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News last week of the massive Trump climbdown on Chinese tariffs buoyed the dollar, but the bump faded and the greenback ended the week down against nearly all major currencies worldwide.
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The dollar leapt to its strongest position in almost a month this morning, buoyed by the news that the US and China had struck a deal to slash tariffs, at least temporarily.
Markets are choosing to take a positive view of the tariff situation and bet that it will be resolved without much damage to the US economy.
Stocks, US Treasuries and credit all rallied in relief after Trump stated that he had no intention to fire Chair Powell. The dollar failed to do so, however, and ended up not far from where it ended last week.
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A week of relative calm in currency markets was shattered late-Easter Friday by a fresh round of chaos emanating from Trump's social media feed.
Markets experienced another week of extreme volatility last week, as investors reacted to the chaotic policy orders and counterorders coming out of the Trump administration.
"Liberation Day" set off one of the worst crashes in risk assets worldwide in recent memory.
With new U.S. tariffs taking effect, two critical trends emerge: the de-dollarisation of global supply chains and disruption to established trade corridors. However, this translates to both risk and untapped potential for SMEs, including importers and exporters. To turn this challenge into a competitive advantage, read our full article.
Currencies traded within tight ranges of each other in a week when economic or policy news was relatively sparse
The Federal Reserve threw the dollar a bone last week, as it held policy steady and warned that it would not be in a hurry to lower interest rates at upcoming meetings.
