Currencies swung dramatically this week as trade tensions evolved. Safe-havens initially gained until Treasury Secretary Bessent signaled US-China "de-escalation," triggering a sharp sentiment reversal. Risk-sensitive AUD, NZD, and CAD rallied while JPY and CHF retreated. Strong US PMIs contrasted with weak European data, accelerating USD strength mid-week before China's potential tariff suspensions tempered moves by Friday, highlighting how quickly geopolitical shifts can reshape the currency landscape. Let's break it all down, shall we?