In hindsight, the currency pair’s journey in 2025 was nothing but a dreamy run in the first half of the year, after the initial rough patch.

Kentucky’s $9B bourbon industry faces oversupply and weaker demand. Production statewide is down more than 55M proof-gallons—over 28%—through August, lowest since 2018. Exports have also fallen, with U.S. whiskey sales to Canada down more than 60%.