment priorities at breakneck speed, with the US private sector pledging trillions in capital expenditures to power the next wave of innovation. Investment waves have affected currencies before, yet, for now, FX markets remain focused on near-term narratives and tactical considerations. Could this structural shift in AI spending redefine dollar dynamics, while domestic and geopolitical headwinds reinforce sentiments of de-dollarization?

In this episode of Barclays Brief, Patrick Coffey is joined by Research analyst Themos Fiotakis, Global Head of FX and EM Macro Strategy, to explore why currency markets appear to be operating in a parallel universe to equities. They also discuss potential FX upsides for metals exporters if AI-driven investment accelerates as forecast.

Listeners can hear more on this topic:

The Flip Side ep71 | Is this the end of the dollar as we know it?

Barclays Brief ep2 | Gold: Unpacking the rally

Talent and trade: The new battlegrounds in AI

Clients can read more on Barclays Live:

An AI revolution for the dollar - the (AI)lephant in the room

(A)I Owe You: Framing Hyperscaler Financing

Important Content Disclosures

Important Non-Research Content Disclosures

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