The US$ has always proven during global crises to be a haven. Investors shift capital into US Treasuries, primarily 3mo T-Bills, when panicked by events. This strengthens the US$ as shown during recessions and other concerning geopolitical events. Strengthening post 2014 arose as Putin in Russia and XI in China, deemed controversial domestically, result in capital shifts into US markets where it resides today. Trump election resulted in a surge which waned a little afterwards but is now surging once again likely on his tariff policies causing capital investment in US manufacturing.
