The dollar's weakness was a bit of a surprise, as analysts expected the greenback to strengthen on the back of the US tariff measures. "Tariffs are just a tax and therefore represent fiscal tightening," wrote George Saravelos, an analyst at Deutsche Bank Research. At the same time, policy uncertainty is rising. So market expectations of a "narrowing of the growth gap between the US and the rest of the world" are reasonable. Saravelos added that the dollar's safe-haven status could also weaken. Saravelos was neutral on the outlook for the dollar, but "we are starting to be more open to the prospect of a weaker dollar overall."