The divergence in global central bank policies is accelerating. While the Federal Reserve continues its path of interest rate cuts, central banks in Europe, Canada, Japan, Australia, and New Zealand generally maintain a tightening stance, even entering a rate hike phase. This divergence in monetary policy is expected to have a significant impact through the exchange rate market by 2026, with the depreciation pressure on the dollar becoming a market focus, potentially becoming a key external variable influencing the direction of the ECB's policy.