Europe

There is an old, almost cliché truth in finance: a strong U.S. economy means a strong dollar. It seems logical enough. GDP rises, and investors bring money into America. Strong employment data strengthens the dollar. Geopolitical tensions drive investors into the dollar as a safe haven. This relationship worked for decades. It was an axiom that required no proof.

But, as it turns out, even axioms can become outdated.

HSBC Asset Management, which oversees $863 billion in assets, has made a rather provocative claim. According to the firm's strategists, the dollar is headed for weakness. Not merely a temporary correction or a short-term pullback, but a structural downward trend. Their key argument sounds almost paradoxical: the dollar no longer responds to good news the way it once did.

Joe Little, Global Chief Strategist at HSBC Asset Management, articulated the idea with remarkable precision. Historically, the combination of strong domestic growth and geopolitical tension created a powerful and sustained uptrend for the U.S. currency. Investors from around the world flocked to the dollar because America was both a haven of stability and an engine of growth. Today, that dynamic appears to be fading. The dollar still rises at times, but reluctantly, sluggishly, and with frequent reversals. Little sees this as a symptom of a deeper problem.

Something has changed. The question is: what exactly?

Let's look at the numbers. The Bloomberg Dollar Spot Index gained just 0.6% over the past month. In currency markets, six-tenths of a percent is barely a move. It's a tremor rather than a trend.

And this happened despite the U.S. economy continuing to surprise on the upside. Job openings exceeded expectations. Consumer spending remains resilient. Industrial production is expanding....

On April 15 in Brussels, Executive Vice-Presidents of the European Commission Roxana Mînzatu, responsible for social rights, skills, and employment, and Henna Virkkunen, in charge of technological sovereignty, security, and democracy, held a high-level meeting dedicated to educational technologies.

The event brought together 15 founders and executives of European EdTech companies. The main focus of the discussion was the use of digital innovation to modernize education and vocational training systems across EU member states.

The dialogue took place as part of the European Commission’s preparation of a new Roadmap for Digital Education and Skills Development through 2030. This document will become part of the European Union’s broader education strategy.

Digital solutions are increasingly being integrated into education and training. EdTech refers to technological tools and platforms that help organize learning, develop skills, and improve the quality of education — from online courses and virtual classrooms to AI-powered services.

These technologies make education more flexible, accessible, and personalized. At the same time, the EU aims to develop digital education products in line with European principles, including data protection, inclusiveness, and high standards of educational quality.

In addition, the educational technology sector is viewed as an important driver of Europe’s digital economy. The development of competitive and ethically oriented EdTech solutions can strengthen the EU’s technological independence, stimulate innovation, and reinforce democratic resilience.

Participants discussed ways to improve the global competitiveness of European educational technologies, as well as the creation of reliable and high-quality digital solutions.

Industry representatives emphasized their readiness to jointly invest in the development and scaling of European platforms. According to participants, European EdTech products can gain a significant competitive advantage thanks to their focus on data security, user trust, and strong educational methodology.

Special attention was also given to the...