The US dollar has experienced its weakest performance in nearly three years, with the US Dollar Index down approximately 9% year-to-date, marking its worst start since 2003. This decline coincides with the Trump administration's announcement of new tariffs, which some analysts suggest are intended to deliberately weaken the dollar. The dollar has fallen below a 17-year support level against the euro, while major currencies such as the euro, Chinese yuan (CNH), South Korean won (KRW), and Australian dollar (AUD) have strengthened against the US dollar. In the foreign exchange market, only a minority of USD crosses have posted positive returns recently. The weakening dollar has also influenced commodity and bond markets, with notable moves in soybean prices, copper, and G10 bond yields including Australian and Swedish 10s30s spreads. Analysts have noted that the administration’s tariff strategy may be aimed at boosting stores of value like gold and Bitcoin by reducing the dollar’s strength.