The dollar fell due to ongoing concerns that Trump's tariffs would affect the US economy. Jefferies economist Mohit Kumar said in a report: “People are questioning America's exceptionalism and the credibility of the dollar as a reserve currency.” He said that in the medium term, tariffs may reduce America's reliability, and investors will look for other destinations. He said that the era of a strong dollar has peaked, and the dollar may weaken further. As central banks seek to reduce their reliance on the dollar, the price of gold may benefit.

The dollar fell due to ongoing concerns that Trump's tariffs would affect the US economy. Jefferies economist Mohit Kumar said in a report: “People are questioning America's exceptionalism and the credibility of the dollar as a reserve currency.” He said that in the medium term, tariffs may reduce America's reliability, and investors will look for other destinations. He said that the era of a strong dollar has peaked, and the dollar may weaken further. As central banks seek to reduce their reliance on the dollar, the price of gold may benefit.