The US dollar is poised for its fifth consecutive monthly decline amid ongoing trade and fiscal policy uncertainties. This downward trend has been influenced by a weakening judicial ruling on tariffs and concerns over US policymaking and Federal Reserve independence. Notably, the usual correlation between the dollar and Treasury yields has broken down, reflecting investor apprehension. While the dollar has generally weakened, it is expected to post a monthly gain against the Japanese yen. These developments highlight the complexities facing the US currency amid a challenging economic and policy environment.