This paper provides econometric evidence in support of the view that since President Trump's chaotic tariff announcements on Liberation Day, April 2, the dollar has switched from being a safe-haven currency that appreciates in times of market volatility to a "risk-on" currency that moves...

"This paper addresses the impact of monetary policy on exchange rates during financial crises. Some observers have argued that a tightening of monetary policy is necessary to stabilize the exchange rate, restore confidence, and lay the groundwork for an eventual recovery of economic activity....