Lee Hardman, an analyst at Mitsubishi UFJ, said in a note that heightened policy uncertainty under the Trump administration had raised doubts about the dollar's safe-haven role. He said Mr. Trump's comments about a transition period for the economy and his plans to impose further tariffs had weighed on risk appetite. "If risk aversion continues to intensify, it remains to be seen whether the dollar will weaken further as US yields and US equities fall, a relationship that has been in place since the start of the year, or whether the dollar will start to gain more support from a pick-up in safe-haven demand."