Jefferies: The era of a strong dollar has peaked, and the dollar may weaken further

The dollar fell on persistent concerns that Trump's tariffs would affect the U.S. economy. "Questions have been raised about U.S. exceptionalism and the dollar's credibility as a reserve currency," Jefferies economist Mohit Kumar said in a note. In the medium term, he said, tariffs could reduce the reliability of the U.S. and investors would look for other destinations. The era of a strong dollar has peaked and the dollar could weaken further, he said. Gold prices could benefit as central banks seek to reduce their reliance on the dollar.