The market is adjusting to new tariffs and a potential weakening of the US dollar. MUFG believes the US may weaken the greenback to boost exports, while the removal of tariffs could signal a return to American exceptionalism, benefiting the US dollar. EURUSD quotes are falling as the cancellation of tariffs may revive the debate over American exceptionalism. The Fed’s passivity and expectations of positive US economic developments could support EURUSD to continue its peak. Gold risks entering a consolidation phase as speculators take profits on long positions amid high uncertainty and Treasury yields.

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