Tariff stress likely to weigh on the USD - UBS

The US dollar is likely to weaken further - UBS

US tariffs are expected to weaken the dollar as GDP growth slows - Goldman Sachs

Trump’s Tariff-palooza: Macro & Market Impacts…

The desk believes that the recent tariff announcements, termed a 'tariff-palooza' by MUFG EMEA, signal a significant increase in market volatility and recession risks. This aligns with our broader outlook for 2025, which anticipates heightened uncertainty in trade negotiations and fiscal policy. Per the full note from MUFG, the unexpected nature of these tariffs has jolted investor sentiment and corporate strategies, suggesting a more cautious approach moving forward. The potential for tariffs to be negotiated away quickly remains a critical factor in determining market stability.

Structural headwinds remain for the US dollar - UBS