Despite the dollar’s slide to a multiyear low, Piper Sandler says it is still confident on the currency. The dollar index , which measures the greenback against a basket of major currencies, fell last week to its lowest point since April 2022 amid heightened uncertainty from President Donald Trump’s tariffs. Since the start of the month, the yen and the euro have each strengthened more than 4% relative to the dollar. .DXY 5D mountain Dollar index over the last 5 days Although the dollar is typically viewed as a safe-haven asset — meaning it usually appreciates amid heightened volatility — it has weakened in tandem with U.S. equities last week, alarming some investors. Nonetheless, chief global economist Nancy Lazar said the dollar is still strong relative to emerging market currencies, according to the Federal Reserve’s Broad Trade Weighted index, calling it “hardly a crisis.” “Today’s dollar weakness is NOT unusual, given U.S. policy uncertainly,” Lazar wrote in a note Tuesday. “All that said, longer-term, we remain dollar bulls — with the buck near historic highs and lots of tailwinds still in place.” Lazar believes U.S. onshoring efforts, as well as government downsizing initiatives, support the bull case for the dollar. She also cited rate differentials with the European Union, England and China as their central banks ease their monetary policy. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!