Global trade policy updates dominated the news flow and arguably had the biggest weight of influence on currency price action. Not only did we see official announcements and actions that drove behavior, but unexpected events were thrown into the mix, including internet rumors and escalating tariff rates! The U.S. dollar took the biggest brunt of tariff fears, while took the Swiss franc took top spot among the majors, likely on risk-off vibes and optimism growing in the European region. Here’s a summary of the headlines and how the major currencies fared: