 Dollar ended last week as the weakest major currency, with Dollar Index breaking to a fresh three-year low. Risk-on sentiment was a key driver: US equities surged following the Israel-Iran ceasefire, and S&P 500 and NASDAQ both posted record closes on Friday. Rising expectations of rate cuts from Fed later this year also contributed to Dollar’s selloff, as markets added bets on a September move. More structurally, sentiment toward Dollar continued to souring as investors reassess its role as a global anchor of stability. Stagflation fears, concerns over fiscal sustainability, and volatility in US trade and policy have all raised red flags. This repositioning away from the dollar is not merely technical—it reflects a deeper shift in global reserve management and private capital flows. After years of heavy USD allocation, investors are actively diversifying, with Euro-denominated and Swiss Franc assets among the key beneficiaries. If the tariff truce ends without compromise in early July, it could further accelerate this reallocation...... | 
