<div> <div> Although cross-currency bases have been extensively studied, the behavioral effects on these remain largely unexplored. We show that the time variations in cross-currency bases are predictable by preference or sentiment variables during the post-crisis period.&nbsp; These variables also can forecast U.S. dollar exchange rate movements between 2012 and 2024. However, that predictive relationship deteriorated sharply in 2025, pointing to a reduced preference for holding U.S. dollars and a weakening link between U.S. equity and currency markets. Our findings suggest that changes in behavioral preferences and perception can contribute to the decoupling of financial markets and the weakening of the dollar. </div> </div>