Institution: The slight rebound of the US dollar cannot hide the downward trend

despite facing tariff risks, the US dollar is rising, but is currently only slightly higher than its recent lows. BBH analysts Win Thin and Elias Haddad pointed out in their report: "Although the US dollar is currently experiencing a small rebound, we believe that its fundamental downward trend has not changed." They expect the market to more strongly resist the hawkish stance of the Federal Reserve, further putting pressure on the US dollar. At the same time, tariff policies may exacerbate stagflation risks, becoming another factor that weighs on the US dollar. "Just like 'Liberation Day' at that time, the current tariff news may be the catalyst for the next round of US dollar decline."