Core Viewpoint - The ability of the US dollar to benefit from safe-haven capital flows may be limited due to ongoing trade policy uncertainties and asset shifts away from US assets [1] Group 1: Impact of Geopolitical Events - Following the attack on Iranian nuclear facilities, the dollar's potential to gain from risk aversion is questioned [1] - The geopolitical tensions may not significantly enhance the dollar's status as a safe-haven currency [1] Group 2: Trade Policy Concerns - The US dollar is seen as a primary victim of destructive trade policies implemented during the Trump administration, leading to broader asset transfers away from the US [1] - Ongoing tariff uncertainties are likely to hinder the dollar's ability to capitalize on risk-averse sentiment [1] Group 3: Alternative Safe-Haven Assets - In the current environment, assets like gold appear to be more attractive compared to the dollar for investors seeking safety [1]

Core Insights - The short-term effects of tariffs may be anti-inflationary [1] - The Eurozone benefits from a flow of safe-haven funds [1] - Tariffs could lead to a persistent reduction in global economic growth [1]