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

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