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President Trump's decision to postpone tariffs on Canadian and Mexican goods last Monday whipsawed markets, and led initially to a sharp relief rally in major currencies.

The US dollar rallied during almost the entirety of last week as all signs suggested that the imposition of tariffs from the Trump administration was imminent.

A "tariff relief" rally gathered speed last week, as Trump's flurry of initial activity and executive orders seem to be focused elsewhere for now, and markets hope that their worst fears on tariffs will not be realised.

Financial markets breathed easier after better than expected inflation data out of the US last week.

2024 was a year characterised by political upheaval, central bank U-turns and US economic exceptionalism that propelled the dollar to a near flawless FX performance.

The relentless dollar rally continued for yet another week, fuelled by sharply higher bond yields in the US and signs that the world’s largest economy is, yet again, gaining momentum.

The holiday period, and the first few trading sessions of 2025, brought no respite for the FX market from the main themes of late-2024.

The ECB meeting last week went mostly according to the script, with a 25bp cut and significant downward revisions to the bank’s view on Euro Area economic growth.

G10 currencies all traded in a holding pattern last week, as investors await the December meetings of the key central banks, including the ECB this week and the Federal Reserve and the BoE the next one.

The so-called Trump trade suffered a meaningful reversal last week, with possible profit taking and month-end rebalancing flows also contributing to a broad dollar retracement.

The ‘Trump trade’ took a bit of a breather last week as bargain hunters emerged to shop for its victims, including Treasury bonds and selected EM currencies that had been cheapened by the post-election selloff.

There were divergences in the so-called Trump trade last week.